Selling your home can be exciting and stressful. While it may be tempting to try to cut a few corners to hurry the process along, it can be difficult to know what’s important and what isn’t. With years of experience in helping sellers get the most value from their home, we’re here to help. Here are the top 9 most common mistakes to avoid when selling your home.
1. Not budgeting for moving costs
Moving costs can add up quickly and should be part of the budget, just like closing costs, realtor fees and lawyer fees. Are you hiring movers or renting a truck? Will you be cleaning the house yourself or using a maid service to take care of cleaning for you? You will need supplies like boxes, tape, packing materials, furniture covers and padding. Often the costs associated with moving supplies are underestimated. Depending on the moving service you are using, some of these may already be included.
2. Pricing a home incorrectly
It’s natural to want to get the best price possible when selling your home. Due to sentimental attachment, it can be difficult for some homeowners to remain objective when it comes to determining value.. However, you should be cautious and seek professional advice when settling on the listing price. If you price your home too high, you risk not getting any interest or offers. You could have poor attendance at open houses and receive low counter offers. If you price your home too low, you could potentially miss out on thousands of dollars in profit.
3. Neglecting to stage your home
Staging is essential. Looking to sell your home for top dollar? Want a quick sale? Staging successfully can add an estimated 6-20% more value to your home compared to a home that is not staged. It’s fantastic for showcasing your home’s best features and detracting attention from less desirable ones. Ultimately, staging can help potential buyers visualize themselves living in the home and making it their own.
3. Opting out of getting professional photos
Professional photography goes hand in hand with home staging to give your real estate listing an edge. A real estate photographer knows exactly how to capture the grandeur of your living room, the serenity of your master bath, and the luxe feel of your custom kitchen. If you forgo hiring a professional, you’ll miss out on things like aerial views of your yard and neighbourhood, 360 virtual tours and more. Let the experts come in and create visuals that highlight the best features that your home has to offer.
5. Ignoring your home’s exterior
Curb appeal matters. It’s all about first impressions— both online and off. If buyers aren’t impressed with what they see on the outside (or on the first photo of your MLS listing), they will care less about what the inside of the house looks like. The impact of your interior staging efforts will be significantly diminished. Once you have taken care of your front yard, driveway and entryway, think about what other areas of your home’s exterior need to be polished up and tackle those.
6. Mismatched appliances
Mismatched appliances generally don’t appeal to buyers and can make a kitchen look unfinished. Making sure your appliances all match is worth the investment, as it will garner returns in profit and reduced time on market. When shopping for appliances for your luxury home listing, look for energy efficient, high-end appliances. They’ll elevate your kitchen and make your listing much more attractive to house hunters.
7. Taking negotiations personally
It’s natural to have an emotional attachment to a house when you’ve made it your home. This can create a seller’s bias when it comes to the perceived value of your property. When it comes time for price negotiations, it’s important to remember that this is a business transaction and it is crucial that you leave your emotions out of the equation.
8. Selling your home “as is”
Aside from missing out on the benefits of staging as mentioned above, selling your home “as is” can be seen as a red flag to potential buyers. It can also attract the type of buyers that are only interested in a bargain and the loss of monetary value can be hefty— in the tens of thousands or more. Hire help if you need to get your home ready to sell. You will be happy you did.
9. Not hiring an agent
There are so many advantages to hiring an agent when you are selling your home. It’s hard to understand why anyone would choose to sell (or buy) privately.
While it may seem enticing to save a bit of money on commission costs, buying or selling a home privately can be risky. Those who choose to list their house on their own end up having far less potential buyers and even less qualified buyers. They are generally not prepared to negotiate properly, and don’t have the expertise needed to deal with the legal requirements and regulations that accompany a real estate transaction. This can be especially risky. Not to mention, private sellers typically don’t have the time to dedicate to finding a qualified, serious buyer and they can end up making costly emotional decisions.
Your Trusted Real Estate Experts
Domeij and Associates has been helping people in the Okanagan successfully buy and sell luxury real estate for three generations. We bring our expertise to every single negotiation and are committed to making your real estate experience a positive one. Looking to buy or sell your Okanagan home? Contact us today.