Home selling can be complex and emotionally challenging. Buyers have a lot of options and don’t have to buy what you’re selling. Here are the top mistakes home owners make when selling their houses.

1. Don’t get emotionally involved

While it may be true that you have probably developed a relationship with your home and it holds treasured memories, you must separate your emotions from the financial transaction. Treat selling your home as a business transaction. People are going to be traipsing through your house, pulling open cupboard doors and criticising your house. They will be making you offers below what you think is fair. Keeping a cool, clear head will help you make the best decisions regarding selling your house.  Remember, when emotions go up, intelligence goes down.

2. Don’t set a unrealistic price

You cannot just grab a figure out of the air and hope to sell your house for that. People are not interested in how much mortgage you have to cover or how much profit you wish to make. If you price the house too high, buyers won’t look at it. If you price your house too low, you will be giving away your profits.  It has been proven over and over again.  When you over price your house, you will most assuredly end up selling for less than what you would have had you priced it right from the beginning.

Do a comparable market analysis to find out what your house is worth. Listing your house at a slightly lower price should generate multiple offers and can bid the price up to the home’s true market value. Don’t expect to get your asking price. Any smart buyer will negotiate and you should be able to negotiate too in order to get the sale.

3. Don’t forget to market

Marketing is very important. Even though you have the most perfect property in your neighbourhood, if no one knows about it, you won’t attract buyers. The more people see your house, the better your chances are of selling it.

Most buyers search online before visiting houses. List your house on the internet and take good quality pictures. Good photos should be crisp and clear and taken during the day when there is plenty natural light. Using a wide-angle lens is advisable so that potential buyers can see a whole room at a time.

Other marketing methods to include are public open houses, signage outside your home, postcards, pamphlets, local newspaper ads and word of mouth advertising.

4. Don’t try to hide significant problems or ignore maintenance issues

Most people want a ready to move into house. A leaking roof or flooded basement will definitely chase potential buyers away. It is better to spend a bit of money to make repairs before trying to sell the house. If buyers see small things that are broken, they wonder what else is wrong. Be careful of overcapitalization though. If you go overboard with repairs you could eventually lose money.

If you cannot afford to make repairs or major repairs would cost you too much, you can contact a real estate investor who will buy the house as-is for a reduced amount.

5. Don’t sign a purchase contract with an unqualified buyer

If you accept an offer from an unqualified buyer, you’ll delay the sale of your home and will need to start the whole sale process over again. It is reasonable to expect a buyer to bring a pre-approved letter from a mortgage lender or proof of funds for cash purchases. Signing a contract with a buyer whose purchase of your home is contingent on the sale of their own property could also cause complications if you need to sell by a certain date.

Also make sure to read the fine print of your contract. Without meaning to, you can agree to fund additional repairs or give up appliances you did not want to. Go through the contract with a real estate professional before you sign anything.

By avoiding the costly mistakes above we wish you the best in achieving the seamless, lucrative sale that every home seller hopes for!

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