Selling your home during any kind of market is a complex process. So, if you're feeling abnormally stressed and/or excited, it is totally normal, even if you are a seasoned seller! Afterall, selling your home is something you only get one shot at. That is why we have this article so you can learn how to dodge these 3 nerve-wracking mistakes when selling your home:
1) Be Calm, Cool, & Collected
Home is where the heart is. Home is where you've raised your kids, made memories, so having strong sentimental attachment to your home is a positive thing. However, when you decide to list your home it is crucial to keep your emotions out of the transaction. By conflating your emotions within the transaction you may not view the process as rationally. It is always prudent to stay grounded within the facts and to reason objectively.
Potential Mistake: Conflating emotions within the sale of your home leading to irrational decisions.
2) Let The Professionals Handle It
The saying “you have to spend money to make money” is very true when it comes to real estate. That's why hiring a REALTOR is typically a necessity when it comes to selling a home. Sure, investing in a REALTOR will usually be around 5%-6% but your return on average is much greater. You hire a realtor for the same reason you hire a doctor or teacher - they're specialists in their fields. So trust the professionals and let them take some stress off the process!
Selling a home is a complex process and is not as simple as placing a big red FSBO (For Sale By Owner) sign in your yard. There is process and procedure, laws, and liability and that is why hiring a REALTOR may be your best option, but that's ultimately for you to decide.
Potential Mistake: Opening yourself up to a Pandora's box of liability, selling your home for significantly less money, loads of unneeded stress, etc.
3) Time Is Money
Did you know that your REALTOR can list your home for ten million dollars? Your REALTOR can list your home for as much as you want but that does not mean it will sell. Setting an unrealistic price is one of the worst actions a homeowner can take when selling their home.
Even by listing your home 10% above market value will cut market viewership on your home to ~30% on average. That is right, down to ~30% viewership on average. If your home does not sell and becomes stagnant on the market, especially in a record breaking Sellers market, your home may become stigmatized. Stigmatization may mean buyers will assume something is wrong with your home and totally bypass it.
Potential Mistake: Overpricing your home may lead to a host of major problems.
We hope this article proves to be helpful when you decide to list your home. We understand how it can feel overwhelming, but we're familiar with those feelings and the overall process, as we've helped numerous families and individuals sell their residential and commercial real estate.
By having control of your emotions, trusting in your REALTOR, and pricing your home correctly you are positioned to win, and that's exactly what you want - especially when you only get one shot.
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