10 Mistakes to Avoid When Preparing to Sell Your Home!
1. Spending too much on upgrades.
It is important to know what upgrades and improvements will enable you to sell your home for more money, and what improvements will not give you a return on your money.
We live in an HGTV world! The right upgrades make all the difference in getting the highest possible price, while the wrong upgrades will result in less equity when the house sells.
Some home improvements that pay off: Kitchens and Baths coming in at almost 100% return on investment.
The Hoffman Murphy Transformation Team can help you decide how much to spend, and on what! What’s more, we can project manage everything from paint or minor upgrades to or more extensive fix up as needed! Click here for more information.
2. Hiding Major Repairs
Think the buyer won’t notice a leaky roof? Or a big hole covered by an area rug? Not so fast! Homebuyers are advised to get a home inspection after the offer was accepted. If there are major problems that come up, it can delay the closing, terminate the deal altogether or give cause for a major price reduction.
3. Not de-personalizing your Home
Avoid showcasing family photos. Buyers want to envision their own family photos on the walls, avoiding the distraction will make it easier for them to remember the home.
The rule of thumb is to take down all family photos!
4. Skimping on Photography
A picture is worth a thousand words. You want to showcase your home in the best light, and having a great photographer makes a world of difference.
Most buyers first see your home on the internet. Buyers decide if they like your home enough to visit after viewing your pictures! Great photography will drive buyers to your home!
Some home prep tips before the photographer comes: Keep ALL lights on, declutter everything and remove 95% of items from tables and countertops.
5. Not painting
With Pinterest everyone is a designer, however, one person’s likes are another person’s dislikes. Crazy color paints and wallpaper just mean work for potential buyers.
The solution is to paint neutral colors that can appeal to everyone. The worst-case scenario would be having a price reduction to make up for the added work or even worse buyers deciding to pass on the house.
6. Not Staging Your Home
81% of buyers find it easier to visualize a property as their future home when it is properly staged. Many of those people overlook property faults.
It can be as easy as moving the furniture around to create a better flow, or sometimes bringing in some furniture and accessories will be doing the trick. Hiring a stager is just as important as getting the right photographer. Staged homes sell 88% faster and for 20% more than those that aren’t staged, according to Realtor.com.
The first rule of thumb is to not take it personally. The goal is to create a neutral palette to draw attention to the highlights of the home.
7. Forgetting to Pack Away Clutter
The cleaner, less cluttered, and more well-decorated your home is, the more appeal it has. Clutter can make your home appear smaller and make it more difficult for buyers to picture themselves living in your home. No one wants to imagine they live in a home from the show “Hoarders”!
8. Pricing it Wrong
This can be tricky! Don’t trust the internet. An experienced Realtor will provide a comparative market analysis that will show you how much homes like yours are selling for in your area. Even better, The Hoffman Murphy Team spends many hours a week touring homes, and that can make all the difference when coming up with a listing price.
An experienced Realtor will suggest a listing price based on your home’s current value, comparable sales nearby, and historical data. If you refuse to listen and ask for more than your home is worth, you could risk turning an even smaller profit when all is said and done. The best piece of advice is to trust the professionals and take the emotion out of the price.
9. Selling it by Yourself
Yes, selling your house on your own saves you from paying a commission to an agent. However, you could miss the chance to make a whole lot more money! Prepping your home, attracting buyers, targeted marketing and great negotiating, are services that a professional Realtor can provide to increase your bottom line – by more than just the amount of a commission!
Homeowners who try to sell their properties themselves without a real estate agent have decreased dramatically since 1981 when they accounted for 15% of all homes for sale, and FSBO prices average 5 to 15% less than market value.
10. Not hiring The Hoffman Murphy Real Estate Team
With over 100 years of combined experience, the Hoffman Murphy Team is ranked the #1 residential team in the South Bay and ranked in the top 1% of real estate professionals in the nation year over year. Hire us to help you avoid these mistakes and more!
About the Hoffman Murphy Team:
Technology and Marketing: We utilize the latest technologies, business, and marketing strategies by traveling near and far to learn from the experts. As Global Property and Luxury Homes Marketing Specialists your property will get the exposure it deserves; locally, nationally and internationally.
HMTransformation: HMTransformation services are designed to prepare your home for the market. Our focus is on improvements that yield high returns. We facilitate high-impact, low-cost cosmetic renovations to maximize the return on your largest investment…your home.
Concierge Services: We believe in delivering an experience to remember. Leave all the details to us. Our vetted and trusted vendors can be called upon to meet your needs. We provide a single touchpoint to seamlessly coordinate a personalized plan. Whether you are looking for a mover or something a little more complex let us do all the coordination or we can refer a dedicated vendor.
We look forward to the opportunity, and we hope that whether you are buying, selling, or investing that you will think of The Hoffman Murphy Teams as your go-to when it comes to Real Estate.