The United States housing market is short of about 4 million homes. For homeowners wanting to sell their houses, this is probably the best time to list your home for sale. However, selling a house can be overwhelming, and most first-time home sellers tend to make a myriad of mistakes.
Mistakes in home selling will cost you time and money. One wrong move can make your house a stale listing. Consequently, you might end up selling your house desperately at a lower price than its actual value.
Knowing the common selling mistakes beforehand will guide you when selling your home in Memphis, TN. Here are the common home selling mistakes to avoid.
1. Unreasonable Pricing
By the time you’re putting your house on the market, you’re already anticipating the money you’ll get in your account. There’s wishful thinking, which can make you overprice your property. Conversely, there’s the reality that should guide you in setting prices for your house for sale.
Regardless of the value you’ve placed on your home based on estimations, you need to work with the current market value. The home price depends on the market strength, location, home’s condition, and local demand. Buyers often make comparable market analyses, and if your house is beyond the threshold, it might stay on the market for long.
Overpriced homes are a turnoff to potential buyers. If negotiating house prices seems like a daunting task, you can reach out to WeBuyHouses.com if you’re in Memphis. You can check out how we buy houses to guide you in this decision.
The last thing you want is having your house stay on the market for a long time due to unrealistic pricing. A cash home buyer will purchase your house as-it-is. You’ll enjoy a less-challenging home selling process.
2. Hiring the Wrong Agent
When you search for real estate agents in Memphis, you’re likely to get a variety of options. The realtor you hire to sell your home determines the experience you’ll get. Unfortunately, some of these agents don’t have the integrity, skills, and expertise necessary for home selling.
A professional agent will save you from common selling mistakes. The wrong realtor makes the process more daunting. You might end up having your house on the market for months despite hiring a real estate agent.
It would help if you did thorough research to find an exceptional realtor.
Avoid settling with the first option you come across on Google. Check reviews and ask for referrals from friends and family. More importantly, interview and vet the identified agent before signing any agreement.
3. Underestimating the Selling Cost
If there’s a common mistake made by first-time home sellers, it has to be ignoring the selling cost. You have to factor in some expenses such as 5-6% of the agent’s commission fee. Other charges such as repairs, closing costs, and concessions can make you part with about 10% of the selling price.
These costs can be a surprise if you haven’t done your homework on property selling. A home sale calculator will be resourceful in determining the money you’ll have in your account after deducting the selling cost. The right information will guide you in deciding whether you want to sell through an agent, FSBO, or cash buyers.
Cash selling saves you the pressure of selling costs related to activities such as repairs and commission fees. If you are in Tennessee, check out the cities we serve at WeBuyHouses.com to know if you can benefit from our home buying approach. With WeBuyHouses.com, you’ll sell your house for cash without worrying about other hidden charges.
4. Failure to Address Major Repairs
Trying to hide problems in your property is a mistake you don’t want to commit. It will make a potential buyer question your integrity, which will be a significant hindrance to home selling. Buyers often hire an expert to inspect the house, and any underlying problems will be uncovered.
It would be best if you made some repairs before staging your house for sale. Repairs can be quite costly, but they will increase your chances of selling a home fast. Check for even the seemingly insignificant issues such as a loose cabinet and address it before advertising your house.
When talking to buyers, stating the repairs is crucial. Most states have the disclosure rule, which you need to follow. Alternatively, you can sell to cash buyers in Memphis, who will buy your house as-it-is.
5. You Haven’t Invested in Quality Pictures
According to the National Association of Realtors, 59% of homebuyers in the US found their homes on the internet. Advertising homes online increase your chances of getting buyers. Nonetheless, poor quality pictures can reduce your chances of getting meaningful offers.
The pictures you post online should create a lasting impression on potential buyers. Interested parties will judge your house based on the images you display. It would help to hire a professional real estate photographer for quality images.
The photographer should optimize all the great features of your home. Drone photography is a great addition as buyers would love an aerial view of your home. With quality photos, your selling process will be easier.
6. Failure to Prepare Your Home for a Sale
Amongst the common selling mistakes home sellers make, lack of proper home preparation ranks high. If you don’t stage or prepare your home in the right way, you’ll turn away many prospective buyers. Enhancing your curb’s appeal should be a priority.
You need to depersonalize and declutter the house. The last thing you want is creating the impression that the home isn’t spacious enough. Put away personal items such as family photos and any unnecessary items.
It would also help to consider indoor and outdoor maintenance. Have an unbiased third-party assess your home to point out areas that need some touches. With minimal upgrades, you’ll sell your house faster.
First-Time Home Sellers Are Likely to Make Common Selling Mistakes
The process of selling a house isn’t always smooth. You’re likely to face roadblocks that will prove pretty frustrating. You might want to avoid some common selling mistakes that will only make the process harder.
If you want to sell your house with minimal challenges, going for cash buyers is an ideal solution. You don’t have to think about real estate agents or what could go wrong during the process.
Do you want to sell your home in Memphis? Contact us today for a fair cash offer that will save you the frustration of traditional home selling.