Common Mistakes That a First-Time Home Seller Needs to Avoid

Dated: August 19 2020

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1. Setting an Unrealistic Initial Asking Price

    Although you might have paid a hefty sum for your house a few years ago, what your home was worth then is unlikely to match its current value. However, if you set an unrealistic initial asking price for your residence, you risk alienating dozens of potential buyers.

    Before you set a price for your house, it pays to perform plenty of housing market research. That way, you can see how your home stacks up against the competition and price it based on the current real estate sector's conditions.

    Furthermore, you may want to conduct a home appraisal prior to listing your house. Following a home appraisal, you'll receive a property valuation to help you establish a competitive price for your residence.



2. Failing to Provide Full Details About Your House

    No home is perfect, and a home seller who withholds information about his or her residence risks wasting precious time and resources. To better understand why this may be the case, let's consider an example.

    If a home seller fails to include information about a faulty heating and cooling system in a home listing, a buyer will be unaware of the problem. A buyer then may submit an offer on this house that a seller accepts. But during a home inspection, a property inspector likely will discover the defective heating and cooling system, which leads the buyer to rescind his or her offer. And at this point, the seller will have to restart the home selling process from square one.

    When it comes to selling a home, it helps to be honest. If you provide full details about your residence, you can help a buyer make an informed decision and reduce the risk of that a purchase agreement will fall apart after a home inspection.

3. Choosing an Ineffective Real Estate Agent

    A real estate agent should have a seller's best interests in mind. As such, this housing market professional will collaborate with a seller throughout the home selling journey to ensure a seller can optimize his or her earnings.

    Unfortunately, not all real estate agents possess the same skills. But if you evaluate a variety of real estate agents, you can increase the likelihood of finding one who matches or exceeds your expectations.

    Employ a real estate agent with a proven reputation. And if you're uncertain about whether a real estate agent can help you achieve your home selling goals, it usually helps to request client referrals from this housing market professional.

   

Streamline the process of selling your home – avoid the aforementioned first-time home seller mistakes, and you can boost your chances of enjoying a quick, profitable home selling experience.

 

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Shaneik Downs

Shaneik has always been intentional about everything she does, and her transition to real estate was no different. Inspired by the need to help families create generational wealth, she enjoys guiding ....

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