When St. Louis Homes Go Stale: 6 Common Mistakes that Quash Sales
The decision to sell your St. Louis home is like the first domino in a long line. Make smart decision after smart decision, and you will be tipped into a quick, lucrative sale. Make mistake after mistake, and you will lose not just sales but home value. When St. Louis homes languish on the market, their value dwindles, so you should make every effort to speed your sale along.
Here are 6 common mistakes that quash sales and decrease home value:
- For Sale by Owner
While the enterprising spirit of the “for sale by owner” path does merit admiration, results are seldom applause-worthy. True, you will save money on real estate commission (assuming you manage to sell your home at all). However, most “for sale by owner” homes close at lower a lower price than comparable sales managed by professional real estate agents. And then there’s the hassle of marketing your home, understanding bureaucracy, and negotiating sale terms. It all adds up to a lot of pain for no gain.
- Unqualified Real Estate Agent
Almost as bad as going “for sale by owner” is entrusting your home to an unqualified real estate agent. When you hire a real estate agent, you are hiring them for their skills, knowledge, and network. Ask for a record of an agent’s recent sales before you give them your business. If an agent can succeed in selling your home, they will have sold other homes as well.
- Overpricing
Since you bought your St. Louis home years ago, you’ve poured time, money, and love into its walls. Now, you’re ready to see a return on the resources you’ve invested.
The truth is, not all home renovations turn a profit, and sentimental value almost never translates to prospective buyers. Try to stay objective when you choose a price to list your St. Louis home, and always consult your agent to make sure the price is reasonable.
- Rejecting Offers
When a buyer makes an offer on your home, they’re rarely expecting the offer to be accepted as-is. All offers are negotiable. With a little time and effort, you can likely shape the offer into terms that satisfy you. Try to see the promise in all offers, and don’t be too quick to reject them. After all, you never know when an offer could be your last.
- Failure to Stage
Proper presentation is a prerequisite for selling your home. Buyers make offers on a home when they fall in love with that home at first, so you can’t pay too much attention to the impression your home makes. Clean thoroughly, get minor renovations and upgrades out of the way, and use staging secrets to woo your prospective buyers.
- Non-disclosure
Honesty really is the best policy when you are selling your St. Louis home. You may be able to sweep issues under the rug early on, but between your home’s appraisal and inspection and the legally binding seller disclosure report, there’s little chance that the issues you hide won’t rear their ugly heads at some point before the deal closes.
Managing your St. Louis home’s sale can feel like a full-time job, but remember, it’s only temporary! Avoid making mistakes now, and you will be able to retire from the sale soon—with a handsomely cushioned pocket.