9 MOST COMMON HOME SELLING MISTAKES
Selling your home, especially for a first timer, can be complicated. Making mistakes is unavoidable, however, some mistakes can be more harmful than others. What are those mistakes? Read on to find out:
1. Doing it on your own.
You might want to sell your home without the help of an agent, thinking that it might save you some money. However, this could be even more costly—without the knowledge of a real estate agent, you might make some costly mistakes.
2. Not doing your own research.
Real estate agents are knowledgeable in their field and their opinions are helpful for you in making decisions. However, you should still do your own research when preparing to sell your home. Solely relying on your agent for information and market data can influence your decisions. It can also lead to your disappointment if the price they advised is not realistic.
Do your own research. Look at other properties that are for sale in your suburb and their prices. Also, see what your property has in common with those homes, so you can be more realistic when discussing prices with your agent.
3. Working with the wrong person.
What could be worse than working on your own? Hiring an agent that is incompetent. They could sabotage your sale badly, especially if they’re inexperienced or don’t have your best interests in mind.
Make sure that you hire someone experienced, knowledgeable, has a solid marketing plan, and has the best intentions and your interests in mind.
You want your home to sell at a high price, but setting it too high can just reduce the number of potential buyers. In a seller’s market, you need to use the pricing method to create competition between buyers which will get you a higher offer. To set the right asking price, see how much properties similar to yours are selling for.
5. Selling your property as is.
It may be obvious, but it bears repeating: putting a bit of time and effort into your home goes a long way. Make sure that it looks its best for inspections. Here are some things you can do:
- Tidy up and declutter.
- Paint walls in neutral colours.
- Depersonalise—remove personal trinkets, pictures, etc.
- Consider property staging to maximise your home’s potential.
6. Glossing over maintenance issues.
While you’re styling and tidying up your home, don’t forget to check for problems and do repairs. Remember that most buyers are looking for a home they can move into immediately. If they see problems, chances are they will be turned off.
Make sure that whatever problems your property has, they are fixed—not covered up or hidden. It might be a faster solution but it can be disadvantageous when a buyer gets serious about your property. If they noticed that you painted over water damage instead of fixing it, they might wonder what other problems the house might have and not push through with the sale.
7. Going overboard with renovations and repairs.
Yes, preparing your home for sale is important, but keep in mind that the renovations or repairs you make should add value—or else you could lose money. Talk to your real estate agent about the renovations you should make in your home.
8. Marketing your home wrong.
Marketing is an essential tool when selling a home. Marketing practices such as putting signage and word of mouth are important to let everyone know that your home is for sale. However, because of technological advancements, don’t forget about online listings and social media when marketing—they have a wider reach.Beautiful photos and videos will help you sell your home faster too.
9. Not reading through the contract properly.
The journey of home selling is a long one, and being on its final stretch can make you careless. Reading through contracts and paperwork is a tedious task and most sellers just skim through them and not bother to read them properly and carefully—which can be one of the biggest mistakes to make. After signing the contract, you are legally bound to follow all its terms and conditions. What if there are stipulations you don’t agree to? You don’t have a choice but to follow them, even if you don’t want to because of the contract. To prevent this, you should read through the contract carefully and thoroughly. Also, go through any legal documents with a solicitor before signing.
Selling your home can be a long journey. It might be stressful at times, but taking note and avoiding the mistakes you’ve just read will help make the process run smoothly. If you need help or advice, don’t hesitate to contact us.