With this year resulting in several record-low rates for home loans, buyers are ready to take advantage. That means you may have an easier chance selling your property, and you can benefit from low mortgage rates for your next place too.
But before you start selling a property, you need to know steps to take to make your property desirable and get you the price your place deserves. At the same time, it helps to find ways to make the selling process easier so that you don’t waste valuable time and money.
Take a look at these four common mistakes so that you can avoid them.
1. Letting Your Emotions Take Over
If you’ve owned real estate for a long time, you’ve likely made memories there and feel some reluctance to let go. Unfortunately, this sentiment can make accepting a good offer more difficult.
Try to see the selling process as a business transaction to distance yourself from emotions. Keep in mind the goal of getting a good price so that you can find a new property to make memories.
2. Choosing the Wrong Selling Method
Depending on your property and preferences, going the traditional route of listing through an agent may not be right for you. For example, you may have a house that needs a lot of renovation, or you may need a quick sale without the hassles of listing.
While you can use an agent or even show and sell the property yourself, you also have the option to use a local we buy houses company. They take the work off your hands and buy the home directly from you so that you can get cash more quickly.
3. Asking for an Unrealistic Price
Whether you don’t know the market well or just feel your property stands out from similar places nearby, it’s easy to choose a price that buyers won’t find appealing. This especially happens if you avoid using an agent or decide to go against their recommendations.
Look at nearby properties with a similar condition to get an idea of how your property stacks up. Avoid pricing it too high or too low since both can cause unwanted perceptions in the eyes of buyers.
4. Not Preparing Enough Before Listing
If you feel in a rush, you may decide to put your outdated property on the market without any preparations like repairs or cosmetic fixes. While this can save you work and money, it also makes it harder to sell.
Since you’ll want appealing listing photos, take some time to clean the place and fix any eyesores. Your investment should pay off with a higher selling price.
Avoid These Mistakes When Selling a Property
Along with avoiding these mistakes when selling a property, do all the research you can before you list it or sell to anybody. This means not just looking at competing housing prices but understanding the market as a whole.
If you’re selling a home using an agent or DIY sale, carefully time your property sale so that you have several interested buyers who put in good offers. This can mean waiting until those cold, snowy months are over for buyers to come out in spring.
Be sure to take a look at our other posts with advice for property sellers and buyers.