Selling It Yourself
There is tons of data showing that the typical “For Sale By Owner” (FSBO) route is not the best path. Think you’re saving yourself from paying a commission to an agent? True, but you’re likely missing the chance to make a lot more money. Unless you’re an expert at home marketing, know how to set the best price for the market, enjoy detailed contracts and paperwork, have lots of time to show your home and field calls, and are an expert negotiator, then you might have a chance of successfully selling your home yourself. Likely, all of these things don’t apply to you. Hire an a qualified agent and make more money. Currently less than 10% of all sellers sell their home FSBO while 90% use an agent.*
Hiring Family or Friends
While it might seem fun to work
with a friend or family member to sell you’re home, there’s a few reasons why
it isn’t the best idea. Your friend or family member may be lazier complacent and
underperform with you because there is less pressure to impress and get future
business and/or good reviews. Imagine if things go bad, will you be able to
fully express your frustrations and concerns? What would it do to your
relationship? Unfortunately, we’ve heard plenty of stories involving ruined
relationships due to bad real estate transactions.
Not Interviewing or Researching Your Realtor
Even if a Realtor has years of experience, they may not be the best fit for you. Interview several agents to see if you like their communication style, their local expertise, particular specializations and their home marketing plan. Research the agents to learn about their business history and see customer reviews. Then choose the real estate agent or team that is the best fit for your needs.
Waiting for the Right Time to Sell
The right time to sell a home could
be anytime. A good Realtor will advise you on what needs to be done to sell
your home when you want to sell it. This could include making changes to
present your home in it’s best light, or selling your home without changes at a
price competitive to similar homes in the market. A qualified and full time Realtor will be
versed in the supply and demand that most affects the sales of homes like
yours.
Pricing a Home Too High
We understand the thought to “test the market” with a high price. However, the usual result is the home being on the market for longer than necessary. Do you want to sell the home quickly at a good price or keep paying mortgage payments for months while you slowly lower the price to fair market value?
While there are many home value
estimators online, ask a trusted Realtor to provide you with a comparative
market analysis for the most accurate valuation of your home including any
updates made to it for the best-suggested sale price.
Learn more about the dangers of overpricing here.
Refusing to Make Changes
When selling you want to present your home as best as possible. This includes making any necessary repairs, cleaning, decluttering, and neutralizing the décor to make the home most appealing to the maximum number of buyers. Homebuyers often point to repairs as a reason to offer less money on a home. Also, buyers can be turned off by highly specialized home décor that they will have to change. Be prepared to update your home in ways that will most appeal to buyers.
Skimping on Repairs or Hiding Issues
Beware leaving repairs unattended.
Even small defects can turn buyers off. If they go through your home and find dirt,
loose doorknobs, or leaky faucets, they’ll wonder if you’ve been neglecting
bigger issues in the home as well. In
addition, most buyers get a home inspection after you accept their offer. If a
major problem with your house comes up during the inspection, it could delay
your closing date or even terminate the deal altogether.
Not Using Professional Photos
Most homebuyers will most likely see your home online. Therefor, you want to have the best photos of your home available for online viewers. The photos will indicate to buyers whether they want to tour a home in person or move on to the next home listing.
Limiting showings
Once you’ve put your home on the market, there will be requests to tour the home. Try to cooperate when your agent wants to show it. This may mean scampering out at dinnertime for a private showing, vacating for several hours or even most of the day for a weekend open house. The goal is to accommodate as many buyers as possible, even if their timing isn’t necessarily convenient for you.
Not Leaving for Home Showings
While you may be curious as to who
is interested in your home, sticking around for showings does nothing but make
everyone feel awkward. Leave any questions to the agent and allow the buyer
room to tour the home without you being present. breathing down their neck. You
don’t want to stand in the way of the buyer’s ability to see your house as their
dream home.
Not Expecting The Costs of Home Selling
Be prepared for the costs
associated with selling a home. A good Realtor knows how to best arrange your
home sale with these costs in mind.
- Agent commissions.
- Closing costs: usually 1–3% of the home price including sales tax, title transfer fee, and title company closing procedures.
- Professional home staging. If needed, the costs vary depending on where you live, the size of your home, how many rooms you want to stage, whether or not you’ll be renting decor, and different pay structures including an initial consultation and monthly fee. On average, home staging costs around $525–2,000.
- Funds for repairs brought up by the home inspection. Depending on the seriousness of the issues that come up, repairing your house could cost hundreds or thousands. While that doesn’t mean you have to pay to fix it, buyers will expect a discount.
- Moving expenses like hiring movers or rental storage fees can add up too. Be sure to research these costs.
Taking a Low Offer Personally
An offer on your home is part of a business transaction and not a reflection of your home, décor or housekeeping abilities. Keep in mind that if the buyers are making an offer, it is because they really like your home. A low offer can be a starting point for negotiating a good counteroffer. A truly interested buyer will likely improve their original offer in negotiations.
---
If you are considering selling your St. Louis or St. Charles County area home, interview The Boehmer Team. We’re an open book of real estate knowledge that we’re ready to share with our clients. Working with a team is a plus, allowing us to offer superior service, expertise in each area of a transaction, and ensures a qualified agent will always be available for your questions or needs. Learn more about us and our award-winning services at www.TheBoehmerTeam.com.
*Data from Realtor.com
