Selling Your Luxury Home? Avoid These Common Mistakes

Aug 16, 2022

Selling your home requires a keen strategy. It’s almost like playing one of the popular board games of your youth, but the stakes are much higher. What can you do to ensure that you emerge successful?

The answer to this question isn’t a one-size-fits-all proposition. Fortunately, there are some things that most sellers can do to pave the way to a profitable closing. Today we’re going to discuss the best ways to navigate some of the most common pitfalls that sellers encounter.

Pitfall #1: Overpricing your property.

Determining a price that’s attractive yet profitable is one of the biggest home-selling challenges out there. Some people feel that overpricing a home allows for more active negotiations or that it’s an appropriate strategy if selling isn’t an emergency.

We gravely disagree! Overpricing a home discourages buyers in your price range, and it can even make your property become stale on the market. Instead, get a CMA, hire an appraiser and trust your real estate agent’s advice to arrive at a fair price for your property.

Pitfall #2: Ignoring needed repairs.

Buyers often pass up homes in disrepair unless they receive a bargain price. Even things like loose doorknobs or broken cabinet handles are a buyer turnoff. If those minor repairs discourage buyers, imagine their reaction to a damaged roof or an unreliable furnace!

Some sellers opt for a pre-inspection. It’s not necessary, but it gives sellers valuable insight into their home’s weaknesses and the opportunity to correct them before listing.

If your home needs work, you can also reduce the listing price or offer a repair credit to encourage buyers to take the plunge.

Pitfall #3: Getting emotional about the process.

You’ve made a lot of memories in your home, but it’s time to move on. In addition, you may have invested more than your share of time and money into making it your own. While it’s difficult to keep your emotions out of the transaction, you need to try. Don’t take negotiations personally, and be flexible when it comes to open houses and private showings. Share any concerns with your real estate agent , who will steer you down a practical path.

Pitfall #4: Skipping the staging process.

Staging makes your property appealing to as many buyers as possible. On a basic level, it includes deep cleaning, decluttering and depersonalizing your space. If you want to take staging a step further, hire a professional to offer advice on furnishings, paint color and other aspects that will contribute to an attractive area.

Pitfall #5: Not hiring a real estate agent.

Selling a home is a full-time job. If you’re unprepared to give it your full attention, you won’t succeed. Real estate agents know what buyers want, understand the paperwork and have inside information to help you assign a fair price to your home.

Well, you’ve come to the right place, Stella Shalamova is a sellers’ agent specialist, she makes selling a home a pleasure, it will be your Elite experience. If you are thinking about making a move contact Stella, you’ll be glad you did.

Lic. Associate Real Estate Broker