One of the most stressful life events involves selling and moving homes, but truthfully it doesn’t have to be.
One of the most stressful life events involves selling and moving homes, but truthfully it doesn’t have to be. Homeowners typically stress about selling their homes, which can be due to insincere buyers and manipulative intermediaries, which can leave a lot of room for error. By avoiding certain home selling mistakes, a seller can be confident that the process will be easier to navigate and end with a successful sale.
Platinum Luxury Auctions has been in the industry for over 10 years and has had the opportunity to advise and work with stressed-out homeowners who have not been able to make any progress using traditional means. In these situations, we typically see a similar pattern of mistakes taking place.
Here we’ve compiled a list of the top 5 most common mistakes sellers make and solutions for them. By understanding the mistakes or misconceptions and how to solve them, you’ll have a more successful home selling experience, guaranteed.
1. Moving On Too Fast
Selling a home, a setting where major life events took place, can be stressful and emotional. As a result, many home sellers make the mistake of selling their homes to the first buyer that comes around. When you are selling in a luxury market with top-tier pricing, offers don’t always come as quickly. When a $30 million home gets an offer, sometimes sellers are quick to take the first contract for fear that their home may sit for longer. Be sure you have a thorough understanding of the current market to make sure you get exactly what your property is worth and not a penny less.
2. Not Being Selective
Sellers should avoid the mistake of going with just any realtor or auction company. When you choose to utilize a luxury auction company like Platinum Luxury Auctions, you essentially increase market visibility and define a set timeline. As a luxury homeowner, it’s vital that the auction service you choose is comfortable and capable of dealing with high-end and high-net-worth clients. Working with Platinum Luxury Auctions means you’ll be working with a team of professionals who value transparency.
Hiring the wrong auction firm when selling a home can ultimately have a negative result and end up wasting thousands of dollars. Signs that the auction firm or real estate agent is not for you can be hard to tell. A lack of online presence can be a clear indicator, in today’s market, it may signify a lack of awareness and credibility. Understanding how to interview prospective agents and auction firms can be helpful in determining capabilities in relation to selling your home.
3. Having An Unprepared Home for Showings
There are precautionary steps a seller can take to ensure that the buying process goes smoothly. When a home isn’t prepared for showing, it can have negative effect on interested parties. If after a quick walk it looks lackluster, it’s a sign that as a seller, you need to make some greater strides towards cleaning, renovation, and/or preparation.
This home selling mistake can be avoided when the seller puts in some extra time and effort to prepare the home for showings. Preparing a home for showings is critical and influential in a buyer’s decision-making. Home sellers who put in the preparation and take time to ready their home and upgrade the furnishings and details will have greater success upon selling.
4. Overlooking Home Inspection Negotiations
It’s safe to say most homebuyers will choose to have a home inspection and it’s only logical they result in new problems being discovered. A buyer is the one that requests home inspection findings. What’s critical to comprehend is that when selling a home, one must be realistic about these home inspection negotiations. Some home buyers will request some outlandish changes after inspection and as the homeowner, you have the right to deny these requests.
If a major safety issue arises during the inspection, it’s important to stay aware and be proactive. For example, if the inspection reveals some problems within the pump systems that could result in major leaks, a seller must consider this as a safety issue. Sellers can ruin their chances of a successful sale when arguments arise over what they will and will not fix.
5. Stay Focused on Your Own Home Selling Journey
Lastly, a crucial home selling error many home sellers make is having unrealistic expectations for the entire home selling process. As a luxury auction firm, we understand that a luxury homeowner wants to sell their home quickly and for the best price, however, this can be affected by many uncontrollable factors. It’s important to remember to not compare your home selling journey to someone else’s. Every home is unique and deserves to be presented in a unique fashion.