Canada's Mortgage Experts
Top 3 Biggest Home Seller Mistakes
December 23, 2020 | Posted by: Jared Coyne
Selling a home can be a daunting process; finding a real estate professional may help ease a lot of the stress. They will not only help find a buyer and undertake the complex process of closing the deal; they can also make suggestions to improve the appearance of your home to get the most bang for your buck.
Let's explore some common mistakes that home sellers may make...
One of the most common mistakes sellers make is over or underestimating the value of their home. If the home is priced too high, it may sit on the market with no action. If the home is priced too low, you can lose potential profit.
Consulting a Real Estate Professional when selling your home will allow you to take advantage of their valuable knowledge and experience to help you sell your home at the best price.
Did you know...There are costs to selling your home, such as closing costs, repairs, etc... The cost of selling can be close to 10% of the sale price while a real estate professional's commission is usually 5-6%.
Not Getting the Home Ready for Sale
First impressions are important! A home with too much clutter, poor decorating choices, or a lackluster curb appeal can prevent the buyer from showing interest in your home. No worries if you can't afford to hire a professional! You may be surprised at how much of a difference a fresh coat of paint can make.
If your home is in need of major renovation, it may be in your best interest to speak with a Mortgage Professional. They may be able to help you access some funds like a home equity loan for renovations to get a better price for your home.
Pro-tip...Invite a friend over, someone that has a fresh pair of eyes to point out areas of your home that need work. You may miss important details due to the familiarity with your home.
Not Accommodating Buyers
If a buyer would like to view your house, you would need to accommodate them, even if it inconveniences you. This may be difficult due to... well, life. You may not be able to get off work to show the house, have family obligations, or show up late due to being stuck in traffic on the way home from work, none of which will leave a good impression on the buyer.
You also need to make sure that your house is clean and tidy on EVERY single visit. The buyer will not care if your house was clean 2 hours ago, they just see what is in front of them.
Note...it is a good idea to ask the buyer for a pre-approval letter from a mortgage lender or proof of funds for cash purchases, or else you may end up wasting your time with an unqualified buyer...
The Bottom Line
When selling your house, make sure you are prepared mentally and financially for less-than-ideal situations. The house may sit on the market for longer than you expect due to factors that are out of your control like a declining market. Getting advice from Real Estate or Mortgage Professional is always a good idea because they are familiar with the in and outs of buying and selling a home. For more mortgage and real estate advice... check out our other blogs.