Selling your home is a huge undertaking. Even the smallest mistakes during the home sale process, you stand to sell for a lesser price than your property deserves or not find a buyer at all. If you want to get your property sold for the best price in the least amount of time, here are the biggest mistakes home sellers should avoid:
Underestimating The Cost of Selling Your House
Most sellers are so busy thinking about the sale price of their house that they fail to factor in the costs associated with selling an apartment. Firstly, five to six percent of the total sale price of your home goes towards covering both the listing agent and the buyer’s agent’s commission. So, if you sell your home for $300,000, be prepared to pay upwards of $18,000 to the agents who helped you seal the deal.
Not to mention, you should also account for the closing costs which make up approximately 1-3% of the house price. These include the sales tax, home inspection fees, a title transfer fee, property appraisal fees, attorney fees and such.
The closing costs you are required to bear depends on where your property is located, the type and age of your property, and how you choose to sell your home. Similarly, depending on the square area of your property, be prepared to pay the staging fee to have your property professionally staged for showings.
Furthermore, buyers might negotiate for a lower asking price or agree to pay the full asking price against a few seller concessions, such paying their share of the closing costs or making repairs suggested by a home inspector.
Last but not the least, you shouldn’t forget to incorporate the moving expense, more so if you are hiring a professional company to pack, move, and then unpack your belongings. If you haven’t found a place to settle right after selling your home, you will also have to pay for rental and storage fees for your belongings!
Not Pricing Your Property Right
Pricing a property too low can cost you hundreds of thousands of dollars in profit. Price it too high, and you risk scaring prospective buyers away. A great idea to know how much your property is worth is to use recent sales in your area as comparisons, as well as determine how much you have invested in renovations and maintenance over the years.
Look into comparable properties that have sold recently in your vicinity and compare them with your property. For instance, if your home has more desirable amenities or features, you should be able to price it higher. To be on the safe side, we recommend setting a price a tad below your perceived selling price. This way, you will be able to generate extra interest in your listing and fuel a bidding war which may end up sky rocketing your asking price beyond the home’s actual market value.
Not going for Professional Photography
Did you know that bad photos in the MLS can be one of the major reasons why your house isn’t getting any offers, so as a seller it’s imperative that you go for professionally taken real estate photos! A real estate photographer understands the lights and angles that best sell a home and will make sure to capture your home’s best features, including renovations, upgrades, or landscaping that are worth flaunting. You’d be amazed at the difference the correct lighting and a wide-angle lens can make!
Be it a stunning view, a sparkling pool, a gorgeous balcony, or anything else; a professional photographer can show off your home in a way that will make it stand out from other Toronto condos in your area.
Remember that for most people, listing photos are their first introduction to a new home; shoddy photos will make them cross your house off their list before even setting foot in it. Make sure to have your home professionally staged before having pictures taken. Even better, consider adding a video tour or 360-degree view to further enhance your listing.
Ignoring Major Repairs Prior to Listing
Major maintenance issues don’t just scare away buyers, they also potentially decrease the value of your property. Most buyers expect move-in ready conditions. Prior to listing your property for sale, at least be sure to tackle the most glaring issues first, especially those that may pop up during a home inspection.
During home assessments, home inspectors are likely to look for broken items, appliances in poor shape, or structural issues that can affect the safety, structure, or functionality of the property.
An unhinged cabinet or a crack in the ceiling can really put off buyers. Make sure your thermostat controls are in working order, your roof covering is adequate, and the foundation, stem wall and retaining wall of your property are all structurally sound.
Check the conditions of all doors and windows, your garage, exterior façade, pool and landscaping if applicable, and fencing. Ascertain that all kitchen appliances, sinks and faucets, bathtubs and showers, walls, ceilings, baseboards, flooring, countertops, cabinets, and closets are structurally sound, in working order, and not damaged. Also check the health of all smoke detectors, electrical panels, water heater, and plumbing. If you want to make a good first impression, then you’ll need to ensure that your home is painted with a fresh coat and is adequately lit.
Ensuring that your property is in perfect condition can help you avoid making major concessions to the buyer when an offer is on the table.
Selling in the wrong season
The housing market keeps changing throughout the year and is hardly the same from month to month. We typically see a higher buyer demand during spring and late fall with lesser demand in winters. While circumstances may not allow you to list your home during the best season, you should ideally aim to sell between February and mid-May.
Trust me, when the weather is cold and drab, there are not many people looking for a new home to shift. If you list your home during the off-season, chances are that your property may sit in the market for a longer time before a see a worthy buyer, no matter how great it is.
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