5. Don’t Bother Spending Too Much on Renovations
One of the most important things not to do when selling a home is to overspend on changes. Rarely, if ever, do renovations result in a dollar-for-dollar increase in the sales price. According to Harvard’s Joint Center for Housing Studies, cited in a CNBC article, a minor kitchen renovation typically yields a payback of about 81%, while a major remodel only results in a 59% payback. And as we’ve noted, new owners might want to do something different anyway.
Deciding what is and is not worth the money is tricky. Upgrades to a kitchen or bathroom will often make a house more desirable. Fixing up a room that is woefully out-of-date is one thing. But if the room is up to code and functional, spending thousands of dollars on a complete remodel with top-of-the-line fixtures is overkill. A real estate agent can offer advice on finding the right balance between what to change and what not to bother with.
6. Don’t Bother Starting Projects You Can’t Finish
Work-in-progress is not going to help in selling a home and could very well be a deal breaker. All a buyer will see is the inconvenience of an unfinished room and what it will cost them to finish the work.
It is better to leave a room entirely untouched (aside from cleaning and decluttering, of course) than to make it partway through a project before listing the house.
7. Don’t Bother Second-Guessing Yourself
If the first offer on a house is a good one, it is natural to wonder if the house was priced too low. This isn’t necessarily true. In a hot housing market, for example, a buyer may be frustrated by being outbid again and again. They could simply be willing to make a generous offer on a house they really like.
It is also easy to get discouraged when a house does not sell right away, or if offers come in for less than the asking price. Homeowners must be patient and try not to take it to heart. When an experienced real estate agent prices a house, trust that they know what they are doing. Follow the agent’s lead and resist the urge to drop the price without giving it some time.
Another thing not to do when selling a home is to assume something is wrong with it if there are no offers right away. Yes, take a fresh look at the house and make sure there is nothing that was overlooked that needs fixing, cleaning, or decluttering. But don’t forget our advice in #5 about keeping spending under control.
8. Don’t Bother Doing Your Real Estate Agent’s Job
One of the most important things to do when selling a home is to hire a great real estate agent. When a homeowner has an agent they trust, they do not need to worry about things that are part of an agent’s job. The realtor will find comparable properties to set a fair price, take professional photos, advertise the home, find qualified, interested buyers, and arrange showings and open houses. Sellers can, of course, help the cause by sharing their listing on social media, but trust that the agent has a plan and is getting the word out.
Experienced agents like those at Berkshire Hathaway HomeServices Select Properties know what sells and how to price a house for the St. Louis area’s market. They come equipped with winning marketing strategies to not only sell a house fast but to sell it for the best possible price.