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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: irina88w/Getty Images June 10, 2022 Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. 7 common home seller mistakes and how to avoid them
1 Getting too aggressive with pricing
2 Pricing based on your costs
3 Failing to do a home inspection first
If the buyer’s home inspection uncovers issues, your sale can hit some serious bumps. Rather than waiting to see someone else’s home inspection report, Steinberg recommends sellers pay for their own pre-listing inspection. “After an inspection produces issues, it’s likely the costs associated with renegotiating the price or making allowances for repairs will be higher than doing an inspection prior to listing, identifying any issues proactively and making the repairs yourself,” says Steinberg. “Usually, that costs much less.” 4 Listing without giving your home some extra love
While you might be all set to sell, your property might not be ready for prime time. Is that shower in your guest bathroom dripping even when it’s off? What about that cracked tile in the kitchen? Does your outdoor deck need a few boards replaced? Take a look around your property and think about which projects might be worth completing before listing. While it can be tempting to list your house without investing any more money, finding a contractor to make some upgrades can mean the difference between an as-is sale and a competitive listing that attracts more interest and bigger offers, says Michele Messina, an associate with RE/MAX Villa Realtors in New Jersey. “You can cheat yourself financially by trying to keep costs so low that you potentially lose out on a tremendous amount of resale,” Messina says. 5 Taking too long to finish those projects — and missing out on the action
On the flip side, though, some projects can add a significant amount of time. Messina points out that waiting too long to finish a long list of projects can wind up backfiring — particularly in today’s rising rate environment. “You have to capture the right time to make sure you don’t miss the market,” Messina says. “Bankers are warning me about six rate hikes that will happen this year.” For example, you might think putting in extra time to finish a bathroom remodel will increase your home’s value, but if that remodel finishes when rates have jumped by a full percentage point, there might be fewer prospective buyers. 6 Making improvements without asking for an expert opinion
As you weigh whether to make upgrades before selling, get a real estate agent’s advice. “Those of us that work with both buyers and sellers have a much better understanding of what types of improvements are actually going to move the needle for a buyer when it comes to either deciding to offer or deciding how much to offer on a given home,” Mattar says, citing sellers who install closet organizers, for example, that most buyers don’t recognize or care about. 7 Failing to show a move-in-ready feel
While your house has served your needs well, prospective buyers will be touring it with a completely different set of preferences for how the space will accommodate their needs. So, do one simple task: Clean it up. “People buy what they see,” Messina says. “If they can’t envision themselves in your house, most of the time, people won’t be able to think about buying it. So, make sure it is clutter-free.” It’s not just about getting rid of your extra stuff, though. Consider hiring a home staging service to maximize your home’s appeal. “In an HGTV, Instagram-filtered world, the consumer is accustomed to seeing homes in peak condition, fully staged to message an aspirational lifestyle,” says Steinberg. “Anything less than this places a seller at a disadvantage. Few people want to do renovation work of any kind. Show your home in a manner that says, ‘Move right in!’” SHARE: Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles