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Do Not Make These 4 Mistakes When Selling Your Home

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If you want to sell your house fast, you need to get your strategy right from the beginning. Remember you must gauge your market, your area, and your neighborhood. Avoiding these common mistakes will set the tone for a much smoother, simpler, and quicker house sale.

1. Overestimating the Value
What are homebuyers looking for in your area? Do your research and find comparable properties (comps). How does your home compare to other houses in the area? Set your price based upon structural similarities. If all other things are equal, a three-bedroom, two-bath home with an upgraded kitchen will sell for a higher price than a three-bedroom, two-bath minus the upgrade. If you have new appliances and are leaving them with the home, ensure a prospective buyer knows.

Take some other value-added factors into consideration if you want to sell your home fast. In addition to the asking price, buyers base decisions on intangible value, such as location, neighborhood and community, structural design and size, quality of schools, amount of traffic, and privacy/noise. Keep these items in mind when valuing your home, but be realistic. Some people prefer a home on a secluded road while others like access to public transportation. Intangible items are sometimes hard to value. You never want to price your house out of the market. If your home is comparable to several on your street in terms of square footage and upgrades, you should price yours accordingly.

2. Underestimating the Competition
Even if your property is one of a kind, prospective buyers are house hunting and will look at several homes in a day. You should, too! Go to open houses in the area. Investigate comparable prices of houses like yours online. It is rare when a home is the only one on the market in a given area, so you will most likely have competition.

Determine the uniqueness of your home so you can stack it against the competing homes for sale. Is there something special about the home that will make it stand out in the minds of prospective buyers?

On the other hand, are there problems that will concern a home hunter? If you hire an appraiser, they can point out problem areas or asset depreciators that can hinder a good sale. Sometimes fixing or upgrading a few things in your house could help you sell it faster.

3. Over-personalizing the Home
You might like to collect artifacts from your world travels, but your potential buyer may have a hard time looking past war-marked armor, hunting trophies, or ceremonial masks. Distracting decorative elements can keep the buyer from looking at more important things, like your floor plan, pantry storage, or large bathrooms. In fact, some buyers will not move past the living room if they find it garish. Remember, people looking at your house want to picture their lives, their furniture, and their pictures inside this home.

Clean and stage your home before you place it on the market. De-clutter and de-personalize, touch up paint and trim, shampoo carpets, wash windows and appliances, and clean up the landscape. Rent a storage unit to move out some furniture and wall art, open blinds and window treatments to let in light, and tone down or remove collections or polarizing paraphernalia.

4. Over-spending Your Money
Are you planning any upgrades before selling? If you add stone floors, granite counters, and a soaking tub, your house might sell faster, but you will not necessarily get a return on the investment. Know where to put your money. Talk to a real estate agent who can advise if an upgrade is worth the financial outlay.

If your carpeting is worn and needs replacing, consider steam cleaning it and then offering a carpet replacement allowance to prospective homebuyers. This strategy gives the prospect the option of selecting and installing the carpet of his choice rather than living with your taste.

Avoid making dramatic custom upgrades. You don't want potential buyers to estimate the cost of re-doing a customized room then deducting that cost from their offer.
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