Factor #1~ Making decisions with emotions
Selling you home is a business transaction for you and your family. In business transactions, for you to be at your best, emotion must be left behind. Very easily said to remove emotion, as this is where you undoubtedly created many memories, so removing emotion is difficult to do. But look at the transaction from a purely financial perspective and you will come out on top.
Factor #2~ Setting an unrealistic price
Setting a price on your house is very difficult but setting the right price is key. Again, this must be done without emotion. The price needs to be set with data, market knowledge and common sense. Buyers have the same information you do and are very educated. Overprices properties do not sell. Don’t worry too much about setting a price that is on the low side because, in theory, this will generate multiple offers and the price gets bid up. In fact, some people under price their home as a strategy to generate extreme interest, quick sale and get top dollar.
Factor #3~ Expecting to get your asking price.
Every buyer will negotiate with an offer. You will have to play the game. You will want to list your home at a price that will attract buyers while leaving enough room to negotiate. This will allow a buyer to feel good about getting good value and allow you to get the amount you need from the sale.
Factor #4~ Not prepping your home for sale and viewing
Sellers who have dirty, packed or unorganized homes are throwing money away. Not addressing these issues will not only reduce your sale price, but may prevent you from selling at all. Have a friend or Agent with a fresh outlook point out areas of concern. You may have become immune to its trouble spots. Making a good impression will only put money into your pocket.
Factor #5~ Not hiring a good Agent
Real Estate agents are costly (usually 5% of the sale price of your home) but trying to sell it on your own is ill advised. Usually For Sale By Owners are dealing with unqualified buyers, low offers or no offers at all. Most qualified buyers use an Agent. Good Agents have experience in negotiating, dealing with the contracts and paperwork as well as solutions to deal with issues that crop up during the selling process.
Be prepared for this mentally stressful situation. It is tough selling a home. Make it easier on yourself and family and avoid these common pitfalls of selling your house.