Real Estate Experts: 5 Mistakes First-Time Home Sellers Make When Preparing To Sell

Martin Dasko
·4-min read
ajcasanova / iStock.com
ajcasanova / iStock.com

According to a recent survey from Clever Real Estate, 73% of home sellers stated that using a real estate agent was the best way to list their property. However, a recent report from Realtor.com revealed that homes sat on the market for 62 days in November, making it the slowest November in five years.

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If you’re considering selling a home in the next little while, you may want to be aware of some of the common mistakes to avoid, according to real estate experts.

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Expecting To Sell Their Home for Top Dollar Quickly

“In the hot seller-friendly markets we have had in recent years, there’s often the belief that a home simply needs to be entered into MLS to garner interest and multiple offers without much preparation,” said Chris Reis, a real estate broker with PNW Residences and Seattle Compass Realtors. “In truth, successful listings need lead time and a lot of work before going to market to get the caliber of offers that these sellers expect.”

If you’re selling your home for the first time, you may be under the impression that a hot market means you can provide minimal effort for maximum returns. According to experts, this isn’t the case and you won’t be able to sell your home instantly.

While the goal is to get top dollar for your home, you’re going to have to put some work in for this to happen.

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Overpricing the Home

Overpricing a home could cause the home to sit on the market too long, reducing its appeal and making buyers think that something must be wrong with it, according to Angelica F. VonDrak, an associate real estate broker at Sotheby’s International Realty.

“It’s understandable that people feel emotionally attached to their homes, which can lead them to believe the home is worth more than the market will bear,” she said.

Neglecting To Make Certain Repairs

Getting a property inspection and performing the recommended repairs is the key to a successful listing since potential buyers will likely discover the problems in the process.

“A prelisting home inspection can even help uncover hidden issues, and the seller can handle them on their terms and present the home as well-maintained,” VonDrak said. “When buyers see minor issues, like an old water stain or chipped paint, they may worry about larger, unseen problems, which may scare them off altogether.”

Sellers can get ahead of this by handling certain repairs in advance to avoid potential issues and make their home appear more desirable.

Not Presenting the Home Properly

“Sellers also frequently assume that how they have lived in the home is the best way to present it,” Reis said. “However, living in a home and presenting a home for sale should be thought of separately.”

You’ll want to work with a local Realtor who understands the market and buyer expectations before trying to sell your place so that you can get the highest offer possible. This may also mean investing some money in properly staging the home.

“Neglecting staging and curb appeal can be a dealbreaker and prevent buyers from viewing the home entirely,” VonDrak said. “First impressions are huge in real estate, so you want buyers to be instantly attracted and imagine themselves living there.”

If you’re unsure about where to start, you could ask your Realtor to share the contact information of a well-known professional stager to help create a market-ready look for the property. If you’re on a tight budget, you can invest in a deep clean and some decluttering to ensure that the house is presentable.

Reis pointed out that neutral colors should be used in a properly staged home to reduce clutter and get better photos for the listing. Fresh flowers and trimmed landscapes can also go a long way. The objective is to have outstanding staging to sell a lifestyle, not just a home to potential buyers.

Not Interviewing Enough Realtors

Reis noted that home sellers don’t always interview many agents before listing their home. “While this isn’t necessarily a mistake, it may be prudent to pitch the listing to multiple agents and ask them what their plan is to market the home,” he said.

The best approach would be to work with a local Realtor who knows the market and can provide a comparative market analysis so that you can make the most money possible from selling. For this to happen, you’ll want to interview a few Realtors to find the best one for your situation.

This upfront effort will likely prevent struggles and frustrations in the future.

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This article originally appeared on GOBankingRates.com: Real Estate Experts: 5 Mistakes First-Time Home Sellers Make When Preparing To Sell

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