You’re looking to sell your home in the new year and finally settle into retirement or move into a neighborhood closer to school or work...we’ve all been there. Selling a home can be a challenging process through working with the right realtors to preparing mentally for the process. Here are a few common mistakes to steer clear of when you place that “For Sale” sign on your front lawn.
Mistake #1: Listing your home for more than it’s worth
New Jersey is becoming a booming market for small and large businesses to grow their headquarters so a lot more people are considering the garden state for their next home, however it is a gradual process making real estate inventory on the low side. When inventory is low, sellers believe they should increase the price of their home to attract buyers who will become desperate for a home.Think again. When a potential buyer is interested in the seller’s property, the next step in the buying process is to get an appraisal of the home to determine a fair price. This is where if the price of the home is selling for more than what it’s worth, that price might need to be renegotiated. Seeking help from a real estate professional is a great way to ensure a seller is selling their home at a fair price.
Mistake #2: Getting too emotionally involved with the sale
Everyone knows what it feels like when you buy your first home. That feeling of hope and excitement is overwhelming and you are proud of your first major investment. Over time, these emotions don’t burn out completely. A seller who gets too emotionally involved within a sale might increase the price of the property and refuse negotiation. If you are selling your home but know you are emotionally attached, having your spouse or a real estate professional take more ownership over the sale is a smart move. Additionally, the seller should try to stay as open-minded as possible to a buyer or real estate professional’s suggestions on possible renovations in the home. This advice can help the seller increase potential interest in the home, selling it faster.
Mistake #3: Making your house a set from a television sitcom
Let’s be honest...not everyone has a living room like the ones we see on our favorite soap operas and television dramas nor would it be realistic if we did. The most common mistake sellers make with their home is staging it and adding personal memorabilia and mementos to add a personal flair to the property. Not all buyers will agree with a sellers style so keeping the property neat and neutral is key. A seller should always stage the home with the buyer in mind and with the thought that they want a home that is comfortable and suitable to their needs.
Mistake #4: Making the house selling a solo project
Many homeowners looking to sell their home refuse to have others assist with the process with the fear of letting others take full control of the project or an unwillingness to hear others opinions. This reluctance to work with others might result in a longer selling process and questions from potential buyers that the seller is unable to address. Working with a real estate professional is key to ensuring the process is smooth and efficient. The real estate professional can also act as a mediator between buyer and seller to avoid any potential conflict.
Mistake #5: Skipping important renovations and repairs
Remember that gutter leak from last Christmas you let slide? What about the creaky floor in the master bedroom? Sometimes as a busy homeowner, sellers skip out on major repairs and renovations due to lack of finances or time to fix it. This does however become a major problem when a buyer notices a problem in their viewing of the property. Skipping out on major renovations can result in the buyer lowering their offer and the seller not receive the offer they hoped for. Prior to placing a home on the market, sellers should conduct a full house inspection and handle any necessary repairs.