Common Mistakes People Make When Selling Their Homes.

Don't make the mistake of thinking your house is worth more (or less) than it is.

If you come up with a price all by yourself, it's probably wrong.

Real estate agents spend hours pouring over market research and identifying the perks and downsides of houses in the real estate market to get to a reasonable asking price. Though your home may sell for more than you think, an unrealistic price can ruin your chances of negotiating towards what you want.

Conversely, lower-priced homes sell faster but you may be leaving far more money on the table than you might know. Assessing the market value of a piece of real estate and identifying the home's actual market is something a real estate agent works on for days, and that's when they're going fast.

Understand what kind of market you are in.

There are three types of markets for real estate. The state of the market changes not only nationally but from area to area because of a variety of factors. Selling in the wrong kind of market can be a big mistake if you're able to wait.

Balanced market.

In a balanced market, there are roughly the same amount of home buyers as there are homes up for sale. There is a relative balance of power between buyers and sellers and that makes it so that neither has the upper hand in negotiations.

Buyer's market.

In a buyer's market, there are more homes for sale than buyers, which means that the housing supply is too high. In that scenario selling your home would be a big mistake. In that state the housing market values buyers more and many real estate agents would recommend against selling unless you plan on making up the difference with a good deal on a new house.

Seller's market.

In a seller's market, there are more buyers than there are homes for sale. In that case, buyers have to compete with each other to secure a house. In that market, selling your home is a better idea. The market value of your house goes up, and so does the asking price you can reasonably expect.

It would be in your best interest to sell in that type of market. In other words, comparable homes go for more money.

Take care of any maintenance tasks in advance.

Scrupulous buyers will not only scrutinize the condition of your home but also how it was kept. Make sure you go through and fix any issues that may be present: prime examples include removing mould and cleaning mildew, fixing leaky faucets and replacing gutters and downspouts.

If there's a major problem with appliances or the roof, it's best to get them fixed before you put your home on the market. Trying to conceal damage or repairs will only make it worse in the long run.

That is one of the biggest mistakes home buyers will not forgive. Honesty is key and a good agent will help you understand that it's in everyone's best interests to take care of major repairs as soon as possible.

If you're unsure if something is a big deal or not, ask your real estate agent.

It's better to get ahead of problems before the home inspection that a potential buyer will do before proceeding with a sale.

Get started on the paperwork.

You shouldn't wait until a buyer's agent gets in touch with you or your agent to have your paperwork in order. The more organized you are the better because you don't want a delay on the sale to drive a buyer away or use that as leverage to demand a lower sales price.

Once you've settled on the listing price, you and your agent should work to get everything for a smooth sale experience.

Take a look at everything like closing costs and agent commissions so that no nasty surprises come up at the worst time.

Take good pictures.

For a buyer, the journey starts when they browse listings to find their dream home. Most buyers will be seduced by the first impression that a photo provides.

Listing photos attract buyers and can help you drive a higher price when multiple buyers become interested. Refer to what your real estate agent recommends. One of the biggest home selling mistakes out there is using poor photos to showcase your home's value.

So find a photographer with a wide-angle lens, or better yet ask your realtor to find one, and put your home's best foot forward.

Don't let your emotions get in the way when negotiating with potential buyers.

This is one of the biggest mistakes that any homeowner can make. It's easy to get caught up in your emotions and end up over-agreeing with a buyer on something that will benefit their offer and hurt yours.

You need to understand what the market value is for your home rather than relying on wishful thinking or because you're sick of your home on the market for a great deal of time.

Stay levelheaded and remember that you're not just selling your home, you're making plans for the future. How much money you get from this transaction can help you with home improvements for the house you're moving into.

Work with your agent to come up with a game plan that will get you the best deal possible without too much compromise on your end. You want the best price possible without taking advantage of the buyers.

Most sellers feel like it's best to leave it to their real estate agents but that's something you should talk to your agent about first.

Avoid making any big last-minute changes to your home.

You're almost ready to go, and just as you're about to call your real estate agent to post the listing, you decide to do something costly and time-consuming like installing new floors or repainting the entire house.

We're exaggerating, hopefully, but it's something that can severely impact your selling prospects.

Of course, necessary things like making repairs to the furnace or a fresh coat of paint in rooms where it started to peel are good ideas but these should not be done at the last minute.

Not only can they shift the timing of the sale and make it harder for you to take advantage of a seller's market, but these additions can also change the purchase price as well.

You don't want to review the amount you can put toward a down payment because you used that money to rush a home sale.

As much as potential buyers may not be looking for a fixer-upper, speed is important in real estate and one of the best home selling mistakes is taking too long to polish too many details. A good job is a finished job, not one that's never over.

Many buyers, when they look at a home, value how they might make it theirs so don't go overboard with last-minute additions.

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