Five Common Mistakes Home Sellers Make: Insights from a Mortgage Company in O’Fallon, Illinois

Although every home selling experience is unique and comes with its own set of challenges, there are some common mistakes you’ll want to avoid to make sure the process goes smoothly. As the top-rated mortgage company in O’Fallon, Illinois, we’ve seen it all over the years — both good and bad. As such, our experts are here to discuss five common mistakes to avoid when you’re ready to list your O’Fallon home on the housing market.

Getting the Pricing Wrong

Your home may be the most beautiful on the block, but the price buyers are willing to pay may not be the price you want.

Understanding your local market is key — you should strive to tread a fine line between getting what you think your home is worth and what the market will bear.

If you undervalue your home, you could lose a lot of money. Likewise, it may never get off the market if you overprice it.

A comparative market analysis (CMA) prepared by an expert real estate agent can help determine a fair price for your O’Fallon, Illinois home. You can also hire a home appraiser to come in and value your home if you want a more accurate estimate of what your home may be worth.

Not Preparing Your Home for Sale

Not preparing your home for sale may result in a lower selling price.

Tidy up your place and consider hiring a professional cleaner. Something as simple as a new paint job on the walls can dramatically improve your home’s aesthetic (and market) value.

Don’t neglect the exterior — after all, it’s one of the first things buyers will notice when visiting your home. Perform any necessary yard work and consider ways to spruce up your landscape design.

Concealing Problems

Trying to conceal problems in your home is more likely to backfire than help you sell it.

Whether it is a leakage problem, pest infestation or a faulty foundation, any hidden issues are almost certainly going to be revealed during the buyer’s inspection.

Consider getting your home inspected to identify any potential problems. If you can fix those issues before listing your home, you should do so. If not, you must be transparent with the buyer about the repair/renovation work that is required.

Not Asking for Pre-Qualification Proof

A buyer’s pre-qualification determines how much money they can borrow from a lender. This signals to you that the buyer is serious about their offer and will be able to secure financing for the full purchase price of your home.

Without pre-qualification proof, you risk the sale falling through due to the buyer’s inability to secure funding.

Not Keeping Emotions in Check

With years of memories wrapped up in it, selling a home can be an emotional experience. You should not allow your emotions to get the best of you.

Do not take low bids and buyer feedback personally. Remember that this is a business transaction, and you should do everything in your ability to maximize your returns.

Final Notes

When selling your home, you are probably thinking about buying a new one too. This is where working with an experienced mortgage company in O’Fallon, Illinois, can be helpful.

Partner with the Premier Mortgage Company in O’Fallon, Illinois

If you’re looking for the most trusted mortgage company in O’Fallon, Illinois, look no further than the home loan specialists at Compass Mortgage. When you partner with us, we’ll make sure your home-buying process is as smooth and stress-free as possible. Get in touch with our experts to discuss your mortgage options. Contact us today at (877) 793-9362 to learn how we can help you finance your home.

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Our main office is in Warrenville, Illinois (30 miles/50 km west of Chicago). For a list of other locations and licensed states, click here.
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