Real Estate Blog7 Mistakes to Avoid When Selling Your Home
1. Faulty Pricing
With the help of your realtor, you can determine the asking price of your home based on its market value. Some home-sellers have a pre-set price in mind based on a few things: what they paid for the house, money they’ve invested into the home, emotions or other needs. Let’s talk about what pricing incorrectly does.
To buyers, a higher price means higher expectations. If you list your price relatively higher compared to similar-styled homes in the neighbourhood, buyers will most often opt for purchasing a larger home at the same price if they do not see where the value lies in yours.
Overpricing your home can lead to it being on the market for longer, which will bring up a red flag for buyers. A common thing we hear in real estate is, “If no one else has bought it, there must be something wrong with it.”
Bottom line: pricing is important. Too low can result in selling for much less than it’s worth, too high can also result in selling for much less than it’s worth. Our realtors are excited to work with you and price your home correctly.
2. Showcase Your Home Properly
Buyers want to imagine themselves living in the homes they’re seeing. When doing a viewing, they do not want to imagine the amount of plastering, repainting, or fixing they will have to do if they choose to buy.
A few improvements done to your home before placing it on the market can increase the chances of selling quickly, and for more money. Ignoring these places will affect the buyer’s offer, as they will most likely factor in the cost of repairs in their offer, oftentimes assuming it will cost more than it actually would.
In addition to fixing the cosmetic pieces, ensure your home is clean and welcoming, and the yard is well-groomed.
Pro Tip: Takedown personal photographs to allow the buyers to imagine themselves living there.
3. Choosing The Wrong Realtor
Choosing the realtor who tells you the highest asking price isn’t always the best strategy. Some good questions in mind when interviewing agents are:
Can this agent explain to you all aspects of the selling process?
Does she/he have a good grasp of the market?
Does she/he have access to a large pool of buyers and a marketing plan to attract them?
Are they familiar with the area?
Can they help mitigate risks?
Yes, selling price is important but there are other home-selling goals that should also be considered while choosing who to work with.
4. Avoid “Hard Selling” During Showings
Selling a home is an emotional and stressful decision, buying is no different. Allow your home to speak for itself when potential buyers are walking through it. No need to point out every improvement you’ve made or pressuring for a sale.
Good realtors let buyers discover the home for themselves, only pointing out features they’re sure will be of interest and being receptive to any questions the buyers might have.
5. Lookers Vs. Buyers
Although we’d like every person who is going through our home to be a potential buyer, it’s simply impossible to ensure that that’s the case.
That’s where your realtor comes in. An experienced realtor is trained to separate the two. Realtors should usually establish a potential buyer’s savings, credit rating, and purchasing power. If your realtor hasn’t looked into a buyer’s financial background, you should take the time to investigate. This will save you valuable time in marketing toward the wrong people.
6. Limiting the Marketing and Advertising of the Property
A good realtor and brokerage use multiple forms of marketing to get your property seen by potential buyers. When you hire a realtor, they should commit to selling your property, making the effort to distinguish your home from the hundreds of other homes on the market and finding unique avenues of potential buyers.
7. Being Unaware of Your Rights and Responsibilities
Find yourself a realtor that will help you understand your rights and responsibilities. Here at J. James Bousquet Realty Inc., Brokerage, we like to think of ourselves as guides during the buying and selling process. Real estate contracts are often complex, therefore it’s essential the realtor you’re working with takes the time to make sure you understand exactly what you’re signing. Contracts are legally binding, without having an experienced realtor or lawyer - who has your best interest in mind - help review could cost you thousands in repairs and inspections.