Selling your home may seem like a mystifying process, but it doesn't require any hidden knowledge that the real estate industry is keeping secret. In other words, “if you price it right and you prepare it right and you don’t let any buyers in until it’s all ready, your house will sell in any market,” says Anne DuBray, a real estate broker with Coldwell Banker Residential Brokerage in northern Illinois and southern Wisconsin.
But selling a house can become more difficult if you ignore the tried-and-true practices that have helped home sellers in the past.
Here are 10 mistakes to avoid when selling your home:
- Working alone.
- Waiting to sell.
- Pricing too high.
- Refusing to make changes.
- Keeping clutter.
- Skipping major repairs.
- Cutting costs on photography.
- Being unavailable.
- Being unwilling to negotiate.
- Letting your emotions get the best of you.
Not hiring a real estate agent to represent you may seem like an easy way to avoid paying commission, but you’ll miss out on a real estate agent's market knowledge, contacts and help with the process. Unless you have a real estate license or are planning to find an iBuyer, a real estate agent is key to a successful – and less stressful – home sale.
For-sale-by-owner properties tend to sell for a lower price overall. In the National Association of Realtors’ 2019 Profile of Home Buyers and Sellers released in November, FSBO homes sold at a median of $200,000, compared to a median sale price of $280,000 for properties that sold with the assistance of an agent. If you're looking to sell your home for its full market value, professional insight is more likely to get you there.
Waiting to Sell
Spring and early fall are often hailed as the best times to sell a house, but that doesn’t mean you should wait months to put your home on the market. While December and August see the fewest sales, according to DuBray, homes sell every month of the year.
In fact, February is the best month to put your property on the market, DuBray says – even in places that see long, cold winters like Chicago and Milwaukee. “People are less distracted in that month than every other month of the year,” DuBray says.
Pricing Too High
You want to sell your house for top dollar, but be realistic about the value of the property and how buyers will see it. Of homes that sell in their first week on market, 57% sell for the full asking price, according to a 2017 report by Zillow. By the fourth week, that share drops to 32%, and only 18% of homes that sell after eight weeks receive the full asking price. If you've overpriced your home, chances are you'll eventually need to lower the number, but the peak period of activity that a new listing experiences is already gone.
"Time will kill you," DuBray says. "You still think you're going to get showings and showings (as time goes on) and you just don't." For that reason, it's important that your real estate agent is honest with you about what your home will sell for, based on the recent sales of similar homes in the area.
Refusing to Make Changes
Unless you’re planning to sell your house to an investor who will flip the property, selling your house “as-is” won’t yield the highest possible sale price.
Homebuyers today expect move-in ready conditions and want to see a blank slate that allows them to picture themselves living in the home. That means you'll need to update appliances, paint walls neutral colors such as gray or khaki and remove old carpeting.
It’s tough to remove belongings while you’re still living in your house, but presenting each room and space in its best light means you'll need to declutter in more ways than one. Get rid of items you don't need anymore, but also remove oversized couches and other large furniture that dwarfs the room, clear out closets so they don't look overcrowded and put away decor that displays too much personal detail.
“You’d be amazed at how many people walk into (a home) and have trouble visualizing where their stuff would go in here,” says Ellen Cohen, a licensed associate real estate broker with real estate brokerage Compass in New York City.
Skipping Major Repairs
Pulling up carpeting and painting the walls are relatively easy tasks to tackle, but you’ll want to fix major issues as well. Cracks in the foundation or a new roof are expensive fixes that you may be wary of taking on, especially when you won’t likely recoup the entire cost in the sale. But DuBray says you’re better off fixing these issues now rather than have the buyer ask for a credit to cover the cost of the repair later. This way, you have more say over who does the job and the total cost of the repair.
“Plus, it’s something to brag about (in the listing description) if you have a brand-new roof,” DuBray says.
Cutting Costs on Photography
The first way many buyers see your property is by viewing photos of the house online, so don’t make them cross your house off their list before they’ve even visited. Among buyers who used the internet as part of their home search, 87% found photos of the property to be very useful, according to NAR’s report, which surveyed nearly 6,000 people who purchased a home between July 2018 and June 2019.
Most real estate agents include professional photography in their marketing budget. Even if you can’t get a professional, make sure all photos give the buyer an idea of the size of the rooms. Also make sure photos are well-lit and keep you out of the frame in any reflections.
When your house is on the market, showing the house should be your priority. That means if you get a call that a buyer would like to tour the house, you need to be able to leave the house in pristine condition quickly.
Even on holidays, an interested buyer is likely serious about making an offer and you shouldn't refuse a showing. So while you’re trying to sell your house, try to hold Thanksgiving or other holiday celebrations elsewhere.
Being Unwilling to Negotiate
If you’ve received an offer for your house that isn’t quite what you’d hoped it would be, expect to negotiate. While you’ll naturally feel your asking price is more than fair, the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits as well.
If you would like to see the sale price come up, consider offering to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found. That way, “the buyer doesn’t feel like he’s getting raked over the coals for no reason,” Cohen says.
Letting Your Emotions Get the Best of You
It’s natural to have some emotional attachment to your house after living in it for years and celebrating milestones, holidays and accomplishments with your family and friends there. But you have to view selling your house as a business deal. A low offer is not a personal affront, but a start that can either be negotiated up or declined. Plans to renovate part of your house are not an insult to your taste, but a difference in preferences.
The more you can approach the sale of your house as a business deal, the better off you’ll be to make the transaction as smooth as possible.
Ensure a quick sale.
Selling your home quickly not only allows you to move on with your life, it also means fewer days of keeping your home in pristine condition and leaving every time your agent brings prospective buyers for a tour. According to real estate information company Zillow, the best time to list a home for sale is on a Saturday between May 1 and 15; homes listed during those times sell six days faster and for 0.7% more than the average annual home price. A National Association of Realtors survey published in July found that the average home was on the market for 27 days in June, compared to 2012, when the average time on market was about 11 weeks. But how fast your home actually sells, and at what price, depends on factors beyond timing. Here are 10 secrets to selling your home faster, no matter when you list it.
Updated on Aug. 2, 2019: This story was originally published at an earlier date and has been updated with new information.Take great photos.
Take great photos.
According to NAR's 2018 Profile of Home Buyers and Sellers, 44% of recent buyers started their search online. Of those, 87% found photos very useful in their home search. If your listing photos don’t show off the features of your home, prospective buyers may reject it without even taking a tour or going to the open house. Hiring a professional photographer and posting at least 30 photos of your home, inside and out, is a good way to attract buyers. Photography is often free for home sellers, as shoots are often conducted at the expense of real estate brokers as part of marketing the property.Clean everything.
(People Images/ Getty Images)
Nothing turns off buyers like a dirty house. Hire a company to deep clean if you can’t do it yourself. “When the (home) is on the market, no matter what time of day or night, it should be clean and neat,” says Ellen Cohen, a licensed associate real estate broker with real estate brokerage Compass in New York City.
Key places to clean while your home is on the market include:
- Kitchen countertops.
- Inside cabinets and appliances.
- Floors and room corners where dust collects.
- Bathroom counters, toilets, tubs and showers.
- Inside closets.
- Windows, inside and out.
- Scuffed walls, baseboards and doors.
- Basement and garage.
Depersonalize the home.
Remove all your family photos and memorabilia. You want buyers to see the house as a home for their family, not yours. Remove political and religious items, your children’s artwork (and everything else) from the refrigerator and anything that marks the house as your territory rather than neutral territory. The same goes for any collections such as figurines, sports memorabilia or kids' toys that can make a buyer think less about the house and more about you. Family photos can be replaced by neutral art or removed entirely – just be sure to remove any nails and repair nail holes where any hanging photos used to be.Let the light in.
Let the light in.
People love light and bright, and the best way to show off your house is to let the sunshine in. Open all the curtains, blinds and shades, and turn lights on in any dark rooms. If the natural light situation is lacking in any room, strategically place lamps or light sources throughout to set the mood. And while your house is on the market, open all curtains and turn on lights every time you leave your house for work or errands in case you get word a buyer would like to tour the space before you get home.Make your home available.
Make your home available.
Buyers like to see homes on their schedule, which often means evenings and weekends. Plus, they want to be able to tour a home soon after they find it online, especially in a hot market where they're competing with other buyers. If your home can be shown with little or no notice, more prospective buyers will see it. If you require 24 hours’ notice, they may choose to skip your home altogether. "That's one less person who gets to see the property," Cohen says. Be ready to leave quickly as well – if you're still cleaning up or hanging around outside when the buyer arrives, it can make for an awkward interaction.Set the right price.
Set the right price.
No seller wants to leave money on the table, but the strategy of setting an unrealistically high price with the idea that you can come down later doesn’t work in real estate. Buyers and their agents have access to more information on comparable homes than ever, and they know what most homes are worth before viewing them. A home that’s overpriced in the beginning tends to stay on the market longer, even after the price is cut, because buyers think there must be something wrong with it. "Pricing correctly on the lower side tends to work much better," Cohen says.Remove excess furniture and clutter.
Remove excess furniture and clutter.
Nothing makes a home seem smaller than too much big furniture. Rent a self-storage container or a storage unit and remove as much furniture as you can. It will immediately make your home seem calmer and larger. Remove knickknacks from all surfaces, pack them away and store the pieces upon which you displayed them. Take a minimalist approach to books, throw rugs and draperies, and clear off your kitchen and bathroom countertops, even removing appliances you normally use. If you can scale down the contents of your closets, that’s even better, because it makes the home’s storage space look more ample.Spread the word.
Spread the word.
Your neighbors are often the best salespeople for your home because they love the neighborhood. Make sure they know your home is for sale and are invited to your open house. Also share your listing on social media and ensure your real estate agent does the same. Share the news on neighborhood email lists, Facebook groups and other social media outlets. Collaborate with your real estate agent to promote your home's listing information through multiple accounts. Especially if you or your agent has a decent pool of social media followers, Cohen says, "You can promote properties for nothing."Repaint in neutral colors.
Repaint in neutral colors.
A new coat of paint will do wonders to freshen up your home, both inside and out. This is the time to paint over your daughter’s purple bedroom, nix the quirky turquoise bathroom and cover up the red accent wall in your dining room. Busy wallpaper can also turn off potential buyers. Your goal is to to create a neutral palette so buyers can envision incorporating their own personal touches in the home. "You just want people to see the space for what it is," Cohen says. Rather than a stark white, consider neutral shades of gray, taupe and cream on the walls.Spruce up the front of your home.
Spruce up the front of your home.
You’ve heard it 100 times before, and it’s still true: Curb appeal matters. You don’t get a second chance to make a first impression. A new or freshly painted front door, new house numbers and a new mailbox can breathe life into your entryway. Fresh landscaping and flowers in beds or in pots also enhance your home’s first impression. Trim trees and bushes, tidy up flower beds, remove dead leaves from plants, clear out cobwebs from nooks near the entrance and pressure-wash walkways, patios and decks. Leave the outdoor lights on, too, because prospective buyers may drive by at night.Here are 10 tips to sell your home faster:
Here are 10 tips to sell your home faster:
- Take great photos.
- Clean everything.
- Depersonalize the home.
- Let the light in.
- Make your home available.
- Set the right price.
- Remove excess furniture and clutter.
- Spread the word.
- Repaint in neutral colors.
- Spruce up the front of your home.
She has appeared in media interviews across the U.S. including National Public Radio, WTOP (Washington, D.C.) and KOH (Reno, Nevada) and various print publications, as well as having served on panels discussing real estate development, city planning policy and homebuilding.
Previously, she served as a researcher of commercial real estate transactions and information, and is currently a member of the National Association of Real Estate Editors. Thorsby studied Political Science at the University of Michigan, where she also served as a news reporter and editor for the student newspaper The Michigan Daily. Follow her on Twitter or write to her at email@example.com.