The process of selling a home can be time-consuming and challenging. This is especially so if you have never done it before. Without any prior experience, first-time home sellers can make a lot of mistakes. It is important to be prepared before selling a home. The following are common mistakes that are made and ways to avoid them:
Being Emotionally Involved
It is easy to become emotionally invested in selling your home. However, it is important to look at the situation as a transaction. By viewing it with a financial perspective, you can distance yourself from the emotional aspects of selling a property you made memories in.
Not Hiring an Agent
While there are some people who choose to sell their home on their own, it is better to enlist an agent if you have no previous experience in doing so. An agent can help set a fair and competitive price, interact with potential buyers, and negotiate sales on your behalf.
Minimizing an Agent’s Job
If you do choose to sell a home on your own, it is important to do research on recently sold and current properties on the market to determine a selling price. You must also do your own marketing to reach a range of buyers. In addition to this, you must show the house and make negotiations. It can be beneficial to consider hiring a real estate attorney during this process.
Setting an Unrealistic Price
The comparable market analysis determines a fair offering price. This is why it is important to understand what houses in your area were sold or listed for. In addition to this, skilled buyers will negotiate the price of a house. While most people want to list their homes at a price that attracts buyers, you should leave room for negotiations.
Selling During Winter
The winter season is a slow time of the year for home sales. This is due to the busy holidays and cold weather. It is because of this that listing a home in the winter may take longer to sell a home, or you may not get as much money as you wanted.
Skimping on Listing Photos
It can disservice you to not offer good pictures for online listings. They should be clear, taken during the day for natural light, and showcase the best assets of your home. This can set your listing apart from others and generate interest from buyers.
Not Carrying Proper Insurance
When selling a home, you may be required to have a homeowners insurance policy. If not, it is important to be insured anyway just in case a viewer has an accident on the premises. In addition to this, make sure there are no hazards on the property that can endanger viewers.
Hiding Major Problems
Problems with the house will be uncovered during a buyer’s inspection. It is because of this that there is no use hiding them. It is important to either fix the problem or lower the price of the property.
Selling to Unqualified Buyers
It is reasonable to ask a buyer to provide you with a pre-approval letter from a mortgage lender. This shows they have the money to buy your home. Signing a contract without it may leave you without the proper funds if you want to close on a certain date.
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Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.