The 5 Biggest Mistakes To Avoid When Selling Your Own Home

For Sale by Owner: Is this a good idea?

Given the popularity of social media and online listing sites, home buyers and sellers now have more information than ever before. This has led many homeowners to try their hand at selling without the help of a real estate agent. Unfortunately, most “Sale by Owners” aren’t prepared for everything the process entails. Without the guidance of a professional, there are many things that can go wrong along the way—resulting in an underwhelming sale price or, worse, no sale at all. This outlines the top 5 mistakes made by “For Sale by Owner” homeowners during the selling process, followed by what sellers should do instead.

Mistake #1: Neglecting Needed Renovations

Buying a home has long been viewed as a great investment. When homeowners purchase a home their intention is to take good care of it, and then eventually sell it for more than they paid for it. Some homeowners neglect one crucial second step—allowing their homes to fall into a state of disrepair or, even worse, failing to make necessary renovations before they sell. When buyers perceive a home needs expensive renovations and upgrades, they will often walk away without making an offer or make a lower-than-expected offer.

Mistake #2: Failing to Properly Stage the Home

When it comes to selling a home, neutral is best. Never underestimate the power of a first impression. Buyers are typically viewing many different properties, and considering how much money they’re about to spend, they’ll want to be sure they end up in the perfect place. Sellers often have blind spots regarding how their homes come across to potential buyers. A Seller might love that bold paint color, multiple throw pillows, or the expansive collectables in the living room. It does not mean they are not beautiful, but they may not share the same taste in décor. Because buyers are ultimately trying to picture themselves living in the home, bold colors and brash accent pieces can do more harm than good—distracting them from the bigger picture and, ultimately, causing them to move on.

Mistake #3:  Asking Too Much Or Too Little For The Home

For buyers and sellers alike, the negotiation process can often be stressful. Buyers are looking to find something suitable within their budget, while sellers want to be sure they’re getting the best possible return on their investment. If a home is listed for too much, it’s more likely to sit on the market for months without attracting any serious offers. When this happens, new buyers who come across the listing will question why no one else is interested. On the other hand, undervaluing the home amounts to practically throwing money away. What’s a seller to do?

Mistake #4: Selling To The First/Highest Bidder

When a home has been on the market for a while, it can be tempting to accept the first offer received. Or, if given multiple offers, a seller could probably be inclined to go with the highest one. While these decisions might seem sensible at first, either one can be a bad move. Just because someone has made a high offer does not mean a lower offer is not the best offer. Similarly, accepting a higher bid is not always the best idea, because there are often conditions built into those offers—for example, the buyer might want help with closing costs, or they might insist on a certain upgrade being made. These conditions can often leave sellers worse off than they would have been accepting a “lower” bid from another buyer.

Mistake #5: Not Working with a Real Estate Agent

When choosing to work with an agent, a seller will be guided by a professional who has been through this situation before, and who will be able to offer valuable insight. In addition to all of the services mentioned above, an agent will market the home extensively and arrange showings so that they don’t have to worry about strangers coming in and out of the home. They’ll also serve as a liaison between seller and the buyer’s agent.

An agent will be an advocate through every step of the selling process—eliminating headaches and providing a level of security that will not be available to the average seller. Agents will also help the seller by preparing all the necessary paperwork, which is something that can be particularly stressful for many sellers.

Ultimately, sellers want to be sure they are working with an agent who can not only get the job done but who also will be 100 percent committed to making their life better. Working with a professional will eliminate the possibility of the seller being disappointed about the experience and wondering where they went wrong.

Conclusion

Hopefully, this information has left “For Sale by Owner” feeling more informed and more confident in the decision to work with a real estate agent. As with anything else that is worth doing, this will take some effort. But it does not have to be painful. With the guidance of a knowledgeable real estate agent, a seller can rest assured they will get attentive service, valuable expertise, and the best possible return on investment.

It would be my honor to be your real estate agent of choice; homeowners can rest assured you will get exceptional service.