Whether you’re selling an old table at a garage sale or trying to sell your entire house, the desire to sell at the highest possible price is always a constant. But, unlike an old table, selling a house can be quite complicated. There are a lot of factors that come into play, which also means that there’s a lot of room for error.
There are mistakes that won’t only delay the selling of your house, but can also lower the amount of money you could’ve otherwise earned from selling it — if only you have avoided such obvious errors. Below, let’s take a look at these aforementioned mistakes so you can sell your house quickly and at the highest possible price.
#1 Pricing too High or Too Low
Let’s start with the ceiling price. One of the most detrimental mistakes you can do is overpricing your house too much. Sellers oftentimes put a significantly larger price tag in order to have room for negotiation, but if you set an unrealistic price, potential buyers are likely to automatically conclude that even the negotiated price would be outside their comfortable price range and just shy away from the property.
On the other hand, if you price it too low, not only would you be earning way less than you could have, but potential buyers might end up getting skeptical — arriving at the conclusion that there might be something wrong with the house or the neighborhood that you decided to sell it for cheap. It’s important to figure out that sweet spot in the price range, which should be just high enough to accommodate negotiation and low enough that you’d still be earning a lot from the sale.
#2 Failure to Prep and Stage
First impressions are everything when it comes to selling a house. And by that, we mean aesthetics. Assuming you’ve made all the repairs and needed renovations, you have to ensure that your house is ready to welcome its new owners. Your house should look neutral, like a canvas that’s ready to be painted on. Your house’s paint job, furniture, and ornaments should be aesthetically pleasing yet neutral enough so that potential buyers can easily imagine decorating the house according to their style and preferences.
Lastly, you should “de-personalize” your home by removing anything that would remind buyers that someone lived there — family photos on the walls, photo albums, and all those personal items can deter potential buyers.
#3 Spending too Much on Renovations, Spending too Little on Repairs
You might be thinking, adding a pool or adding a patio could significantly increase the value of your house. In most cases, home improvements and renovations can indeed increase the value, but you have to consider whether or not this increase in value can cover the cost of the renovation. That isn’t to say that you shouldn’t make any improvements or renovations where they’re needed, but you have to be smart about how much you spend on it and make sure you don’t end up losing money. When it comes to repairs, it’s pretty obvious that no one wants to buy a structurally unsafe home with faulty electrical wiring and plumbing.
#4 Picking the Wrong Agent
Having the right agent increases the likelihood of selling the house quicker and at a higher price, but choosing the wrong one won’t only result in delays or lower profit, it can potentially damage the property’s image in the market and make it harder to sell. Make sure that you do your research and find listing agents like Madrigal Team Gold that practices aggressive marketing and maximum selling price negotiations.
These mistakes can potentially cause you thousands and also delay the sale, so make sure to take note of them and avoid them at all cost so you can make the most out of selling your house.