Selling a home is a significant milestone, and it can be a complex process involving numerous steps: preparing and listing, making repairs, finding a buyer, navigating the closing process, and finally moving into your next place. The consequences of a mistake can impact your finances and, most importantly, your peace of mind. Opendoor, which buys and sells thousands of homes per month, understands the challenges many sellers face, especially in slower markets. Here are some common mistakes to avoid when selling your home: 
1. Underestimating the Costs of Selling
Many sellers only consider the 5-6% agent commission and overlook additional costs like closing costs, repairs, and concessions to the buyer. These can amount to closer to 10% of the sale price. If you move into your new home before selling the old one, you may have to cover both mortgages, utilities, HOA dues, taxes, and storage costs. Use tools like Opendoor’s home sale calculator to estimate your net proceeds and better plan your next move.
Tip: Consider selling to Opendoor to avoid these additional costs and move on your timeline.
2. Setting an Unrealistic Price
The price you want and the market value can be very different. Fair Market Value is the price at which a knowledgeable buyer and seller agree when neither is under pressure. Setting an unrealistic price can lead to your home sitting on the market for too long. Use comparable sales (“comps”) to set a competitive price, but remember that adjustments for differences between homes can be challenging.
Tip: Opendoor uses a robust valuation model that considers hundreds of comparable homes to make a competitive offer based on market data.
3. Only Considering the Highest Offer
The highest offer isn’t always the best. Offers often come with contingencies, like the buyer needing to sell their home first, which can complicate and delay the process. Consider the certainty and timeline of the sale alongside the offer amount. Sometimes a slightly lower offer without contingencies is more beneficial.
Tip: Evaluate all offers based on their terms, not just the price, to choose the best overall offer for your situation.
4. Ignoring Major Repairs and Making Costly Renovations
A long list of maintenance issues can deter buyers and decrease your home’s value. Prioritize fixing glaring issues that will likely be flagged during a home inspection. While renovations can increase your home’s value, they are costly and don’t always yield a return on investment. Many buyers prefer to make their own changes.
Tip: Use Opendoor’s home maintenance and repair checklist to prepare your home for sale and focus on necessary repairs.
5. Not Preparing Your Home for Sale
A clean, uncluttered, and well-decorated home appeals more to buyers. Staged homes sell faster and for more money. Don’t forget curb appeal; the exterior sets the stage for the interior.
Tip: Invest time in decluttering and staging your home to make it more appealing. Even small touches can make a big difference.
6. Choosing the Wrong Agent or Selling Method
Selecting the right real estate agent is crucial. Interview potential agents, check their credentials, and ensure they have experience in your area and price range. Alternatively, consider selling directly to an iBuyer like Opendoor to avoid agent commissions and streamline the process.
Tip: Evaluate different selling options based on what you value most in the sale—speed, certainty, or maximum price.
7. Limiting Showings
Making your home available for showings, even at inconvenient times, is essential. If your home isn’t easy to show, it won’t be easy to sell. The more buyers who see your home, the better your chances of receiving an offer.
Tip: Be flexible with showings to accommodate as many potential buyers as possible.
8. Not Considering Your Broader Financial Situation
Before selling, assess your financial situation, including income, debt, and upcoming expenses. Understand how much you owe on your current home and calculate potential proceeds from the sale. If you’re buying a new home, determine how much you can afford based on your monthly expenses and long-term financial goals.
Tip: Use tools like Opendoor’s mortgage calculator to estimate your new home payments and plan your finances accordingly.
Selling your home is a major life decision, but it doesn’t have to be stressful. By avoiding these common mistakes, you can streamline the process and potentially achieve a faster and more profitable sale. Whether you choose a traditional sale or opt for a hassle-free experience with Opendoor, being well-prepared and informed will help you navigate the home-selling journey successfully.