Home to cities big and small, including Tyler, Longview, and Lake Jacksonville, East Texas caters to a variety of lifestyles. It has a rich cultural heritage, boasting the Texas Country Music Hall of Fame and some of the best festivals in the state, including the Rodeo Jamboree. While the real estate market has cooled off in many areas, the demand for housing in East Texas has increased. The median home price in Tyler was $403,700 in May 2023, up from $349,900 in 2022.
As a homeowner, you want to maximize the value of your home and attract a high number of potential buyers. The process of selling your home requires careful planning, attention to detail, and skillful negotiations. Preparing your home, pricing it, listing it, and marketing it correctly and adequately is essential. The whole process can be pretty overwhelming, and there are common oversights and miscalculations people encounter along the way. If you want a successful sale, don’t make these mistakes when selling your home.
Pricing the home too high
Pricing your home correctly is one of the most critical aspects of selling it successfully. Unfortunately, pricing it too high is a common mistake sellers make when putting their homes on the market. It may be tempting to set a higher listing price to maximize your profits, or so you can have ample room for negotiations. However, setting an unrealistic price will discourage potential home buyers from putting in an offer on your home because they’re afraid of insulting you with a lower price.
You should start by researching the local market and looking at comparable sales, or “comps,” in the area. Buyers and their agents consider recent comps when determining the value of a home they’re interested in. Overpriced homes get fewer offers sometimes and might stay on the market longer, leading buyers to believe there’s something wrong with the property.
Pricing the home too low
Pricing your home too low can be just as detrimental. A home priced below the fair market value can lead buyers to think that there are problems with the property. They may question why it’s priced so low and decide to pass on your home altogether. Pricing your home too low can also raise red flags and lead to appraisal issues, which can cause financing problems for buyers.
Lower-priced properties tend to attract the wrong buyers who are looking for distressed properties. These types of buyers may not be as qualified financially and are sometimes unable to offer a fair price. This can lead to significant delays in selling and closing your property.
Ignoring necessary repairs
You should address any necessary repairs. Broken appliances, leaking faucets, clogged drains, and stained walls are among the things you should fix before selling the house. Neglecting these repairs will make your property less appealing and turn off potential buyers. It can give the impression that your home is poorly maintained, and buyers will question the overall condition of the property. They’ll probably suspect that there are more significant structural issues.
Although repairs are an added expense to the cost of selling a house, they can significantly raise the value of your home. A home in good condition will get higher offers compared to one that needs major repairs. It will help ensure a smoother inspection and a higher appraisal. This will help with buyer confidence and attract even more buyers. You’re more likely to get higher offers and maximize the sale price of your property.
Being unprepared for showings
You need to clean and declutter your home before selling. It needs to look appealing when you or your agent are showing it to potential buyers. Remove personal items, souvenirs, and unnecessary decorations so rooms and storage spaces look less crowded. Moving to a bigger house is one of the main reasons people move. In addition, removing personal belongings will allow potential buyers to visualize the home as their own.
Give your home a deep and thorough cleaning. Floors should be mopped, carpets should be steam-cleaned, windows should be washed, and bookshelves should be dusted. You should pay special attention to closets, storage spaces, bathrooms, and the kitchen. Potential buyers usually inspect those spaces closely.
Don’t forget the exterior of your home, as it’s the first thing buyers will see. The yard should be clean, the lawn should be mowed, and plants and shrubbery would be trimmed. Enhancing your curb appeal will create a better first impression. It will also make your home look more inviting.
Not working with a network of professionals
Real estate professionals, such as agents and appraisers, have the experience and can give you valuable advice and tips for selling your home. They understand market trends, pricing, and marketing real estate. They can give you insights and information to help you navigate the entire home-selling process.
One important tool you can get from a professional real estate agent is a CMA, also known as a comparative market analysis. This is a recent sales report of similar properties in the same location. A CMA can help you estimate the price of the home so you can avoid overpricing or underpricing it.
Real estate professionals will also help with all the legal and regulatory necessities when selling a home. They will make sure that everything you do is in compliance with local, state, and national laws. Especially if you’re planning to sell your own home, you need to get legal advice from a lawyer and other real estate professionals to avoid potential legal issues and liabilities in the future.
Work with a local and dedicated real estate agent
With a team of dedicated real estate agents and professionals, you’ll get the resources, dedicated service, and market insights that you need when you work with S.E.T. Real Estate. Lead Realtor Sissy Bellar grew up in East Texas and has unparalleled experience in the local real estate market. With her expertise, negotiation skills, and valuable connections in the industry, she can help you meet your real estate goals. Reach out to Selling East Texas Real Estate today!
