Selling your home can be a time-consuming and emotionally draining process for some, especially if it’s your first time. Feelings of an invasion of privacy, through regular home opens, with people poking through your cupboards and shelves, are common and normal when selling your home.
With no experience, and a very complex transaction on your hands, it’s important to set yourself up in the best way possible to handle the whole process. Here are some of the common mistakes to avoid when selling your property.
Getting emotionally involved:
Most people generally find it hard to keep their emotions in check when it comes to saying goodbye to your home. This can be particularly heightened if it’s your first home, as a lot of fond memories may have been created here.
However, when you start to think of yourself as a businessperson as opposed to a homeowner, when you decide to sell your home – you’ll likely find it easier to distance yourself from the emotional aspects of selling your property. Try to also remember how you felt when you were shopping for that home, as most buyers will also be in that same emotional state.
If you can remember that you are not only selling a piece of property, but also an image and lifestyle, you’ll be more likely to put in the extra effort of staging and preparation through the removal of any personal belongings. These changes in appearance will not only assist in achieving the sales price, but will also create emotional distance because your home will feel less familiar.
Developing an unrealistic pricing strategy:
Overpricing your home is a very common mistake that sellers make, and one that you really ought to avoid. If you set your price too high to begin with, this can limit the number of interested buyers, causing your home to sit on the market for an extended period of time. The beginning stages of your property campaign are absolutely crucial, so if it misses the correct audience of buyers, this can lead to other prospective buyers later on thinking that something is wrong with your property.
To come up with a realistic asking price, it’s important to do your market research prior to meeting with your selling agent. Look at some of the recent sales of comparable homes in your area to assist in your research. However, your selling agent will likely come up with the most effective pricing strategy based on their own market research, prior experience and knowledge.
Marketing:
When it comes to advertising your home online, ensure your listing copy is well-written, you can clear and crisp professional photos, a well drawn floorplan, and if you want to go the extra mile, a professional video, or a 3D walkthrough. Your experienced real estate agent can help create a good marketing strategy to assist in getting your house off the market as soon as possible.
Overcapitalising on renovations:
If you’re looking to renovate your home to increase its value, make sure you consult with your selling agent to make sure you don’t overcapitalise. Going overboard with upgrades may raise the value of your property well beyond what buyers are actually willing to pay in your area.
Hiding major problems:
Any major problem with your property will be uncovered during the buyer’s inspections. It’s vital to either fix the problem ahead of time, price the property below market value to account for it (and declare it to be sold as is), or list the property at a normal price and offer the buyer a credit to fix the problem when the time comes. It’s always advisable to fix the problem prior to listing the property though as otherwise this may eliminate a fair number of buyers.
The Bottom Line:
Learning how to sell your house is crucial, so make sure you choose an agent who will help you prepare for and mitigate those mentally and financially less-than-ideal scenarios. If you avoid the above mistakes listed here, you’ll be a long way towards putting your best foot forward in achieving that seamless, lucrative sale for which every home seller hopes. For more assistance, please contact us today.