Are you getting ready to list your home for sale? Like most Sellers, I am sure that you want to make sure that you are getting the highest price possible, in the shortest time frame possible, and obviously with the least amount of problems possible. After all, this has been your biggest investment to date. Be it that you are listing the home that you bought when you first got married, that rental property that you just bought a few years ago, or the place that you have called home for the past 20 years, trust me when I tell you that it is essential that you steer clear of these 3 most common, and biggest, Seller mistakes.
Seller Mistake #1- Failing to Properly Prepare your Home for Sale
One of the most common mistakes that Sellers make once they have decided to list their home for sale, is making sure that their home is actually ready to list, and that it will appeal to Buyers. It is so important that all of those minor repairs that creep up over the years are taken care of. Seemingly small repairs, such as leaky faucets, windows and doors that don’t close properly, and chipped vanities or tubs are all things that can loom larger than life to buyers. Sometimes a small $500 fix can end up costing a Seller much more in the long run. All of these little things can add to an overall picture that perhaps your home isn’t as well maintained as it should be. It is also imperative that your home be squeaky clean. Now is your time to shine. Consider bringing in professionals if the job feels overwhelming or you just aren’t sure where to start. Sometimes it takes another set of eyes to bring fresh perspective. If you have pets, consider having your carpets cleaned. This is not the time that you want to miss anything; you only get one chance to make a great first impression, and nothing turns off Buyers more quickly than stale air or grungy floors. Once you have taken care of any repairs, and your house is shining from top to bottom, you will want to stage your home for sale. If you choose not to use a Professional Staging Expert, that’s fine, but care should be taken to ensure that you have completely decluttered as well as depersonalized your home and that your furnishings have been arranged to make the most out of each space. A Buyers perception of your well maintained, clean, warm and inviting home will translate directly to their perception of the value of your home. If you are unsure, I can point you to many professionals in the Thunder Bay area that can help to prepare your home for sale, in terms of cleaning, painting, and staging.
Seller Mistake #2- Setting the Wrong Price
The second mistake that many Sellers naturally gravitate towards is setting the list price too high. While it might seem like a good idea to set the price higher than comparables might indicate to leave room for future negotiations, nothing could be further from the truth. By setting the list price too high, you run the risk of losing Buyers that might have come to see your home if it had been priced properly. You also run the risk of having your home shown as a means to showcase value in lower priced similar homes. Setting the list price too high costs Sellers in the long run, as days on market drag on and Buyers start to wonder why your home isn’t selling as quickly as others. Similarly, setting the list price too low in hopes of bringing in multiple offers can be dangerous as well. If the list price is obviously lower than comparables would indicate, Buyers will perceive there to be issues with the home when in reality that might not be the case. Always ask to see comparable solds when preparing to list your home for sale, and be prepared to discuss current market conditions and challenges with your real estate agent.
Seller Mistake #3- Not Having a Marketing Plan
Finally, you can have your home as well prepared and properly priced as possible, but if you aren’t working with a real estate agent that has a solid marketing plan in place, throwing your listing on the MLS system and hoping for the best just isn’t going to cut it. A solid marketing plan involves determining just who is most likely to be interested in your home, and then developing a marketing strategy specific to that target audience. When speaking with potential real estate agents, be sure to ask for information about that agents marketing strategies, and how they would plan to market your home in particular. This way you will make sure that the agent that you do choose has the right plan in place to maximize your homes exposure, in the right places and to the right people, in the appropriate mediums.