How To Sell My House Fast – 7 Mistakes To Avoid
“I need to sell my house fast“, that’s the thought that repeatedly races through the minds of some sellers who desperately need to raise large amounts of money quickly.
When it comes to selling a home, there are several things that sellers can do to increase the likelihood of a quick sale – and at the best price.
Unfortunately, many sellers make common mistakes that can wind up costing them time and money in their haste to sell quickly.
The experienced real estate agent knows that these sellers are often desperate to sell their homes, and may not have all the information they need to make informed decisions.
As a result, they may end up overpricing their homes or making other costly mistakes that slow down the sale process or lead to lower offers.
To avoid these mistakes, sellers need to educate themselves on the market conditions in their area, pricing strategies, and the best ways to show their homes.
By working with an experienced agent, sellers can get the advice they need to make informed decisions that will help them sell their homes quickly and for the best price possible.
Here are 7 mistakes to avoid:
1. Not pricing your home correctly
The biggest mistake homeowners make when selling their house is not pricing their house correctly because they skipped doing their research.
It is important to know the fair market value of their style of home and property type in their suburb.
They are too focused on selling their house quickly.
By only thinking about a quick sale, they are potentially leaving a lot of money on the table.
Many savvy real estate investors have capitalised on the seller’s impatience and bought the house below market value.
Remember, the investor has done her numbers, knows the number of real estate sales in your area, and mortgage payments needed to service the home loan and will make a cash offer you can’t refuse.
It’s important to know your market inside and out. Know what your home is worth, what buyers are willing to pay, and what your competition looks like.
Data on comparable sales are a good start for you to consider a price range that is acceptable to you.
Make sure you have up to date information on the local market conditions.
Don’t price your home too high or too low – you could end up shooting yourself in the foot.
Many times, homeowners will price their house too high in the hopes of getting a higher offer.
However, this can backfire if there are no buyers who are interested in your asking price which is above fair market value.
It’s better to price your house a little lower and let the buyers bid it up.
This will ensure that you get the best price for your house.
Don’t be unrealistic about the price of your home.
Many homeowners think their house is worth more than it is.
It’s important to be realistic about the value of your home so you don’t end up disappointed when it doesn’t sell for as much as you wanted.
Do your research and consult with an experienced real estate agent to get an accurate estimate of what your home is worth.
Then, price it accordingly.
The home sale process doesn’t have to be stressful or complicated.
Just do your research, prepare your home, and be realistic about the price.
If you do these things, you’ll be well on your way to selling your house fast.
2. Improperly staging or preparing your home for sale
Many homeowners make the mistake of not properly staging their homes for sale.
This can be a big mistake, as it can make or break a sale. Staging is the process of preparing your home for sale by decorating and arranging it in a way that makes it look its best.
A tip – allow as much light as possible to come through the windows; switch on all the hall lights and those in smaller bedrooms that may otherwise appear dark and pokey.
A well-staged home will look inviting and attract buyers and make them want to buy it.
An improperly staged home, on the other hand, will look cluttered and unappealing and may cause buyers to walk away.
To properly stage a home for sale, it’s important to remove all personal items from sight and to make sure that the home is neat.
You may also want to consider hiring a professional stager to help you prepare your home for sale.
By not properly preparing their home for potential buyers, they are missing out on opportunities to showcase their houses in the best possible light.
This can lead to missed offers and a longer sale process.
The best real estate agent you appoint will have in their cell phone contacts the names of home staging companies they frequently use.
Make use of their services to help you sell quickly.
So if you need a fast house sale, be sure to stage it correctly to get the best results.
3. Not taking care of minor repairs and fixes before putting your home on the market
Homeowners often think that they do not need to take care of any repairs or fixes before putting their house on the market.
They believe that potential buyers will see the home as is and be willing to overlook any flaws.
This is a big mistake.
Not taking care of minor repairs and fixes can cost homeowners time and money.
Investing a few hundred dollars in deep cleaning can wow buyers.
A fresh coat of paint to freshen up all the rooms is a great move.
You should make any necessary repairs, such as fixing a leaky faucet or patching up holes in the walls.
The goal is to make your home look as presentable as possible.
Prospective buyers especially cash buyers will often make offers based on the condition of the home.
If there are major repairs that need to be done, buyers will often make lowball offers or walk away altogether.
Homeowners need to take the time to repair any damage or fix any issues before putting their house on the market.
This will help them get the best price for their home and avoid any delays in the sale process.
If your house is in disrepair, it will turn off potential buyers. No one wants to buy a fixer-upper – they’d rather pay top dollar to move into a home that’s ready to go.
What should you not fix when selling a house 2022?
Do not confuse doing necessary repairs versus going nuts making major renovations!
- replacing the entire window framing of your home
- complete bathroom and kitchen renovations
- replacing carpet and floor coverings in every room of the house
- landscaping the entire front and backyard does not necessarily increase curb appeal
Overcapitalizing on the home that you are about to sell is not a sensible decision and it can cause you to become emotionally attached to the house you want to sell fast!
Remember, this is a real estate transaction, not a love-in with your house.
You want to make the selling process as clear-cut and uncomplicated as possible.
4. Failing to remove personal belongings from the home before buyers tour it
The emotion of selling a home can often take over, and homeowners can forget to do some basic things like removing their personal belongings from the home and making sure it is clean and tidy before buyers tour it.
Also, deep clean your home from top to bottom.
This means cleaning things that you normally wouldn’t think to clean, such as the inside of your oven or the tops of cabinets.
Many homeowners make the mistake of failing to remove their personal belongings from the home before buyers tour the premises.
This can make the home feel cluttered and small and can turn buyers off.
It is important to make the house as appealing as possible to potential buyers.
It is important to remember that when you are selling your house, you are selling the buyer on the idea of living in your home, not just on the house itself.
Take the time to declutter your home, inside and out.
This includes getting rid of any personal items, such as family photos or memorabilia.
You want buyers to be able to envision themselves living in your home, and this can be difficult if your personal belongings are everywhere.
When potential buyers come to tour your home, they want to be able to imagine what it would be like to live there.
By removing all of your personal belongings, you make it easier for buyers to visualize their belongings in the home.
5. Accepting the first offer that comes in
When a homeowner is desperate to sell their house, they may be tempted to accept the first offer that comes in.
However, this is often a mistake, as the first offer is not always the best.
The buyer may be lowballing you or they may not be serious about buying your house.
You should wait until you have received several offers and then compare them to find the best one.
There is a good chance that you, the seller could get a higher price if you waited for a better offer to come in.
You may also be able to weed out buyers who are not interested in purchasing your home.
You may lose out on potential buyers who may have been interested in buying the home if you had been patient and waited for a better offer to come in.
By accepting the first offer, you may be limiting your negotiating power and could end up settling for a lower price than you would have gotten if you had waited for a better offer.
6. Not being flexible with your asking price when negotiations star
One mistake sellers often make when trying to sell their house fast is not being flexible with their asking price.
Oftentimes, sellers will come up with a rigid number that they want for their house, no matter what the market conditions are like.
This can be a huge mistake, as it can scare away buyers and cause them to look elsewhere.
In a hot market, where there are many houses for sale, a seller who is not flexible with their price may end up losing out on a sale to a competitor.
In a slower market, where there are fewer houses for sale, not being flexible with your price can mean that your house languishes on the market for months or even years.
Setting a high price can scare off potential buyers, which can result in a longer sale process.
So, if you’re looking to sell your house fast, be sure to be flexible with your asking price and be prepared to negotiate.
If you are inflexible with your price, then you may end up losing out on a sale altogether.
As a seller, it is important to be realistic about the current market conditions and adjust your price accordingly.
7. Not getting a real estate agent to help them sell their home
If you don’t know what you’re doing, it’s best to consult with a top real estate agent who knows the local market and has a track record in getting home buyers to make multiple offers on your home.
The right real estate agent will ensure that as many buyers on their books will attend the scheduled open house appointments that they can organize.
They will have a book of instant buyers that pay cash if the price is right.
These are real estate investors who understand the housing market and already have their buyer financing sorted and can make a cash offer on the spot.
The experienced agent will help you sell your house fast.
According to the National Association of Realtors 2021 report, 87% of buyers use a broker or real estate agent to buy their house.
What about For Sale By Owner (FSBO)
There are pros and cons to the FSBO sales method.
Pros of FSBO sales:
- FSBO sellers generally don’t have to pay any commissions, saving them thousands of dollars
- the seller often enjoys more control over the process, from setting the price to screening potential buyers.
Cons of FSBO sales:
- it can be difficult to get the word out about your property, especially if you’re not doing any marketing
- typically the 2021 FSBOs median sale was $260, 000 compared to $318, 000 where the seller used a real estate agent
- it can be challenging to navigate the legal and financial paperwork on your own
- going it alone can lead to frustration and stress, especially if things don’t go as planned.
Overall, if you’re comfortable handling all the logistics yourself and you have the time and resources to market your home effectively, then it can be a good option.
But if you’re not sure about how to proceed or you don’t have the bandwidth to handle everything on your own, then it’s probably best to work with a professional real estate agent.
Bonus information on the psychology of the desperate house seller
Here’s a bonus bit of information on the psychology of the desperate house seller that may help reduce the stress to sell your house fast.
When you understand the emotions behind the motivation to sell fast, you can make better decisions.
The psychology of the desperate house seller
The psychology of the desperate house seller is a complex web of emotions and motivations.
The most common motivating factor for a desperate house seller is fear.
Fear of being homeless, fear of not being able to provide for their family, or fear of not being able to retire are just a few examples of the powerful motivators that drive someone to desperation.
They may be facing foreclosure, bankruptcy, or some other form of financial disaster.
To neutralize these irrational thoughts and behaviors, the seller needs to understand and acknowledge their fear.
Once they have recognized and accepted their fear, they can begin to take steps to address it.
This may include seeking professional help or counseling, talking to friends or family members about their fears, or simply acknowledging their feelings in a journal.
Once the seller has addressed their fear, they can begin to look at their situation realistically.
This includes evaluating their options and coming up with a plan that addresses their needs.
This may involve selling their house fast, downsizing, or taking out a loan to cover their expenses until they can find another home.