Top 10 Home Selling Mistakes To Avoid
What Are The Most Common Home Selling Mistakes Made By Home Sellers?
Selling a home doesn’t have to be as difficult as trying to solve a Rubik’s cube, however, there are some homeowners who make it seem like it is. The main reason why these homeowners make it seem next to impossible is because they are making some very common home selling mistakes.
There are dozens of home selling mistakes that a seller can make but the reality is that many of them are pretty common. By avoiding home selling mistakes, a home seller increases the chances that their home selling experience is relatively stress free and most importantly, successful.
As a Webster, NY real estate agent who has helped many local home sellers over the past 5 years, I cringe when I hear home sellers talking about the home selling mistakes they are making. In most cases, they are clueless that they are even making any mistakes!
I can’t count the number of times I’ve heard a homeowner say they’ve priced their home $10,000 higher than what they really want to sell their home for so there is room for negotiations. This is only one of the most common home selling mistakes that sellers make way too often!
Below you will find out what the top 10 home selling mistakes are that home sellers absolutely need to avoid. Find out what mistakes can make the home selling experience a truly miserable one and likely, an unsuccessful one. By learning about and avoiding these 10 home selling mistakes you will have a successful home selling experience, I promise.
Selling The Home When They Really Aren’t Ready
Selling a home can be a very emotional time. One of the most common home selling mistakes that sellers need to avoid is selling their home when they truly aren’t ready.
One of the greatest things about owning a home is the memories that are created while living in the home. It’s extremely important when selling a home that you are really ready to part ways with your home. Whether you’ve spent a couple years in a home or 30 years, it’s critical that you know that it’s the right decision to sell your home.
There are certain ways to know if it’s the right time to sell your home. One of the best ways to know if you should sell your home or not is to recognize if you’re financially ready to sell your home. Are you planning on purchasing a bigger home that is going to cost more money? If this is the case, it’s important that you’re comfortable that you can afford to buy a home that is going to make selling your current home worth it!
Not Hiring A Realtor®
Did you know that less than 10% of homes that are sold as a for sale by owner (FSBOs) actually sell? Those are pretty terrible odds! There are dozens of reasons why FSBOs fail in real estate.
Not hiring a Realtor® is one of the most common home selling mistakes that is made. There are way more reasons why hiring a Realtor® and not attempting to sell your home by owner makes a lot of sense.
Five of the most common reasons why not hiring a Realtor® is a huge home selling mistake include;
- FSBOs don’t know how to handle showings
- FSBOs don’t know how to negotiate purchase offers
- FSBOs don’t know how to negotiate home inspection findings
- FSBOs don’t know what real estate marketing strategies to use
- FSBOs don’t know how to properly price their home for sale
Hiring The Wrong Realtor® To Sell The Home
If you’re selling your home and avoided the common home selling mistake of not hiring a Realtor® and have decided to hire a Realtor®, make sure you don’t hire the wrong one! Another common home selling mistake that sellers need to avoid is hiring the wrong Realtor® to sell their home.
Depending on your local real estate market, you can choose between several hundred or several thousands of Realtors® to sell your home. Just like with any profession, there are top performing professionals, mediocre professionals, and below average professionals.
Hiring the wrong Realtor® when selling a home can be a huge mistake and cost a sellers thousands of dollars. If you’re selling your home you need to be on the lookout for signs that you’ve hired the wrong real estate agent. A tell tale sign that you’ve hired the wrong real estate agent to sell your home is a complete lack of online presence. If you perform a Google search of your real estate agents name and don’t find anything, you seriously need to reconsider hiring this agent or if you have hired them, look into firing them.
One surefire way to help improve the chances that you don’t make the home selling mistake of hiring the wrong Realtor® is by understanding what it takes to properly interview prospective agents. There are certain questions to ask Realtors® when selling your home which can greatly improve the chances you hire the right agent!
Some of the top real estate interview questions to consider asking include;
- Do you sell real estate full-time or part-time?
- How many homes per year, on average, do you sell when representing home sellers?
- What real estate marketing strategies do you use to sell homes?
- Do you have a website and/or blog?
- Do you have past clients who would be willing to talk with me about their home selling experience?
Incorrectly Pricing The Home
One of the most important keys to home selling success is properly pricing a home. I’m sure you can guess what one of the most common home selling mistakes that is made? If your guess was incorrectly pricing the home, you’re right!
Incorrectly pricing a home is a major reason why a home doesn’t sell and sits on the market. There are lots of different real estate pricing mistakes that home sellers make.
One of the most common real estate pricing mistakes that sellers make is pricing their home higher to leave room for negotiations with a buyer. Home buyers are very savvy and educated in 2016 and pricing a home high to leave room for negotiations doesn’t work. A buyer will elect not to look at a home because they feel it’s priced too high which is obviously not what a seller wants to accomplish.
Bottom line, a common home selling mistake is pricing the home too high. If you want to sell your home, you need to price it accordingly to your local market. In order to determine what price this is, consulting with a top local real estate agent is a great start while avoiding the temptations of believing what you may find online.
Not Preparing The Home For The Market
If you’ve avoided the 4 home selling mistakes listed above, you’re on your way to home sale success. One way to quickly derail your home sale is to neglect preparing your home for the market.
Not preparing a home for the real estate market is a common home selling mistake that should be avoided at all costs. There is only one opportunity to make a first impression with potential buyers. A buyer who walks into a home that is full of clutter or that has disgusting pet odors are two great ways to scare off potential buyers.
It’s critical when selling a home that you prepare it for the market. One of the best ways to prepare a home for the market is to organize and declutter the home. This is not only a very inexpensive home sale preparation tip but it’s also a great way to help sell a home quicker.
Improperly Preparing A Home For Showings
There are certain steps that home sellers need to take when preparing a home for a showing. It’s pretty obvious when walking through a home that has not been properly prepared for a showing. A disastrous home selling mistake that too many sellers make is not preparing their home for showings.
It’s important to first understand that preparing a home for showings does take some time and effort. Depending on your situation it may take more time to prepare your home for showings.
For example, if you have kids, there are certain tips for selling a home with kids that should be followed to prepare for showings. The last thing you would want to have happen to a prospective buyer is them tripping over little Billy’s toy truck that is on the floor of his room.
Not preparing a home for showings is a home selling mistake that can be avoided with a little time and effort. Those home sellers who take the extra time and put in the extra effort increase the chance their home sells.
Reviewing Purchase Offers With A Closed Mind
When selling a home, it’s important to do so with an open mind. There are going to be challenges along the way and things that you will have to overcome. One of the most common home selling mistakes that needs to be avoided is reviewing purchase offers with a closed mind.
This is often occurs when a low ball offer is received. It’s important if you’re selling your home that you know how to handle low ball offers, since it’s possible you may receive one. The worst thing that you can do if you receive a low ball offer is do nothing. This kills any chance that you will be selling your home to this prospective buyer. It’s important to understand that some home buyers feel the need to submit low ball offers regardless if a home is priced well or not. By not responding to a low ball offer, you never will know if they are willing to be realistic or not.
Another popular scenario that results in a home seller reviewing purchase offers with a closed mind is when the buyer asks for seller concessions. It’s first extremely important to know what a seller concession is in real estate. Sellers who understand that some buyers cannot purchase a home without seller concessions will likely review purchase offers with an open mind, even when concessions are being requested.
It would be awesome if every purchase offer that was ever written was a full price offer with no concessions or contingencies, but the reality is this is never going to happen. Don’t make the home selling mistake of reviewing purchase offers with a closed mind. It’s important to review purchase offers with an open mind and looking at the purchase offers positives as well as it’s drawbacks.
Not Being Realistic With Home Inspection Negotiations
There are many homeowners who don’t even realize there are safety hazards in their homes. One of the top home selling mistakes that sellers need to avoid is not being realistic with home inspection negotiations.
The majority of home buyers are going to elect to have a home inspection. The majority of home inspections will result in problems being found. Whether a buyer makes requests for home inspection findings to be addressed or not is up to the buyer.
What is important to understand when selling a home is the importance of being realistic with home inspection negotiations. There are certainly some home buyers who will go crazy with their requests after an inspection and as a homeowner you have the right to say no to the requests that seem crazy.
It is important to remain realistic though with home inspection negotiations should a major safety concern get discovered. For example, If there are some major problems within the electrical panel box which could result in a fire, a seller needs to remember this is a major safety issue. There are some sellers who make the home selling mistake of telling the buyer to go take a hike, which is a common reason why real estate deals fall through.
Being Dishonest With Potential Buyers
One of the biggest home selling mistakes that some sellers make is they are dishonest with potential buyers. It’s important that when selling a home you always think, “disclosure, disclosure, disclosure.”
If you’re selling your home and are aware of a potential defect in your home, you should disclose it to prospective buyers. This is important, first and foremost, because it can help keep you out of trouble with potential law suits in the future.
It’s also smart to act in good faith when selling your home because think about it, you would want the same for any home you were purchasing. Homeowners should know what to disclosure when selling a home, period.
Having Unrealistic Expectations Of The Home Selling Process In General
Last but certainly not least, another popular home selling mistake is home sellers who have unrealistic expectations of the home selling process. It’s understandable that a home seller wants to sell their home quickly and for the most amount of money, however, this isn’t always the case. Just because you may have heard a friend or colleague talking about how quickly their home sold, remember, each home sale is unique in it’s own way.
A seller who makes the home selling mistake of having crazy expectations of the home sale process will quickly be disappointed and frustrated when their home hasn’t sold after being for sale for a couple weeks.
Other common misconceptions about the home selling process include;
- The amount of time it takes from contract date to closing date
- The amount of time it takes a buyer to get a mortgage commitment
- The number of real estate contingencies that buyers have the option to include or not in their offers
Selling a home can be tricky, but again, doesn’t have to be as tough as solving a Rubik’s cube! A home seller who avoids these common home selling mistakes will have a successful home selling experience. It’s important to always remember when selling a home that it is a business decision and to do your best to eliminate emotions!
Other Top Home Selling Resources
- What Not To Do When Selling A Home via Behance
- What Real Estate Marketing Strategies Should My Realtor® Be Using?
- 5 Home Selling Blunders via Raleigh Realty
- Three Mistakes Sellers Need To Avoid via Frederick Real Estate Online
- 7 Big Mistakes Of Home Selling via Teresa Cowart
If you’re thinking about selling a home in Rochester, NY or are selling your home, be sure to avoid the 10 home selling mistakes listed above! If you don’t avoid these home selling mistakes, the chance that your home sale experience is miserable is high. If you haven’t hired a top real estate agent in Rochester, NY yet, contact me for a no obligation interview to discuss your home selling plans.
About the authors: The above article “Top 10 Home Selling Mistakes To Avoid” was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock). With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise.
We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.
Visit our website at www.HiscockHomes.com.
© 2016, Kyle Hiscock. All rights reserved.