Common Mistakes Home Sellers Make
Selling a home is a major life milestone. Half the battle of selling a home is anticipating problems before they come up. The consequences of a mistake can impact your finances and most importantly, your peace of mind. So, protect yourself from common home-selling mistakes by knowing what to watch out for ahead of time:
1. Not expecting the costs of selling your Nanaimo home
The total expenditure to sell your home can amount to much more than your expectations. Most Nanaimo real estate agents expect you to pay 5-6% of the total sale price. Selling costs include costs like staging costs, home inspection repair costs, closing costs, and other concessions to the buyer. The cost of selling your house can be closer to 10% of the sale price.
2. Not able to choose the right real estate agent
There are thousands of real estate agents to consider working with. How do you find the one that’s the best fit? Location is important because you want to find someone that specializes in your area. Whether you live in the United States, Canada, or overseas you will want to pick an expert in your area. If you choose to work with a Nanaimo real estate agent, make sure you select an agent who is knowledgeable and who has the client’s interest at heart. Take time to interview potential real estate agents to choose the best fit for your requirement. Find out whether the realtor can achieve maximum value for your home and if he has a big list of potential buyers interested to buy your property.
3. Not staging your home for sale
One of the challenges of listing your home on the market is showing your home to prospective buyers. The less cluttered, cleaner, and well-decorated your home is, the more appeal it can have. Staging your home right will make your home sell faster.
4. Making costly renovations and avoiding the simpler ones
A long list of maintenance issues can turn buyers off and potentially decrease the value of your home. Generally, buyers require an inspection before closing. Buyers expect the condition of your home to match the description. Sellers should repair things that are broken, in poor condition, or can affect the safety, structure, or functionality of the home. Sellers should refrain from doing costly renovations as you will not always recover the cost in the purchase price. Well, looked-after homes give a positive first impression.
Everyone has a different taste in decor and style, so allow buyers to imagine themselves putting their stamp on the property by keeping any pre-sale renovations neutral. The furniture and furnishing should not be too taste-specific as the buyers would like to imagine the house as their own.
6. Not able to price the home right
The price you want and what the market will pay can be two very different things. The biggest problem for real estate agents is that sometimes sellers have an inflated idea of the value of their homes. Do not price your home too high or too low. The biggest mistake a home seller can make is overpricing their home. Attending open houses can help you compare your home with the houses in your area. Visit showings close to your house to get an idea of the market.
7. Considering only the top offer
The maximum or top offer will be more exciting, but it may not always be the best offer. Understand all the aspects before you finalize anyone’s offer.
8. Not accommodating buyers for showings
If your house is not easy to show, it will not be easy to sell either. Sellers should try to accommodate as many buyers as possible, even if their timing is inconvenient. Showings may need you to vacate your house for several hours or a day or even over a weekend for an open house.
9. Not considering your broader financial situation
Many sellers do not have a clear picture of their financial situation before selling. Before you decide to sell, it may be helpful to assess your income, debt, and any upcoming expenses during your move.
You want the home selling process to be as smooth and painless as possible. Avoid these classic mistakes and you might lose your sale faster and easier than you would have thought possible. Thinking about all the things that can go wrong might be overwhelming but remember that knowledge is power. Now that you are aware of some common mistakes to avoid when selling your home, you can be more confident when something does not go as planned.