Selling a home can be a long and challenging process, especially if you have never done it before. Without experience, first-time home sellers can make many mistakes. This is why it is important to educate yourself and be prepared. The following are common mistakes made while selling a home and how you can avoid them:
Being Emotionally Involved
A home has memories, which is why it can be easy to become emotionally invested. However, it is important to look at the situation as simply a transaction. With this perspective, you can distance yourself from your emotions involved in the process.
Not Hiring an Agent
While many people choose to sell a home on their own, it is beneficial to enlist an agent if you have no prior experience. Agents can help you to set a fair and competitive price, interact with buyers, and negotiate sales on your behalf.
Minimizing an Agent’s Job
If you choose to sell a home on your own, it is crucial that you do research on recently sold and current properties on the market in your area to determine a selling price. In addition to this, you must do your own marketing, show the house, and make negotiations on your own.
Setting an Unrealistic Price
A fair offering price is determined by the comparable market analysis. It is because of this that it is necessary to know what houses in your area are listed and sold for. It is important to know that skilled buyers will negotiate the price. While most people want to list their homes at an attractive price, you should leave some wiggle room for negotiations.
Selling During Winter
With the holidays and cold weather, the winter season is slow for home sales. It is because of this that it can take much longer to sell a home during this time, or you may not get as much money as you planned for it.
Skimping on Listing Photos
Photos of a home should be clear, taken during the day for natural light, and showcase the best assets. This can set your listing apart from others and generate interest from buyers.
Not Carrying Proper Insurance
When selling a home, you may be required to have a homeowner’s insurance policy. If not, it is beneficial to be insured regardless. This is just in case a viewer has an accident on the premises.
Hiding Major Problems
If there are any problems with a house, they will be uncovered during a buyer’s inspection. There is no use hiding them. Either fix the problem or lower the price of the property.
Selling to Unqualified Buyers
It is not unreasonable to ask a buyer to provide a pre-approval letter from a mortgage lender to they have the money to buy the home. Signing a contract without one may leave you without the funds to close by a certain date.
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.