Did you know that the average time to finalize a home sale is 71 days? Of course, every home and market is a bit different, but homes usually spend around 22 days on the market, and the closing process takes approximately 49 days. Considering that buying a home is one of the most significant investments someone can make in their lives, 71 days isn't too bad to finalize a deal. However, selling a home can take much longer if you commit one of the most common home selling mistakes.
So, read on to learn what they are and how to avoid them!
1. Not Hiring a Realtor
One of the biggest mistakes you can make when selling a home is not working with a trusted real estate professional
. Although realtors take a commission on your home for their work, they can make the entire selling process much smoother. Not only will they list the home for you, but they will also help you market it.
Not working with a realtor means you'll have to go through the entire process of selling your home alone. You'll have to schedule showings, negotiate, write the listing copy for your home, and close the deal by yourself.
The process will likely take much longer than necessary if you don't have any experience doing these things. In addition, it can become very overwhelming and anxiety-inducing.
2. Overpricing Your Home
Nothing will turn a potential buyer faster than an unrealistic selling price. Before you list your home, you must research the market to see where your home stands compared to other similar listings.
If you work with a trusted realtor, they'll guide you through this process and help you set a competitive price for your home. If you choose to sell your home without a realtor (which, as you know, is a big mistake!), you should at least consider working with an appraiser
to help you set a fair home price.
3. Not Hiring a Professional Photographer
Most people's first impression of a home comes from the online listing. Therefore, low-quality pictures of your home can severely slow the home selling process by making the property seem unappealing to potential buyers.
First impressions are crucial, so don't set yourself up for failure by choosing to save a couple of hundred bucks instead of hiring a photographer. Real estate photographers have an excellent eye that will help make your home look stunning in pictures.
4. Not Staging Your Home
Home staging is the process of adding furniture, artwork, decorations, etc., to an empty home. This process often makes a property sell faster and for a higher price.
Homes that don't have furniture or decorations don't look as homey or appealing to potential buyers. So, choosing not to stage your home before listing and showing it is a big mistake.
If a buyer walks into a home where they can picture themselves living, they are more likely to want to purchase it! So, set yourself up for success by hiring a home staging company or renting some furniture and staging the home yourself.
5. Not Focusing on Repairs
Showing a home that needs a lot of work done will likely delay the home selling process. So, if there are any big issues with the property, try to fix them before listing it. If you can't fix everything all at once, at least try to focus on the visible issues.
Remember that once the home sells, buyers will probably try to negotiate the price based on an inspection. So, try to get ahead and fix as many things as possible before buyers come to see your home.
6. Ignoring Curb Appeal
Just like listing photos are important for first impressions, so is your home's curb appeal. So, ignoring it during the home-selling process can be a huge mistake. If a potential buyer looks at your home online and loves the inside of it, they might be disappointed to arrive and see a property that looks abandoned and not well-kept on the outside.
So, consider doing some work on your curb appeal before inviting potential buyers to look at your home. Some things you can do to make it more appealing include:
Many approaches to fixing your curb appeal can be very inexpensive, and they'll make a huge difference in the home selling process.
7. Not Considering Timing
Although people move homes year-round, timing is actually an important factor to consider when selling a home. The housing market usually starts to cool down a little bit during winter, so listing your home during that time might be a mistake.
Also, there are times when the real estate market is a bit hotter than other times. As a seller, you'll want to consider selling your home in a seller's market instead of a buyer's market.
Talking to your real estate agent about this will ensure that you list your home during prime timing!
8. Not Being Honest
Lastly, the biggest mistake you can make as a seller is not telling all the truth about your home. Writing a dishonest listing description, heavily editing the listing photos, etc., is a huge mistake during the selling process.
After all, very few buyers will purchase a property completely sight-unseen. So, save yourself some embarrassment and be honest with potential buyers throughout the entire selling process.
Avoid These Home Selling Mistakes
Now that you know what home selling mistakes to avoid, you'll have a much easier time closing the deal on your home well within the average 71 days. Remember to set a fair price, work with a realtor, hire a photographer, fix any issues, stage your home, consider curb appeal and timing, and be honest.
Looking for professionals to help you navigate the home selling process? Find top service providers here