Your home is one of the most important and valuable assets you’ll ever own. So if you plan on selling any time soon, it’s crucial to do your research ahead of time. Our realtors have a wealth of experience helping people sell their homes, and have seen it all. So this month, they’ve made a list of the top 10 home selling mistakes that people make and how to avoid them.
1. Selling By Yourself – There’s a lot more to selling a house than just listing it for sale and waiting for a buyer. While it may seem tempting to go it alone, having a realtor on your side means utilising the expertise of agents who know the industry best practices, and will actively find buyers for you
2. Hiring the wrong Realtor – When choosing a realtor is crucial, don’t just hire someone that you happen to know, or a friend who is a realtor. Do your due diligence, read their reviews, and ask around for recommendations.
3. Incorrectly Pricing Your Home – Potential buyers will often avoid an overpriced home rather than go through complicated negotiations or bidding wars. Be realistic in pricing your home, because the last thing you want is a property that sits unsold for a long period of time.
4. Not Preparing the Home for Market – Give yourself a few months to do preparations. Start packing up your personal items and get rid of junk. Make repairs, repaint, and do a deep clean. Now’s the time to do all the things you’ve been meaning to do over the years!
5. Not Preparing for Showings – Every time a potential buyer walks in the door, they should find your home absolutely spotless. Tidy the kitchen, clean floors, make beds and put laundry away. During showings, you should leave the house and get out of their way. If you’ve got a dog, take Rover with you for a walk.
6. Not Knowing the Home Selling Costs – While you can make a nice profit through the sale of your home, don’t forget that not all of it is going to you. Be aware of the costs for things like repairs, staging, legal fees, mortgage penalties, real estate commission, and packing and moving.
7. Hiding Major Repairs – If you’ve been neglecting major repairs, potential buyers will notice. Trying to hide things like leaks, cracks and other damage is a red flag for buyers. It’s worth spending the money to fix these problems before listing your home.
8. Taking a Low Offer Personally – Try not to be insulted if someone makes a lower than expected offer. Some buyers expect to negotiate, so if you think an offer is too low, talk to your realtor about how to negotiate so you can get fair market value.
9. Not knowing what to repair/renovate before selling – You don’t have to spend a fortune redoing everything in order to sell your home. Important features like the roof, furnace, air conditioner, electrical and plumbing should be repaired if necessary. But many buyers expect and even want to do some renovations themselves, rather than live with your design choices.
10. Not knowing the house selling process – If this is your first time selling your property, the process might seem intimidating. As the seller you have certain legal responsibilities to uphold. To make sure everything goes smoothly, it’s best to work with a realtor who is an expert on the sales process.