From Our Team: The Top 5 Pitfalls of Selling Your Own Home
While it is certainly understandable why some people would like to avoid paying a real estate agent’s commission—especially in today’s economy—homeowners need to be aware of the serious pitfalls that can occur before they embark on the process of selling their own home.
I have had many clients enlist my services after losing valuable time and money attempting to sell their own home. What seems like a relatively easy undertaking at first, can become a time-consuming and overwhelming process. We’d like to share with you some of the most significant snags that often occur when selling one’s own home:
1. Ineffective marketing. Most homeowners simply lack the resources necessary to effectively market their own home. Working with a professional REALTOR®, such as a member of the Top 5 in Real Estate Network®, however, usually means your home will be marketed to the widest group of potential buyers possible, both through digital and print advertising, virtual tours, and online listing portals.
2. Mispricing your home. In order to sell your home quickly for the best possible price, pricing your home correctly is critical. This very nuanced process of choosing the right listing price, however, is always best left to a real estate professional. Most who sell their own homes price too high, resulting in their home sitting on the market for an extended period of time. And, unfortunately, the longer a home remains on the market, the less desirable it becomes for buyers.
3. Missing documentation. These days, a real estate transaction requires more documentation than ever before. It’s virtually impossible for the average homeowner to be aware of all the forms necessary to complete a real estate deal, and missing paperwork will bring any transaction to a grinding halt.
4. Overlooking legalities. The risk of overlooking important legalities, such as disclosure and compliance regulations that vary from state to state, is high for most homeowners. The average person is, understandably, not well versed in the many laws that govern the sale and purchase of a property.
5. Dealing with unqualified buyers. If you accept an offer from an unqualified buyer, you can delay the sale of your home indefinitely. A professional real estate agent will take the necessary steps to work with a lender to ensure a buyer is qualified before accepting their offer.
In most cases, owners end up exhausting more dollars than they would have paid in commission when attempting to sell their own home. If you would like more information on selling your home, please e-mail our team.