If you thought buying your home was tough, selling your first home can be just as daunting. Make the process easier and more profitable by avoiding some common first-time home seller mistakes.
Mistake 1: Emotional attachment
Becoming emotionally detached from your home is one of the hardest things to do when selling. After all, this is where you made memories with friends and family members. Remember that your
home is a commodity, not your identity. The more you can separate yourself emotionally from your home (including neutralizing the interior) the more buyers will be able to picture themselves in your home. The goal is to get it sold so that you can move on to your new house and make new memories.
Mistake 2: Pricing incorrectly
Setting the price of your home can be very difficult to do. Set the price too high and you will not attract any buyers. The longer your home sits on the market the more likely you are to have a low offer. Set the price too low and you risk leaving money on the table. A real estate professional who is knowledgeable about home sales in your community can help you set just the right price.
Understand that the market will dictate the price, not your emotions or financial situation. Be realistic when setting the price of your home and negotiating any offers received. If presented with a low offer, keep your cool. Think of it as simply a starting point for negotiating the sale of your home.
Mistake 3: Accepting contracts from unqualified buyers
Lastly, it’s important to know that the buyer is qualified to purchase your home before you decide to accept their offer and take your home off the market. A prequalification letter at the time of contract can also alert you to any conditions associated with the buyer’s qualification that have the potential to delay closing, such as if they have a home to sell or employment conditions.
All loans subject to credit approval.
