T. Fullman Jan 21, 2021
Selling your most important asset is no small feat. It can be very stressful, but this can be managed if you at least have some sort of plan outlined. There’s more involved than just listing your home if you want to get the best price. It’s important that you take your time. Use a home seller checklist to help you get organised. Finding the right time to sell, doing repairs and staging your home are things you need to consider. We recommend consulting an expert. A real estate agent can help you sell your home and provide you with insights into the market.
In this article you learn about 7 things to avoid when selling your own home.
Hiring the wrong agent
Do your research. You will be working closely with this person. You will need to trust their expertise. Look for an agent with a proven success rate selling similar homes in your neighbourhood. Compare the agents sales record, commission rates, marketing costs. Ensure you also feel comfortable working with them.
Undervaluing or overpricing your home
Do your research. Conduct your own comparative marketing analysis to discover your home’s value. Research the local housing market to see what similar homes in the area are selling for.
You can also get an appraisal if your house is unique or if you’re emotionally attached to it. Otherwise, there are many online resources that provide details of the sales history and other information for thousands of properties in New South Wales. They can be used to access local, specialised information that include comparable sales and median prices.
A combination of your research and the agent’s recommendations together with your financial needs should enable you to identify a suitable price range that will keep buyers coming.
Overcapitalising on renovations
Over-spending on renovations may not get you the return you’re looking for. Take the time to research similar property sales in your area. Their features and selling price will help you to determine how much you think you can invest.
Get your main areas presented the best they can with a bit of wow factor. Kitchens and bathrooms are looked at by buyers.
Poor presentation
You will need a little budget. Get your home looking neat and tidy. Changing the paint colour is an easy way to breathe new life into your home. It also helps you appeal to a broader range of potential buyers. Everyone’s tastes are different. Hire a gardener to trim unruly bushes and plant shrubs in the front garden. Put some of your furniture in storage and rent more modern pieces. Consulting an independent expert from a professional property staging business can help.
Wrong timing
Spring is the best time to sell isn’t necessarily true. Ensure you don’t sell your home during peak school-holidays or when other special events are on. You are likely to see fewer attendees at your home inspection and auction days.
There is usually an influx of new listings in Spring with a finite number of buyers and an increased number of listings. This reduces the prices you hope to achieve.
You can also try an off-market listing with an agent, It’s a low-cost tactic where an agent emails details of the property directly to potential buyers on their database. This gauges interest in the property without the expense of a regular advertising campaign.
Consult an expert to see if your home is best suited to a short, sharp sales period with an auction or if it’s more of a slow-burn private sale. You don’t want to waste money on an auction if interest is too slow, and you end up putting it back on the market anyway.
Overdoing the marketing
Know your target market. Identify where they source their information. Then be strategic about where you advertise. Use digital platforms. They are easy to search for properties and are less expensive than print.
Don’t forget to consider buyers overseas. You may then want to advertise on international sites.
Doing the legal stuff yourself
You’ll need to engage a lawyer or conveyancer. They will help prepare the contract of sale. This includes the settlement date and all other conditions of the sale. It is a legally binding document. Ensure you check out all the content and fine print before signing anything.
Seek independent legal advice. It will support you through the selling process.
Remember, if there is any outstanding mortgage on the property, make sure you have informed your financial institution about the sale.