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Common Mistakes Buyers should avoid

By: Aahoo Pourang

It’s a commonly known truth that selling your home is a lot more complicated than buying one. Not only should you place your home for sale at its best value that would benefit you financially but finding the appropriate price that appeals to buyers is also a heavy burden the seller and selling agent must carry. Here are four common mistakes to avoid when placing your home on the market.

Overpricing Home for Sale

Most agents would say that the number one complaint sellers make is selling their home at a much higher value than it’s worth. The most ideal price for any home is at fair market value or slightly below the fair market value, since it tends to yield the most profit for the seller. The most common way of figuring out the price for your home is for your agent to seek out comparable sales in your area, also referred to as “comps”. These homes have a similar size and features but be sure to seek multiple comps in order to make adjustments to your price. Remember, if your home is overpriced, it will stay longer on the market as Active, and prospective buyers may wonder why it hasn’t sold as quick as it’s neighborhood comparable.

Highest Offer is NOT the Only Offer

Receiving a higher-than-listed offer may look promising, but it doesn’t always cover the needs of the seller. All sales usually have something called contingencies, or conditions that must be met in order for the sale of a home to close. At times, a buyer may make a high offer that is contingent on the buyer selling their home, which may impact the certainty of the sale and add more complexities. Sometimes, the offer that is slightly lower will be more flexible on repairs or without complicated contingencies.

Not decluttering and/or Refusing to Stage

Let’s face it—we all have different styles. When selling a home, it’s usually best to put on the buyer’s shoes and present your home in the best light possible. Sure, sometime decluttering and hiring a clear does the trick, but applying new paint, a clean style, and staging may be the difference between how many offers a seller will receive. Every room must also have its own unique touch, so the buyer can have a good idea on how they’d use each room.

Selective Showings

Let’s face it, in the time of COVID, showings have changed. Most showings have become digital, which obviously has its benefits, but digital showings don’t have the same intimate feeling as actually viewing a home physically. Sellers have to cooperate with their selling agent on when to show their home, which means they either have to vacate it for a few hours, or for most of the day during the weekend. Because the end goal is to accommodate buyers and to receive multiple offers, it can be a hassle, especially when there’s a pandemic. The best option is to have initial showings digitally, and if the prospective buyer likes what they see, vacate your home so they can have a walk through. Remember, the more showings, the quicker your home will be sold.

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RESOURCES

https://www.businessinsider.com/mistakes-people-make-trying-to-sell-home-real-estate-agents-tips-2019-5#4-not-choosing-the-right-agent-4
https://www.opendoor.com/w/blog/mistakes-to-avoid-when-selling-your-home