Whether you’re selling your property and moving into a luxurious house or downsizing to a homier space, we’re sure you’re abuzz with excitement over the process!
Transitioning into a new space during the COVID-19 pandemic is tantamount to pressing the “refresh” button on your life and starting anew. If you can’t wait to pack your bags and close the deal, we’re right there with you.
And while you may think you’re ready to kick-start the process, there are some things you need to consider beforehand.
We’ve rounded up some of the most common home selling faux pas to help you steer clear of them and navigate the process with ease and adroitness. Let’s dive in!
1. Don’t Take On More Than You Can Handle
In many cases, home sellers bite off more than they can chew. While you may think you’re equipped to take care of everything, chances are you’ll end up feeling overwhelmed and unprepared.
Selling your home requires a thorough understanding of industry trends and market value. We strongly recommend consulting a real estate agent to familiarize yourself with current local market activity and gain expert insight. A real estate agent is equipped with the resources and expertise required to help you list your property, conduct open houses, and make a great sale.
In addition, they’ll manage the extensive paperwork and take care of real estate complexities that you may struggle to navigate.
In short, consulting professionals is a great way to simplify the process and make an informed decision that doesn’t create complications in the long run.
2. Don’t Prioritize Aesthetic Renovations Over Essential Repairs
We get it. Touching up residential design and décor can sound tempting. However, it’s important to prioritize essential repairs before you begin to bolster exterior and interior aesthetic appeal.
Potential homebuyers are more likely to call you in a fit of rage over broken drainage than not-so-great bathroom wall décor.
Set your priorities straight to ensure you don’t end up with a long list of undisclosed home defects. If there are any complications, ensure transparency and communicate them to potential homebuyers. However, we strongly recommend resolving such issues beforehand.
3. Don’t Price Your Home Incorrectly
Setting an unrealistic selling price is a big no any way you look at it. You might have stumbled across the term “fair market value”, which denotes the price of a home when both the buyer and seller have reasonable knowledge about real estate trends and market value.
Consult your real estate agent to determine a fair price for your property. If you set a price that’s too low, you could end up missing out on a large profit. Alternatively, if you set an exorbitantly and unrealistically high price, you could turn away homebuyers and waste months waiting for an offer. Ultimately, you’ll have to readjust the price.
An experienced real estate agent can help you set the right price and earn a lucrative and realistic profit.
4. Don’t Forgo a Pre-Listing Home Inspection
A pre-listing home inspection can go a long way in helping you ensure everything is in good shape. Forgoing this process can end up causing complications in the long run.
While taking care of repairs and renovations yourself is a good way to go about the process, you could potentially end up overlooking certain aspects. A professional inspection will help unearth hidden issues so you can take corrective measures in time.
5. Don’t Sideline Marketing
Considering relying on word-of-mouth to promote your listing? Sidelining proper marketing is one of the biggest home selling mistakes that can leave you with a limited number of prospective buyers that don’t fit your criteria.
To ensure you receive generous leads, ensure active marketing using social media and real estate listing platforms. Not only will you maximize the number of potential homebuyers, but you’ll also attract quality buyers that have a good credit score and pass the screening test.
As the leading real estate agent in Chicagoland, Highland Park, and North Shore, Erik Gimbel has years of experience in helping clients sell properties for top dollar. He currently closes over $20,000,000 in sales per year.