Selling a home is not simple: there are a lot of home sellers listing their property at any time. Not only that, but you also have buyers looking for a deal and trying to negotiate. That, combined with various fees you have to pay, can make house selling a challenge. It’s very important to know what challenges you will face as a home seller and how you can circumvent those issues. Thankfully, these days, it’s easier than ever to identify and tackle any home-selling concerns, and here are some of the main things to consider.
Home prices are very low when you try to sell
Obviously, the housing market has its ups and downs. Sometimes, houses can sell at a great price. But there are also situations when certain factors end up affecting home prices more than expected. Things like inflation and higher costs of living, but also social factors can end up affecting how much people can afford to spend on a property.
And, of course, that has a direct impact on your sale price. You don’t want to overprice your home, but at the same time, you also want to sell. Depending on the economic situation at the time, it could be difficult to do so.
If you want to set the right price for your house, you should consider:
- Check the market average for similar properties in your area. Then, you can adjust it accordingly based on amenities, features, etc.
- Perform a house inspection. That will help you narrow down any repairs you need to make. Some people won’t buy homes that need repairs. Others won’t have a problem with that, in fact, you can find home buyers who buy properties in need of substantial repairs.
- It’s a good idea to be flexible when it comes to pricing. Even if you share the market average as the price, it’s a good idea to have a price that’s open to negotiation. That will increase the chances of any home sellers to actually sell their property.
- Working with an accredited home appraiser can also help. An appraiser knows the region, property values, and he can offer an accurate estimate based on what you have. It removes the guesswork, which can be a great approach!
Hosting show days
Obviously, if someone will spend money on a house (and get a mortgage for that purchase), they want to visit the property. Making sure that you host an open house often and that you’re open for buyer visits is very important. Realistically, being open for visits shows you are willing to sell. Plus, it also makes it easier for buyers to see if the property matches their demands.
Realistically, you want to host as many visits as you can. After all, the more people see your property, the better. And, of course, that first impression matters more than you might expect. Making sure that you clean up your home and show its amazing features will be extremely helpful. It’s certainly a crucial aspect if you’re serious about selling.
De-personalizing the property
You lived quite a bit of time in this house, and you got very fond of it. However, if you want to sell, you have to realize that people don’t want to see any type of personalization. Instead, they want to envision how the property looks like when they personalize it. That’s the reason why you want to remove any personal features and customizations from the property.
Not only will it encourage the buyer to think about ways to decorate the property, but it also shows that you are willing to sell. Entering a home that’s full of personal items: that doesn’t really inspire any trust you want to sell the property. It’s a good idea to remove any personal items. If you want to paint the property before selling, neutral colors will always be the right approach.
Presenting your property in a professional manner
Taking high-quality photos of the property is crucial because you want to highlight its features. You also want the customers to ensure they have a good idea of what they can expect. Great pictures tell more than 1000 words. And they can make the property much easier to sell. Just think about it: what property will you be interested in? One that doesn’t have any photos or one with over a dozen, detailed images? It’s self-explanatory, really!
Here, home sellers can go in 2 different routes. You could try to hire a real estate photographer that takes high quality pictures and also edits them. Or you can go the simpler route, where you take the images yourself. Granted, that’s going to be a lower-quality set of pictures, but you can avoid the extra costs. Realistically, you want to add a professional touch to highlight your home’s features and selling points. If not, it will be very difficult to sell the property, so keep that in mind.
Dealing with repairs and renovations
For a lot of people, dealing with repairs is quite difficult. It’s expensive, time-consuming, and just a challenge overall. In fact, a study states that over 36% of sellers find renovations/repairs to be the most challenging part of preparing their home to be sold. The thing is, you want to be very laser-focused with the improvements you’re making.
If you just make some needless improvements, those rarely pay off. In fact, buyers are more interested in useful upgrades, like walls, baseboards, and cabinets, instead of a pool, for example. When you want to make some improvements, focus on those that improve the quality of life. Nice-to-have improvements could be interesting, but they rarely offer an exceptional result, and that’s the thing you have to think about here.
Finding the right way to sell
Some people try to use ad websites like Craigslist or local sites as a way to avoid dealing with a real estate agent. Others use a real estate agent because they want a more hands-off sales process. You can also find home-buying companies as well.
Those will purchase your home without the need for a real estate agent. And a lot of the time, you don’t even have to make any repairs, which can be great for home sellers. Regardless of the option you choose, it’s imperative not to rush. You want to ensure that you’re picking the right home sale option and one that will get you a sales price close to what you’re looking for. It’s something most home sellers should consider doing!
Keeping your emotions in check
That’s a challenge because selling your home is a huge deal. It has a massive impact on your life, and it’s difficult to detach from a property. It’s especially the case if you have been living there for a very long time. However, you can try to get past that by finding a new property in the meantime. That way, you can get accustomed to the new neighborhood, living costs, and other changes.
Remember that you’re selling the property to move on to the next chapter of your life. And while that can very well be very stressful, it’s also a great sign for things to come. Control your emotions and remember that while you have an attachment to this property, it’s the right time to move on. After you do that, it will be easier to present the property and sell it to someone!
Unrealistic buyer expectations
Let’s face it: every home seller is bound to deal with a buyer that has unrealistic expectations. Either the buyer wants the property at an extremely low price, or they nitpick everything. Or, in some cases, you will have buyers who compare your home to others, trying to highlight downsides. In the end, you will encounter at least some of these buyers. However, knowing how to tackle them can make a difference.
So, how can you deal with someone that has unrealistic expectations? You highlight the positives. In addition, if there are any issues, you compare with similar properties and showcase the lower price, along with reasons why it’s lower. Staying transparent is very important, and it can help you immensely.
Home inspections
Generally, buyers will ask for a home inspection to see the current state of the property. And, more importantly, they want to know if there are any repairs to be made. That offers buyers some negotiating power since they can lower their offer if the inspection shows various issues/problems that need to be solved.
A good way to deal with this is to perform a home inspection yourself beforehand. It’s helpful because you can see what issues need to be solved, and you can repair those problems. That way, when you choose to sell the property, a home inspection won’t highlight any (or just a couple of minor) issues. In doing so, home sellers are maintaining negotiating power while also ensuring the sale price won’t be affected.
Selecting the wrong offer
Once you list the property, you will receive a lot of different offers. Some will be great, others less so. Realistically, you will encounter situations when people either aren’t serious or they lowball you trying to get a deal. You want to study every offer and ensure that you are selling at a price you are comfortable with. It’s always important to take your time and make sure that you don’t rush and pick any offer.
It’s very easy to rush the sales process and choose an offer that you don’t like just because you want to sell fast. You need patience when selling a property, and the last thing you want is to choose any offer. Studying every offer will help immensely, and it will help make the home-selling process a lot better.
You still have tenants on the premises
Not every home seller will deal with this, but some might. If you still have tenants occupying the premises, that’s an extra layer of issues to deal with. That’s why it’s important to ensure your tenants leave the property before you list it for sale. Otherwise, it’s just difficult to present the property with people still living there.
On top of that, most home buyers are looking for properties that are ready to move in. Not everyone is willing to move to a property where people are still living on. Thankfully, not everyone is dealing with these issues. But it can still be a challenge, and one that you have to keep in mind.
Expensive marketing
Promoting your property is the best way to ensure it sells quicker. However, ads are expensive, and so is working with a real estate agent. But you need to invest in marketing if you want buyers to know about your property. And that’s why you want to ensure you showcase your property and list it everywhere you can. The more exposure you get for your property, the better it will be.
Dealing with time constraints
There are tons of situations when home sellers are rushed by different circumstances. They tend to have a lot of pressure on their side, either due to time constraints or being forced to sell. For example, they got a promotion and needed to relocate within a month. Or maybe they are dealing with a divorce. These are only 2 of the many situations when people need to sell their property.
Those time constraints can really add a lot of pressure onto the home sales process. Working with companies that buy properties can be a solution when you are under a sales timeline. Or you can go with a real estate agent who guarantees your home can sell within your expected timespan.
Conclusion
Selling a property can be a challenge and a time-consuming process. That’s why it can be a good idea for home sellers to know the challenges that arise, but also the different options you have. It’s imperative not to rush the sales process and always study all offers to find the best deal. Additionally, you want to perform any property repairs that you can and set a realistic home price. Once you do that, it will be much easier to sell the property!
