Five Mistakes People Make When Selling a Home Online

Selling your home is a major venture. It can be overwhelming when you consider all the steps it takes to list and sell your home.

Here are some common mistakes home sellers make when deciding to sell their home. Please click on the chapter you want to read:

• Setting Unrealistic Expectations

• Not Considering Financial Qualifications of Potential Buyers

• Making Wrong Repairs and Renovations

• Choosing the Wrong Agent or the Wrong Way to Sell

• Making the Process About Your Own Personal Situation

Setting Unrealistic Expectations

One of the biggest mistakes a home seller can make is from a pricing standpoint and mispricing their home against what the housing market is doing. A property that is overpriced will remain on the housing market for an extended period of time, which can cause home buyers to start questioning what might be wrong with the property if it hasn’t sold. It is exceptionally difficult to turn a potential buyer around to become excited about a property if they are questioning why it hasn’t sold.

Seeing a house that has been on the market for several weeks can create the mindset for potential buyers that the property is being rejected by other potential buyers.

Creating false expectations of the property is another common mistake people can make when selling a property online. This generates a scenario where you’re seeing a lot of foot traffic to the property, but a lot of disappointed buyers when they get there because the property is described as being more than what it might actually be.

It is important to create attractive, but also realistic, content to describe the property. This allows buyers to know what they are walking into before they get there!

Not Considering Financial Qualifications of Potential Home Buyers

A point that is not really thought about is the financial capability of a potential buyer. From a qualification standpoint, it is important to look at the experience of a buyer. Let's say you are being presented offers from two potential buyers to purchase the property. One is a first time home buyer and the second buyer is a cash buyer that has bought several properties before.

You should feel more confident going with the cash buyer who has experience in purchasing properties. Many home sellers choose the less experienced buyer- or the weaker financially capable buyer. This is where deals end up getting messy- the buyers aren't able to secure funding, the sale is pushed out for an extended time, or the sale ends up falling through altogether.

Making Wrong Repairs and Renovations

A lot of home sellers tend to over-improve their properties or don't improve the right things. When a seller over-improves a property for the community their home is in, it can take a substantial amount of time to sell the home. This is because the improvements might make the seller want to list their home for more than what the market in that community supports.

Home sellers also tend to make improvements that have very little return on their investment. Spending money on mechanicals, electrical, or on plumbing are things that potential buyers do not see and that do not have a dollar for dollar return on investment. It is important to try to make improvements that will have a positive return on your investment.

These include bathroom renovations, kitchen remodels, and painting. Anything that makes your property looking updated and fresh is what will tend to attract more potential buyers.

Choosing the Wrong Agent or the Wrong Way to Sell

Sellers make this decision without doing a lot of research or they make the decision based on whoever tells them what they want to hear versus what they need to hear. This is a mistake a seller can make that could impact the entire selling process. One real estate agent might look at your property, see limitations, and discuss what price range you should list your house at.

Another agent might come through your house and tell you to list the property at a price that you like, simply to get the listing, without acknowledging some of the limitations or what the current market is doing. Listing a property with an agent because you like the price better could keep the house on the market for an extended period of time- which ultimately drives the price down.

This could leave you in a position where the property sells for way less. It’s important to do research when deciding how to list your property to sell and if selling it with a real estate professional is right for you.

Making the Process About Your Own Personal Situation

A difficult conversation to have with a home seller is that the market doesn't care about personal situations. You should avoid letting your emotions make decision for you when selling your home.

The market isn’t reflective of personal circumstances. Whether it be because you have to sell your home because you took a job out of state, because you’re getting married, or because your mortgage is too high to sustain.

It is important to be comfortable understanding that a market is a place where a buyer and seller agree upon terms. When a seller tries to introduce their own situation they tend to be unsuccessful at selling their property. Keeping personal situations out of focus when listing a property and choosing to understand what the current market is doing in your area is the most effective way to ensure that your property won’t sit on the market for an extended period of time.

Conclusion

You can be confident that you will avoid making these mistakes by doing your research, making proper repairs and renovations, and keeping your personal situation out of the selling process. Selling your house might come with a few bumps in the road, but you’ll have more peace of mind knowing that you’re avoiding some of these common mistakes.