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Five Common Mistakes To Avoid When Selling Your Home

Jun 06, 2022 • Our Blog
Five Common Mistakes To Avoid When Selling Your Home

Selling your home can make for an exciting moment in life.  However, without forethought, preparation and planning, a home seller can find themselves making avoidable mistakes that can have an impact on the success of the sale. Whether it's your first time selling a house or you have experienced the process before, knowing what to watch for can make all the difference. We've leveraged our decades of experience in the property market to create this list of mistakes to avoid when selling your house.

1. Overpricing Your Home

Some homeowners overprice their homes. The high price can deter qualified buyers and extend the property's availability in the market. A too-high listing price can also give buyers bargaining powers when you reduce the amount and drive the final sale price too low when the listing goes stale. Determine the appropriate listing price by getting a comparative market analysis (CMA) from an agent, collecting comps alone, or hiring an appraiser. These steps can help you determine the right price to sell your home quickly while having a reasonable price.

 

2. Skimping On Repairs

Defects can make potential buyers reconsider their options. Issues like loose doorknobs, wall dings, or leaky faucets can make them wonder whether you've neglected other problems in the home. You can ensure your house is in excellent shape by having a pre-inspection, having the necessary repairs, offering a repair credit, or lowering the listing price to account for the issues.

 

3. Selling Your Home at the Wrong Time

Selling your home at the wrong time can affect the price you can get. It's ideal to sell homes in the second half of April in most places, as you can earn more. Weather can affect your city's selling window. Consider the area's weather when putting your home on the market. For example, you can sell the property in the summer to allow many potential buyers to tour and check the property. Considering how long you've owned the property can also be vital. To avoid capital gains taxes when selling your primary residence, you need to have lived in the property for a least two of the previous five years.

 

4. Allowing Emotions To Affect the Home Sale

Allowing your emotions to interfere with the property sale can affect the transaction's outcomes. While it may be challenging to negotiate your home sale with potential buyers, acting well is crucial. Avoid taking the deliberations personally by keeping a cool head throughout the sales process. Be realistic and acknowledge the inspection can uncover a few issues. Try to embrace the potential buyer's modifications, repairs, or requests, even if it affects a decoration, repair, or item you cherish.

 

5. Failing To Prep or Stage the Home

Prepping your home can make it look elegant before listing. Potential buyers prefer looking at clean, bright, and uncluttered homes. You can use these tips to prep and stage your property:
 

  • Sweep, vacuum, and mop the house.
  • Clean bathrooms.
  • Wipe down or polish countertops and appliances.
  • Eliminate odors.
  • Keep closets organized.
  • Fold and store away laundry.


Repeat this procedure before each property showing. Potential buyers must picture themselves living in your home, and your belongings can affect this goal. Consider renting a storage space and storing your items there while sorting out the sale and relocation.

Diamond Residential Mortgage is a professional, reliable, and affordable provider of mortgage refinancing, first-time homebuyer loans, and other financing options. We offer custom, secure mortgages at competitive fees and rates. Contact us today to discover more about our mortgage solutions.

 


 

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