Chances are if you’re selling your home, you want to get it done as fast as possible and for the highest price. But getting the results you want comes down to much more than just listing your home for sale and crossing your fingers. Selling a home is a complex process that requires the expertise and know-how to get it done properly. Here are the three most common mistakes that sellers make when trying to sell their home (and how to avoid them!)
1. Condition
In order for your home to sell within a good time frame and at the best possible price, it needs to be in good condition. When buyers walk into your home for the first time, you want to give them the impression that your property has been well-cared for and is mostly move-in ready. This includes things like fixing interior and exterior paint; patching any holes, cracks, and dents; tending to any landscaping that needs to be done; and ensuring your home is clean and tidy.
Some buyers don’t mind taking on small cosmetic repairs or updates, but will expect a price reduction to cover the cost of taking care of them post-move. The larger and more serious the repairs needed, the lower you will need to price your property. In some cases, it may make sense to take care of repairs before listing your property to attract more buyers at a higher price. On the other hand, some updates can be left to the buyer so that it is tailored to their tastes. Talking to a Realtor® can help you determine the costs and benefits of doing upgrades and renovation work, and how much return you can expect to make on your investment.
2. Price
Pricing your home properly is the single most important thing you can do to ensure it sells. Taking a look at competing listings as well as what has sold recently will give you a good ballpark estimation of where you should be pricing your home. You’ll also need to evaluate the number of active listings to determine supply and demand – if there’s low supply and high demand, you can typically price your property higher, and vice versa.
Sounds like a lot? Indeed, pricing your home correctly is a very involved and complex process! That’s why when it comes to price, it’s best to get the help of a professional Realtor® who can provide you with a market evaluation and recommend a listing price based on comparable properties in your neighbourhood. They also work with the buyer’s agent to negotiate all offers on your behalf, helping you get the most for your home.
3. Marketing
The last (but not least) important step when selling a home is to ensure your property is marketed well. This is where a professional Realtor® becomes especially beneficial to the selling process. They will make sure that your property is listed on all relevant sources, as well as promote your property within their network to generate interest and traffic. Realtors also coordinate showings and open houses for you, allowing you to focus on the other aspects of your move.
When you first approach a Realtor® to sell your home, make sure you ask them about their marketing strategies and how they plan to get your home sold for the best price.
Looking to sell your home? Contact our team at The Property Source Group to learn more about how we can help you!