Common Mistakes Made When Buying or Selling a Home

This blog looks at some common mistakes people make when buying or selling a home. Everyone makes mistakes, especially if you don't have enough information or are doing something for the first time. Knowing the common mistakes will help you avoid making the same mistakes, saving you time and possibly money.

Three common mistakes people make when selling a home

  1. Overpricing the home: One of the biggest mistakes people make when selling a home is overpricing it. Overpricing the home can lead to it sitting on the market for too long, which can turn off potential buyers. It's important to set a reasonable price based on the current market conditions, the home's location, and its condition. Pricing the home just under fair market value should attract more buyers and likely more offers, possibly even a bidding war!
  2. Neglecting to prepare the home for sale: Another mistake people make is neglecting to prepare the home for sale. This can include not making necessary repairs or upgrades, not decluttering or cleaning the home, or not staging the home properly. Preparing the home for sale can make it more attractive to potential buyers and increase its value. Curb appeal and staging are key to getting the offer the home demands. 
  3. Not hiring a real estate agent: Some people try to sell their home on their own, without the help of a real estate agent. While this can save money on commission fees, it can also lead to mistakes and oversights that can cost the seller more in the long run. You may be leaving money on the table if you are not knowledgeable in real estate process and markets. 

 Three common mistakes people make when selling a home

1.  Not getting pre-approved for a mortgage: Many people start shopping for homes before they get pre-approved for a mortgage. This can lead to disappointment and wasted time if they find a home they love but can't afford. It's important to get pre-approved for a mortgage before starting your home search so you know what price range you can afford.

2.  Skipping the home inspection: Some people skip the home inspection to save money or because they are in a hurry to close the deal. A home inspection is important because it can uncover hidden issues with the home that may be expensive to fix. Skipping the home inspection can lead to unexpected expenses or delays down the road.

3.  Focusing too much on the aesthetics: While it's important to find a home that you love, it's also important to look beyond the aesthetics. For example, a home may have a beautiful kitchen and bathrooms, but it may be located in a flood-prone area or have a faulty foundation. It's important to consider all aspects of the home, including its location, condition, and potential for future growth and development. Your home is more than just looks, make sure the home is everything you need it to be. 

Buying or selling a home is a big decision. Use your resources. Do your own research and enlist the help of a real estate agent. A real estate agent can help you with pricing the home, marketing it to potential buyers, and negotiating with buyers to get the best deal possible.

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