The Ten Most Costly Home Selling Mistakes & How To Avoid Them

Want to get the most money for your home?

Then avoid these costly mistakes.  

The past few years the American Real Estate Market has been marked with bad news, but it seems like most markets are have turned that around; Prices are increasing, there are historically low interest rates for buyers, and the past selling season was one of the best in recent years.  

BUT

Before you list…do a little research or list with an experienced LOCAL Real Estate Agent!  Knowledge is power!  To help you here is a list of the 10 most common sellers mistakes—avoiding these, can save you thousands of dollars!

1. Selling your Home on your own

Attempting to sell your home on your own is a brave move. Before you take that step, consider everything that you're going to need to know & do in order put your home on the market, market your home, get buyers into see your home, make sure you abide by all the regulations and state codes, negotiate possibly many things along the way, then set-up all the appropriate people who need to be involved in the sales process just to close.  You really do need the expertise of a professional. Don’t believe me?… Check the numbers, those won’t lie.  For instance, homes without representation remain on the market longer and end up selling at a lower price than those with a professional at the helm. A professional agent is also their to protect you every step of the way.  

2. Not Pricing Your Home Properly

Overpricing isn't good for you! Under-pricing isn't good either! Finding the sweet spot is what it's all about.  These can be costly errors on both ends.  It is absolutely critical to understand the local housing market. This is why you NEED the experience, knowledge and expertise of a LOCAL Real Estate Professional. And I'm distinguishing between a professional and a part-time, dabbling in real estate. A Professional, like myself, that has been working & living in the Champaign/Urbana market for 20+ years, continually works on updating their own knowledge of the Real Estate market on a whole...and more importantly, what's going on in the Champaign area. They can guide you to a successful sale and protect you & your asset along the way.

3. Neglecting Repairs

This is fairly black and white, you will lose money if you don’t remedy repairs before you list your house. It’s less costly to fix things ahead of time.  You don’t want potential buyers to see these problems during a tour of your home.  When they do, the negotiation process will begin and the price you're asking will come down. If they find something larger after the sale...they will come back to you.  

4. To Clutter or Not?

Clutter can kill a deal. So declutter...it's that simple.  Everywhere!  It will help your home feel more spacious. declutter the kitchen countertops,  declutter overstuffed closets,  declutter ALL of your shelves, declutter EVERYTHING! It wont’ cost a thing other than your time and a little elbow grease and it will have BIG benefits when it comes time to sell.  


5. Listing a Vacant House

Home Buyers generally like to see a home with furniture in it, it makes the home feel warm & lived in. If it's absolutely necessary that you list your home vacant, you may want to list the services of a Home Stager or make a small investment in a few pieces of rental furniture to make the house look "homey". Sources show that vacant homes do take longer to sell and usually sell for a lower selling price. So your small investment will most likely pay for itself when your house sells.  

6. Letting your personal feelings get in the way

Don’t take negotiating personally.  This is a business transaction, probably one of the biggest of your life.  Take your personal feelings and put them aside, or let your Real Estate agent handle the negotiations while you take a break from the room. 

7. Failing to complete a full set of disclosures

There are sellers who lose money simply because they were afraid to disclose their home’s imperfections. Always Be upfront and forthcoming about all of your home’s issues. It will save you money and time, especially if the buyers end up uncovering problems themselves, AND THEY WILL.  Don’t hide anything!

8. Timing the Sale of your Home

Even a sale that misses its schedule by one day can cost you tens of thousands in extra taxes. Don’t let this happen. Talk to your accountant in advance to determine if any long-term capital gains tax breaks apply, and then time your sale accordingly.

9. Overlooking extra Expenses at Closing

Home sellers burn thousands of dollars by not requesting and confirming a list of fees and expenses prior to closing. Review the Estimated Closing Cost statements with your real estate agent before it’s time to hand over the keys. Then, request these fees in advance of closing day.

10. Using Lousy Listing Photos

This is a big pet peeve of mine. Don’t expect to sell your home for top dollar if you’re using amateur photos in your listings.   More than 90% of all buyers start their home search online, so make sure your Listing Photos are excellent…This means A LOT OF GREAT PICTURES! First impressions are important, especially when selling a home.  You won’t get a second chance to make a GREAT IMPRESSION, so don’t skimp on your photos.  

Considering selling your home in the Champaign/Urbana Area?  If you'd like more tips on Selling Your Home give Rose Price  a call at 217.202.8843.  

Selling homes is my passion and I'd be happy to assist you with this exciting time in your life.