After you’ve lived in a house for a few years, it becomes so much more than a few walls and a ceiling. It’s the place of comfort you come back to after a bad day, it’s where you built memories with your loved ones, and hopefully had some of the best moments in your life.
It’s because of these reasons that selling a house is such an emotional experience. Your house is a safe haven for you, but for all the potential buyers coming to check it out, it’s just another space.
Buyers tend to be overly critical of a house when checking it out; this helps them justify the price they offer, which is usually less than the seller’s price. On the other hand, sellers tend to demand more than the house is actually worth.
A high price is one of the main reasons why a house stays on the market for longer than it should.
Let’s look at the common mistakes to avoid when selling your own home:
The way you perceive your house is different from how others look at it. After living in a place for a while, you’re going to have an emotional attachment to it, but you’d be wrong to expect the same from others.
Emotional sellers are resistant sellers. They tend to turn down good offers just because a part of them isn’t ready to let go of the house.
When you decide to sell your property, you need to think objectively. Think of it as a means to earn a profit, as opposed to losing something you love.
Setting an Unrealistic Price
An unrealistic price is a surefire way of scaring potential buyers away. Buying a house is the most expensive investment most people make in their lives. If they don’t think a property is worth their cash, they will look elsewhere.
Keep in mind that a property that stays on the market for too long catches the eyes of realtors; they assume something must be wrong with it.
Expecting the Asking Price
Negotiations are a part of any real estate deal. Buyers will attempt to bring down the price if they feel like there’s room for it.
If the property has been on the market for 2 weeks, realtors advise buyers to offer it at 3–5% lower than asking price; 8–10% lower for properties that have been listed for over 2 months and 30% lower for properties listed for longer.
Regardless of what your asking price is, buyers will try to bring it down.
If you’re having trouble with setting a fair price on your property, consider working with us. We help sellers and real estate agents come up with accurate property prices in analyzing inspection reports. We provide a complete breakdown of home inspection reports, so all involved parties have a better idea of how much repairs are going to cost.
Sellers and realtors can work with us for post-inspection negotiation. We can help you sell your property at a great price.