Are you planning to sell your home this year? Before you do, we have a list of 4 of the top regrets home sellers have. Avoid experiencing the common frustration that comes from these typical mistakes by checking out our tips below.
1. Pricing it wrong
Pricing is a key factor in the success of your home sale, and it's not as simple as you might think. There are risks involved with both pricing your home too high and pricing it too low.
If you list the home too high, you will be creating a few problems. First, your ideal buyer might not even look at your home because it is out of their price range. Second, if you do get offers on the home, they may fall through if the home does not appraise as high as the asking price. Third, a home that is priced too high will often sit on the market longer than it needs to. This will make your process longer, and can deter potential buyers when they see that the home has been sitting longer than is normal in current market conditions.
Listing the home too low isn't a great idea either. It may lead your potential buyers to assume something is wrong with the property since the price seems too good to be true. Even if you do sell the home quickly for what you asked, you may regret the listing price because you realize you left money on the table.
The best way to avoid this common regret is to work with a real estate team you trust and take their input on the pricing. They will be able to help you price your home based on the most current market knowledge so you can find that pricing sweet spot.
2. Skipping repairs or cutting corners
We understand that getting your home ready for sale is a major process. Repairs, cleaning, and staging take a significant investment of your money, time, and effort. Try to remember that this effort is not in vain.
Greg Smith, Boulder Home Source says, "One of the top regrets of home sellers is cutting corners or skimping on repairs in the preparation process. As buyers look at the home, these shortcuts may be obvious and may lead the potential buyers to look elsewhere. Even if the buyers themselves don't notice, their agents or the home inspector likely will."
Additionally, updates and repairs are one of the best ways to boost your home's value before selling. Rather than skimping on this process, consider investing a bit of money into helping your home attract your ideal buyer. The ROI on home repairs and improvements can be significant if you are strategic about it, so talk to your real estate agent about where you should focus your investment.
3. Bad timing
The timing that you sell your home is not always something you can control, but if you are able to choose when you list your home you should keep these things in mind:
- Spring and summer tend to have the best market conditions for those who want a bidding war, multiple offers, and top-dollar
- Fall and winter tend to be more advantageous for those who want focused, motivated buyers and a quick escrow period
These are generalizations, but they are still helpful to keep in mind. Many home sellers find themselves regretting the time they listed their home for sale because they did not take these things into account.
4. Ignoring screen appeal
Screen appeal is the new curb appeal. This newer real estate term refers the the way your home translates into the online listing. Nearly all of your potential buyers will view your home online before ever deciding to see it in person. Investing in good staging, lighting, and photography is essential to help your home put its best foot forward in online marketing.
While you can opt to avoid this extra task in the home selling process, you will likely regret skipping this step. Many homebuyers say they wish they had paid more attention to the online appeal of their homes when they listed them.