First-Time Seller Mistakes
June 13, 2020
Pent up demand and a temporary lack of home inventory has created a very favorable home-selling market in many areas of the U.S. It might be the perfect time for folks who bought their first home in the past 3 to 7 years to sell and move up, especially with record-low interest rates, right?
Possibly. In the excitement and overwhelm of putting their home on the market, it’s easy for homeowners who have never sold a home to make assumptions based on what they have seen on T.V. or heard from a friend. Here are some of the most common assumptions, and tips to navigate through them successfully:
Assumption #1: I have to update every area of my home to compete with new construction homes.
Reality: Many home sellers, having watched lots of HGTV, over-improve their homes in an effort to compete. Start with the 2 things that are the cheapest and reap the most results: decluttering and deep cleaning. From there, get advice from your real estate agent on what is the biggest bang for your updating buck for potential home buyers in your specific area. It may be a fresh coat of paint, replacing carpet with hard floors or just a new stove. Or nothing.
Assumption #2: Getting a cash offer for my asking price before it goes on the market is the best way to go.
Reality: You need to expose your listing to as many potential home buyers as possible, and if you don’t market it in the MLS, you could be missing out on multiple offers that could bring you more money.
Assumption #3: The highest offer in a multiple offer situation is usually the best.
Reality: It’s possible, but there are lots of scenarios that can derail a high offer. Determining the best factors to successfully get your home from contract to closing requires a deeper analysis of the buyer’s financing, appraisal needs and other details.
Just a few reasons why hiring an experienced real estate professional can help you sell your home more quickly, easily, and walk away with the most money.