7 Seller Mistakes You Can’t Afford to Make
While the housing market in Central Ohio is currently seller-friendly, there are still several ways for a homeowner to sabotage a home sale. Here are seven common mistakes that can cost sellers money and potentially ruin a deal.
Sellers are in luck this year. The housing market in Central Ohio is seeing extremely low inventory and high demand, which means that some buyers are being forced to compete against each other for homes. While that might sound like it means less work for sellers, that’s not the case.
Here are seven common mistakes that can cost a seller money and potentially ruin a home sale.
- Ignoring curb appeal. When buyers show up to look at a house, they immediately start deciding whether or not it’s the right property for them. An unkempt lawn and an unwelcoming front entrance can make them view the interior of a home in a more negative light. Pay attention to your home’s curb appeal, and make sure that it’s maintained the entire time your property is on the market.
- Not ensuring that your home is in the best condition before you list. The high demand might encourage some sellers to list their homes prematurely in hopes that buyers will still compete for it. While inventory is low, that doesn’t mean that buyers will take whatever they can get. Listing your home before it’s market ready is an easy way to ruin your chances with potential buyers.
- Overpricing your home in hopes that you’ll get a higher offer. Oftentimes, buyers won’t even look at a home if it’s out of their price range, which means that you could miss out on a lot of buyers by pricing it incorrectly. Higher list prices do not guarantee higher offers, but they can lead to extended market time and questions about why the home has been for sale for so long. Some buyers might even see it as an opportunity to offer you less because they assume you’re eager to sell.
- Not keeping it clean for showings. A showing is an opportunity to connect with a buyer, which means that every single showing matters. Not keeping your home clean can turn off buyers who might not return to see it again at a later date. While your home is on the market, try to keep it in pristine condition. If you know there’s going to be a showing, take the time to do a little extra cleaning to make it shine.
- Using poor quality photos online. Nowadays, buyers make a decision about whether they’ll even see a house in person based on the photos online. Make sure that your photos showcase your home’s best features. If the photos aren’t great, ask your real estate agent about hiring a professional photographer who can help make your property stand out online.
- Trying to hide problems from buyers. This can cost you big in the long run. Buyers can (and should) schedule a home inspection prior to the purchase of a home, and any problems that you’ve tried to pass off will be discovered. When they are, the buyers can ask for a reduction in price, require you to fix the problem, or cancel the contract completely.
- Not hiring a real estate agent. A lot of the work that a real estate agent does is not always obvious to a seller. Trying to sell your home yourself can lead to hiccups in contracts, missed deadlines, and lower offers. Selling your home is one of the biggest financial decisions you’ll make in your life, so let a professional take charge.
It’s a seller’s market, but that doesn’t mean that sellers don’t have to put their best foot forward. Competition between buyers is high, but not all buyers are desperate, and they will pass on your home if they believe that they can find a better option. Don’t risk losing money by not taking the process seriously.