Top Mistakes First Time Home Sellers Make in Northern Virginia
If you are a first-time home seller, let us give you some insight on the top mistakes first time home buyers make. Of course, you already know that the home selling is a complex process with many steps involved. From getting your home ready and putting it up on the market to finding the right buyer and successfully prepping for the closing, selling your home is likely going to be next the biggest transactions you'll ever make! Any major mistakes could really affect you financially and emotionally. We have identified the top mistakes first time home buyers make when selling their homes.
Here’s our list of the top home-selling mistakes and how to avoid them:
1. Pricing your home incorrectly
Pricing your home too low and you could leave money on the table. On the other hand, pricing your home too high and your home will sit on the market for too long. Finding the "sweet spot" is the key. We refer to it as the "fair market value" where the selling price is the price your potential buyer would be willing to pay for it. To calculate the fair market value of your home, our agents will do comparative market analysis then they will take into consideration the value of three or more comparable homes that have recently sold in your neighborhood then calculating the average. Curious how much your home's worth? Get a free market analysis today!
2. Not prepping your home & skipping on repairs
Dirty windows and smelly carpets will definitely turn buyers off. If they see clutter and find dings in walls, buyers will have a hard time seeing the true space of your home and envisioning themselves living in it. They'll also wonder what else is wrong with your house. Research has found that it only takes a few seconds to make a first impression and it surely applies to your home when potentially buyers see it. This is your only opportunity to make an appealing first impression with your buyers, so it makes sense to avoid this mistake. Take your time to make sure your home is spotless. Additionally, if your home needs repairs, fix them ahead of listing if your budget permits. If not, any problems your home might have will need to be fully disclosed in order to avoid losing on the deal and even future lawsuits.
3. Selling your home at the wrong time
Believe it or not, timing matters when successfully selling a home. Put up your home for sale during winter and you risk having it sit on the market for months! Winter is considered to be the slowest period where people are more preoccupied with the holidays than buying a home. Besides, you're going to have a hard time moving during the cold weather and add the nuisance of getting your any home reparations completed while trying to enjoy the holidays. Add in a pandemic and a wobbly economy, it will make it seem that selling a home would be unrealistic, no matter what time of the year it is. Surprisingly, the Northern Virginia Association of Realtors has recently reported that there was a 42.5% increase in homes sold in October comparing to last year's and "A total of 2,220 homes were sold in Northern Virginia last month, the highest number of October sales since 2004".
4. Not hiring a real estate agent
If you're a first-time home seller, the entire process will feel like a roller coaster without having an experienced realtor by your side. Yes, you could be saving on agent fees but ultimately you could be losing more money trying to sell your home all by yourself. There are too many steps involved, a lot of paperwork to complete and some real estate transactions during the closing and escrow really need the hand of a professional realtor who will ensure that the process goes smoothly. An experienced agent will also know where to look for the right buyer and will have the proper negotiation skills to get you the highest offer possible.
If you're planning to sell your home in Northern Virginia, be sure to avoid the mistakes we discussed above. If your top priority is to sell your home as fast as possible without any hassle, be sure to give us a call. We are a local boutique real estate firm in Northern Virginia offering top notch home selling services to our clients.