A seller’s market does not guarantee that you are going to sell your home for maximum value by simply putting a for-sale sign on your lawn. Selling a home in a seller’s market may give a false sense of security to a seller about what it takes to attract buyers to their property. It is easy to sell a home for less than what it’s worth but if you want to sell your home for maximum value, there are some common mistakes you are going to want to avoid. The key to a successful sale is to make your home so appealing that you have interest from multiple buyers. You must get the listing process right from the beginning to make that happen. A stale listing will attract low-ball offers and is not the ideal situation to find yourself in as a seller. To prevent this from happening, when the time comes to sell your home, ensure you are not making any of the following mistakes.
While your home may hold sentimental value, sentimental value does not translate into dollars. Be realistic about your asking price and seek advice from your real estate agent. Look at the listing and sale prices of similar houses in your neighbourhood to get an idea of what works and what doesn’t work. Overpricing your property will cause your home to sit on the market longer than it should. This can have a damaging effect on the sale of your property as buyers will wonder whether there may be something wrong with your home. On the off chance that you can find a buyer at an inflated price – there is still the problem of the buyer’s lender denying their mortgage. Mortgage lenders conduct a home appraisal before approving each mortgage. If a home does not appraise at the sale price, funds will be denied to the buyer.
Unaddressed maintenance and repairs can cause potential buyers to think that the home has not been properly maintained and wonder what other issues may be lingering out of sight. Repairing things like holes in the walls, broken light fixtures or missing tiles can change a buyer’s entire perception of a property. It makes the most sense to fix these repairs before listing rather than after a deal has been made at the buyer’s request. The property will be portrayed in the best possible light to all buyers and will likely fetch a higher offer.
Ignoring Curb Appeal
Overgrown and un-weeded yards can cause potential buyers to drive right by. Also, having junk in the front of your house or peeling paint can deter someone from considering the property. Step across the street and take an honest look at your house — and then make necessary adjustments. Homes with curb appeal tend to sell for an average of 7% more than similar houses with uninviting exteriors. If you ignore curb appeal, potential buyers may not want to investigate further, assuming that the inside of your home mirrors the outside.
Odorous foods, pet dander, the smell of smoke and other unpleasant odours can be extremely distasteful to buyers. It can be helpful to ask friends or family members if they notice any unpleasant smells in your home before listing it for sale. People can become accustomed to certain smells in their own home and a second opinion can be helpful. Strong odours must be addressed to ensure a successful sale. Once your home is up for sale, ensure it is smelling its best before showings. Refrain from cooking foods that can leave lingering smells such as fish, curry, greasy foods, etc. Do not smoke indoors or near an open window. Put away litter boxes and ensure pet bedding is clean and odour-free. It is difficult for buyers to fall in love with your home if their first impression is a bad odour so make sure you take the steps necessary to prevent a bad first impression.
Without even realizing they are sabotaging a potential sale, a homeowner can make several mistakes when first trying to sell their home. Many mistakes have easy fixes or are even preventable. To find out what you can do to make your property stand out to potential buyers, please get in touch for more information and I am happy to chat. Follow on Facebook to get notifications of our weekly Blog Posts!
RE/MAX Hallmark Chay Realty Inc. Brokerage