5 Mistakes to Avoid When Selling Your Home

Converting your home back to a house and selling the asset for cash is truly an exciting time in your life. It’s a great and easier time when your decision is clear and you are ready to move on to the next chapter of your life.  Many homeowners struggle with timing taking up to a year to decide to sell. Regardless of why you decided to sell your house, our Bay Area Market is strong and seasonality no longer a factor yet there are a number of pitfalls you can easily fall into which adding time, stress and likely affect your net proceeds.

But it doesn’t have to be the case. Be smart and organized about the whole process. Understand your values, needs and non-negotiables. With thorough planning and scheduling, you can certainly make things easier; but it’s still possible to make some mistakes!

That’s why we’re going to explore some of the most common mistakes made when selling a house. More than anything, we’ll also share tips and tricks you need to know so you can avoid them as you go forward.

1. Not Working with A Realtor

Did you know that less than 10% of homes listed for sale by owner (FSBO) actually sell? Those are terrible odds, and if you’re one of the lucky ones, you might still experience a lot of drawbacks by going FSBO.

There are tons of reasons why FSBOs fail in real estate. One of the most glaring ones is the lack of expertise and experience. Many FSBO sellers egos gets in the way of selling for top dollar.  You might save up money by not paying 5% or 6% commissions, but get destracted when it comes to capturing your very important 94% or 95% of proceeds.  The subtletles of negotiation can be missed on the inportant terms of timing inspections and disclosure.

Here are the five most common reasons why not working alone is the number one mistake you can do:

• You have problems w personalities, distractions and missed opportunities at showings.
• You price your house wrong from stale websites.
• You’re not equipped with marketing strategies and follow up to reach your buyers.
• You leave money on the table by not negotiating with strength.

Well, the list could go on and on. That’s why it’s best to work with the experts.

2. Overpricing Your House

Knowing the right price for your property is the key to success. The price you want and the market value of your house. Of course, you want to make the most of your sale, so you want to price to be “up there”. Implementing strategies other than price can be the best way to get there.

You need to understand your home’s fair market value. Finding the sweet spot between asking too much or too little gives you more eyes on the property and a stronger position in negotiating your sale.

The first step you can take to determine how much your home is worth is utilizing an online calculator. This can give you a rough estimate of your pricing. Afterward, it’s time to meet with your trusted realtor in San Francisco to discuss the right pricing strategy for your home. With their knowledge and experience, you can come up with a good marketing price that will incentivize buyers look, tour and submit in offers.

3. Neglecting Home Renovations and Repairs

You need to make a lasting 1^st  impression on potential buyers so they remember your house. Obvious deferred maintenance issues will cool top dollar retail buyers.

That’s why it’s important to make some renovations and repairs before listing your property. If you don’t have the cash flow to fix every issue, consider prioritizing the most glaring ones and follow a home maintenance and repair checklist. Think about anything that a home inspector will likely discover during the inspection and have it repaired. This way, you will retain your home’s value and increase the chance of selling your property quickly.

You can also go above and beyond by making some aesthetic changes that will attract your target buyers. However, always be careful in making any renovations; some homebuyers prefer to make their own renovations to personalize the space. It’s always important to consult with professionals and know where to start and stop on budget for maximum return.

4. Limiting Showings

People seldom buy when they havn’t toured the property.  Some will buy online but most will not.  Prepare to adjust your schedule for access—even if it means scampering out at dinnertime for a private showing or leaving home for a weekend open house. Always remember that the goal is to accommodate as many buyers as possible to genetate the most offers. Plan to cooperate with your agent whose job is to show your home.

If your house isn’t easy to show, it’s extremely difficult to find the right buyers as well. While sudden schedule changes and planning might feel inconvenient, just focus on the end goal—a good return on your investment and a timely sale.

5. Underestimating the Costs

Many home sellers quickly assume that house selling is one of the best ways to quick cash. Selling your house comes at a cost, which can be as high as 10% of the sale price with repairs. Budget on 7% of total sales price excluding repairs.  

Aside from that, you also have to think about the costs involved to relocate.  If you sell your old house without a new home, you may have to rent a temporary place. On the chance that you’ve purchased a new property, you might also have to pay for both mortgages as well as other carrying costs, such as utilities, HOA dues, taxes, and storage.

Ready to Sell Your Homes? Talk to Us Today!

Selling your home is definitely a major life decision. Steer clear of these classic mistakes, and you will close your sale faster and easier than you’ve expected!

At the end of the day, you want the process of house selling to be as stress-free as possible. Now that you’re aware of some common mistakes to avoid when selling your house, you can feel more confident with the whole process! If you need a reliable and top realtor in San Francisco, Redmond Realty is here to help!

As one of the top real estate companies in the Bay Area, we offer valuable solutions on a confidential basis to optimize your home selling experience. Our real estate agents in San Francisco ensure that the process of selling a property, buying a property, or exchanging property is value driven and a decision you will be glad you made in the years to come.