5 Mistakes New Retirees Make When Selling a Home (and How To Avoid Them)

Sean Bryant
·3 min read

Are you considering selling your home? Whether you are looking to downsize, move to a new area, or finally purchase your dream home, selling a home comes with a lot of decisions.

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Here are the top five mistakes retirees make when selling a home and how you can avoid them. 

Not Following Market Trends

Market trends can have a huge impact on your sale price. A Zillow study found that homes with a black front door sell for $6,450 more than expected. Not bad for a $50 can of paint. Following market trends, like switching out light fixtures, giving rooms a fresh coat of paint, or staging your home, can help you maximize your sale price.

Paint brands release a list of the ‘hot’ paint colors for the year, so check out this list for ideas. For staging tips and tricks, contact an interior designer or a professional stager in your area. The upfront cost almost always pays off.

“Retirees might have homes without outdated curtains, countertops, appliances and other items,” said Omer Reiner, licensed realtor and president of Florida Cash Home Buyers, LLC. “Those things can turn off potential buyers because they see that they will need to make changes that can end up costing serious cash.”

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Neglecting Upkeep and Maintenance

When potential buyers walk through your home, they examine every detail. From a cracked window or a dented piece of siding to overgrown landscaping and old caulk, buyers find issues to use during negotiation.

Go through your home before showings and take care of minor upkeep and maintenance items. This could be as simple as mowing the grass or heading to your local nursery for some fresh flowers.

Forgetting Modern Means of Selling a Home

The methods of selling a home have drastically changed over the past few years. Recent data suggests that nearly 100% of home buyers shop online for a home. Forgetting modern methods, like listing your property online, can reduce your buyer pool and cause your home to sit on the market for longer.

Working with a real estate agent to list your home in the proper places is important to avoid this mistake. Your realtor might have suggestions tailored to your area, such as holding an open house or listing on Facebook Marketplace.

“Today’s buyers expect professional photography, virtual tours, and an engaging web presence,” said Alexei Morgado, realtor and founder of Lexawise Real Estate Exam Preparation. “And that is what makes all the difference when you invest in high-quality visuals and work with a tech-savvy agent.”

Trying to List the Home Yourself

Selling your home yourself is not an effective method. After all, are you well-versed in the laws and regulations surrounding real estate sales? Many retirees believe they are saving money by listing their homes themselves. However, this is far from true.

Qualified realtors can get top dollar for your home, handle all listing appointments, and consult you throughout the entire process, making them indispensable in selling your home.

Paying Cash for Your Next Home

Paying cash for your next home isn’t always the best idea. Although having no mortgage on your property can be nice, you might be foregoing a better use for your money, especially if interest rates are low.

Some retirees find themselves cash-poor when investing all of the proceeds from the prior sale into a home. At the same time, future earnings in other investment avenues are sacrificed. To avoid this mistake, talk with a lender or a financial advisor about what makes sense for your situation.

Don’t make these five mistakes as you gear up to sell your home. Not only can these mistakes cause the sale process to drag on for months, but they can also hurt your profit margins.

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This article originally appeared on GOBankingRates.com: 5 Mistakes New Retirees Make When Selling a Home (and How To Avoid Them)

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