Over the years, we’ve chatted with many people about the experiences they’ve had selling their homes. They’ve had a lot to say about what’s worked for them in the past—and what hasn’t. While it’s always hard to hear about major real estate missteps, there is one silver lining. Being aware of the costly mistakes when selling our home that can cost thousands (if not tens of thousands) of dollars has allowed us to offer better advice to sellers like you!
If you’re about to get started selling your home, here are seven costly mistakes when selling your home you can avoid…
1) Underestimating selling costs
On the road to getting a great price for your property, you’re going to wind up spending some money. From potential home repairs to real estate and legal fees, you can count on some significant costs popping up during the process. Depending on the circumstances of your mortgage, you may also be looking at a prepayment penalty if you decide to sell before your term is complete. Forget to take all of these costs into consideration, and you could wind up scrambling—and paying significantly more—to complete your transaction!
2) Setting the wrong price
If you’re looking to make a quick, profitable sale, the right pricing can make all the difference. Set your price too low, and you may not get what your home is worth. Too high, and it could wind up sitting on the market without receiving any offers. Your best bet is to work with a real estate professional who knows your neighbourhood—and what buyers are willing to pay! By assessing your home’s unique features and digging into recent sold prices in your community, an experienced agent can ensure that you ask for the ideal amount. In the meantime, if you’re looking to learn how much your property might sell for today, you can find out with our free home evaluation tool!
3) Forgoing effective marketing
Trust us when we say, marketing matters! Most buyers are searching for real estate on the internet, and they’ll only view a property in person if they like what they see. That’s why it’s so important to cast your home in the best possible light online. Careful home preparations, expert staging, and beautiful photography can help ensure that your listing not only attracts potential buyers, but makes them want to see more. Your agent might also suggest the use of other marketing materials—so keep an open mind (but remember that you’re ultimately the one on the driver’s seat).
4) Ignoring simple fixes and repairs
If your roof is on its last legs, you don’t necessarily need to replace it. This type of big-picture improvement doesn’t always pay off, since many buyers are happy to do it themselves in exchange for a reduced purchase price. But when it comes to easy and inexpensive fixes, we’re all for tackling them. If your trim is flaking, repainting it can help your home make a great first impression. If your shower caulking is grimy, cleaning it up will make your bathroom look newer and brighter. Put simply, there’s no reason to show a home that contains small defects—and no excuse for showing one that’s unclean!
5) Forgetting about curb appeal
It’s not enough for your interior living space to stand out. If you want potential buyers to be blown away by your home (and willing to offer top dollar for it), its exterior should also shine. After all, you only get one chance to make a first impression! We suggest taking a good, hard look at your front yard and entranceway. Is your grass healthy and green, or could it use some TLC? Has your siding seen better days? What about the decorative touches, like your planters, address numbers, and light fixtures? When you’re focusing on curb appeal, try to look at your home through a buyer’s eyes.
6) Getting emotionally involved
When you’re selling your house, it’s important to be mentally prepared. Most sellers form deep attachments to their homes, which makes complete and total sense. But once your property goes on the market, you need to focus on your selling goals (and trust in your agent to help you achieve them). During the negotiation process, you might be tempted to defend your property, demand more money, or simply react too impulsively. It may be out of character, but we’ve seen it happen many times! This mistake could be costly mistakes when selling your home, so we suggest staying calm and taking your time when you’re making decisions.
6) Working with the wrong agent
The realtor you choose can have a big impact on your sale. From making sure interested buyers are qualified to negotiating for the best deal possible, expertise makes the difference at every step. It goes without saying that you should look for a professional with in-depth neighbourhood and market knowledge—and a track record of achieving great outcomes for sellers. But we also believe you should work with someone who truly cares! Here at the Christine Hauschild Team, that means going to bat for every client as though they’re a member of the family. If you’re interested in learning more about how to choose a great agent, check out these handy tips.