Whether you’re moving up to a larger home, downsizing or relocating, selling your home can be both stressful and rewarding. If you’ve been through the process before, you may think you’re ready to take on the home-selling procedure on your own, but even seasoned sellers can make easy mistakes that affect your bottom line.
Here are three mistakes to avoid when selling your home:
Not researching your current market.
Housing markets differ widely from place to place.Sellers need to understand how much other homes of comparable size and age sell for, how many other houses are on the market, how long they stay on the market, and what features buyers are looking for in your area.
Not understanding the importance of pricing right from the start.
According to the National Association of REALTORS® (NAR) 37% of sellers end up reducing their asking price after their home stays on the market for too long. Pricing is an art that agents take years to hone. Priced too low, you risk not getting as much as you can for your property. Priced too high, you risk losing potential buyers who may think your property is out of their price range and you simply
help your competition sell faster.
Not understanding the power of staging.
According to the NAR, for every $100 invested in staging your home, the potential return is $400. That’s a 4x return for doing a few simple things! When selling something as expensive as a home this is well worth your time.