5 Mistakes to Avoid When Listing Your Home for Sale
Selling a home at the Lake of the Ozarks can be surprisingly time-consuming and an emotional time in your live, especially if this is your first time selling. With no experience and a complex, emotional transaction on your hands, it's easy for first-time home sellers to make lots of mistakes, but with a little know-how, many of these pitfalls can be avoided altogether. Check out these 5 mistakes to avoid when listing your home for sale to help keep your sanity in check throughout this high-emotion time:
Mistake #1: Letting Your Emotions Run the Show
Once you decide to sell your home, a lot of emotions can take over when you begin thinking about, not only all the memories you've made in your home, but all of the things you have to do to prepare to sell your home. However, by looking at the transaction from a purely financial perspective, you'll distance yourself from the emotional aspects of selling the property. Keep in mind that most buyers will also be in an emotional state. If you can remember that you are selling not just a piece of property but also an image, a dream and a lifestyle, you'll be more likely to put in the extra effort of staging and perhaps some minor remodeling to get top dollar for your home.
Mistake #2: Setting an Unrealistic Price
Whether you're working with an agent or going it alone, setting the right asking price is key. Overpriced homes do not sell. But if you list your home too low, you could scare buyers away from fear of what might be wrong with your property. If you're smart about pricing your home, and have an agent do a competitive market analysis on your home before listing it, you'll have a better chance of landing offers near your asking price and that are worth considering. You can do this and still list your home at a price that will attract buyers while still leaving some breathing room for negotiations. This will allow the buyer to feel like he or she is getting a good value and allow you to get the amount of money you need from the sale.
Mistake #3: Trying to Hide Problems
Any problem with the property will be uncovered during the buyer's inspection, so there's no use hiding it. Either fix the problem ahead of time, price the property below market value to account for the problem, or list the property at a normal price but offer the buyer a credit to fix the problem. Realize that if you don't fix the problem in advance, you may turn away a fair number of buyers who want a turnkey home. Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract.
Mistake #4: Not Preparing Your Home for Sale
Sellers who do not clean and stage their homes are throwing money down the drain. If you can't afford to hire a professional, that's OK - there are many things you can do on your own. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls and getting rid of any odors will also help you make a good impression on buyers.
Mistake #5: Not Hiring an Agent
Trying to sell your home on your own, especially if you haven't done it before, is probably ill advised. A good agent will help you set a fair and competitive selling price for your home that will increase your odds of a quick sale. An agent will also have more experience negotiating home sales than you do, potentially helping you get more money than you could on your own. Further, if any problems crop up during the process—and they commonly do - an experienced professional will be there to handle them for you. Finally, agents are familiar with all the paperwork and processes involved in real estate and can help make sure the transaction goes smoothly.
By avoiding these 5 mistakes when listing a home for sale at the Lake of the Ozarks, you'll find that selling your home is not as stressful as it seems. Whether you need to find a bigger place, or you're relocating for a job - your home is where your heart is, and letting yours go can be an emotional ride. We understand this and want to help make selling your home as easy as possible. Visit our website to learn more about the best real estate team at the Lake of the Ozarks, or give us a call at 866-224-1761 today!
Mistake #1: Letting Your Emotions Run the Show
Once you decide to sell your home, a lot of emotions can take over when you begin thinking about, not only all the memories you've made in your home, but all of the things you have to do to prepare to sell your home. However, by looking at the transaction from a purely financial perspective, you'll distance yourself from the emotional aspects of selling the property. Keep in mind that most buyers will also be in an emotional state. If you can remember that you are selling not just a piece of property but also an image, a dream and a lifestyle, you'll be more likely to put in the extra effort of staging and perhaps some minor remodeling to get top dollar for your home.
Mistake #2: Setting an Unrealistic Price
Whether you're working with an agent or going it alone, setting the right asking price is key. Overpriced homes do not sell. But if you list your home too low, you could scare buyers away from fear of what might be wrong with your property. If you're smart about pricing your home, and have an agent do a competitive market analysis on your home before listing it, you'll have a better chance of landing offers near your asking price and that are worth considering. You can do this and still list your home at a price that will attract buyers while still leaving some breathing room for negotiations. This will allow the buyer to feel like he or she is getting a good value and allow you to get the amount of money you need from the sale.
Mistake #3: Trying to Hide Problems
Any problem with the property will be uncovered during the buyer's inspection, so there's no use hiding it. Either fix the problem ahead of time, price the property below market value to account for the problem, or list the property at a normal price but offer the buyer a credit to fix the problem. Realize that if you don't fix the problem in advance, you may turn away a fair number of buyers who want a turnkey home. Having your home inspected before listing it is a good idea if you want to avoid costly surprises once the home is under contract.
Mistake #4: Not Preparing Your Home for Sale
Sellers who do not clean and stage their homes are throwing money down the drain. If you can't afford to hire a professional, that's OK - there are many things you can do on your own. Decluttering, cleaning thoroughly, putting a fresh coat of paint on the walls and getting rid of any odors will also help you make a good impression on buyers.
Mistake #5: Not Hiring an Agent
Trying to sell your home on your own, especially if you haven't done it before, is probably ill advised. A good agent will help you set a fair and competitive selling price for your home that will increase your odds of a quick sale. An agent will also have more experience negotiating home sales than you do, potentially helping you get more money than you could on your own. Further, if any problems crop up during the process—and they commonly do - an experienced professional will be there to handle them for you. Finally, agents are familiar with all the paperwork and processes involved in real estate and can help make sure the transaction goes smoothly.By avoiding these 5 mistakes when listing a home for sale at the Lake of the Ozarks, you'll find that selling your home is not as stressful as it seems. Whether you need to find a bigger place, or you're relocating for a job - your home is where your heart is, and letting yours go can be an emotional ride. We understand this and want to help make selling your home as easy as possible. Visit our website to learn more about the best real estate team at the Lake of the Ozarks, or give us a call at 866-224-1761 today!
2011 REALTOR Salesperson of the Year
Missouri Association of Realtors
752 Bagnell Dam Blvd., Suite A
Lake Ozark, MO 65049
Office | 573.365.1555
Fax | 573.365.1766
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