Home Selling Mistakes You Should Avoid
Selling a home is a major breakthrough and it can be overwhelming when you consider all the stages involved. Fortunately, there are several common mistakes you can avoid to ensure a smooth sailing home selling process. Read through them below to ensure you sell your house fast and at the right price.
#1. Working with the Wrong Real Estate Agent
Real estate agents can make or break your home selling experience. A good agent will guide you through all the key steps to optimize your home for sale from dealing with mortgage or cash buyers for houses. However, if you work with someone who is not good at communication, or doesn’t have your best interest at heart, you are at a risk of making a huge mistake. To find a good real estate agent you’ll need to do a lot of research. Ask your friends and family for referrals, read reviews, and interview a few agents before settling on one. We recommend that you choose the best agent for your job as soon as possible, rather than changing real estate mediators after your home is listed, as the longer the house stays on the market, the lower its perceived value.
#2. Setting an unrealistic price
Fair Market Value addresses how a home is priced when both the seller and buyer are reasonably knowledgeable about the property. However, in reality, the price you set and what the market is willing to pay tend to differ. Therefore, the most important factor in determining the price of a home is what comparable homes in your locality have been sold for. Some other secondary factors include location, market strength, demand, and housing condition. If you set the price of your home correctly, buyers and their real estate agents will surely be interested.
#3. Not Preparing Your Home for the Market
One of the challenges of listing your home is presenting your home to potential buyers. A few major or minor touch-ups can go a long way in making a favourable first impression with prospective buyers. Below we highlight a few tips on get your home ready for sale.
Tips on Preparing a Home for Sale
- Repaint walls with neutral colours
- Maintenance and repairs
- Heavy Duty Cleaning
- Boost the Curb Appeal
- Boiler Installation or Repair
- Depersonalise your space
#4. Listing at the wrong time of the year
The real estate market fluctuates throughout the year, with strong demand from buyers in the spring and generally less in the fall and late winter. If you have some flexibility, aim to hit the market from the end of February to mid-May. Listing at the wrong time of year can even cause a great property to stay in the market for a while due to the general lack of interest from buyers.
#5. Ignoring necessary repairs
A lengthy list of maintenance concerns can scare away buyers and possibly decrease the worth of your home. Repairing before vacating can be expensive, but it definitely increases the chances of selling your house fast.
A home seller who avoids these common home selling mistakes is off to a great start.