Top 5 Home Selling Mistakes to Avoid
Selling your home can be an overwhelming and stressful process, especially if you’re not familiar with the real estate market in your area. If you’re planning to sell your home in Milton, Ontario, it’s essential to avoid common home selling mistakes that could cost you time, money, and stress. In this blog, we’ll discuss the top 5 home selling mistakes to avoid in Milton, Ontario, to ensure a smooth and successful sale.
1. Overpricing the home
One of the biggest mistakes that home sellers make is overpricing their property. While you may have an emotional attachment to your home, it’s important to be realistic about its value. Understand that potential buyers don’t have the same attachment as you do and they won’t be considering how much it’s worth to you, but how much it’s worth in comparison to any of the other homes they could buy for the same price. Overpricing your home can deter potential buyers, and your property may end up staying on the market for much longer than necessary. This in turn will bring out the low-ball offers from buyers who feel there’s either something wrong with your home or feel you might be getting tired and just want to move on.
To avoid overpricing your home, do your research and consult with a professional real estate agent. Look at the selling prices of similar properties in your area to get an idea of what your home is worth. You can also get a home appraisal to determine the market value of your property, but be aware that appraisers look at past data from months ago and don’t work with buyers on a daily basis to understand what is driving or hindering the real estate market in the present day.
2. Neglecting Home Repairs
Another common mistake that home sellers make is neglecting repairs and improvements. A property that is in good condition is more likely to sell faster and at a higher price. Buyers are always looking for move-in ready homes, and if your property is in disrepair, it can put off potential buyers. Buyers will often say “if they didn’t fix this, what else is wrong with the house?”. The fear of the unknown will either cause them to pass on your home altogether or offer a much lower price so they have money to fix any surprises.
Before listing your home for sale, make sure to fix any issues, such as leaks, cracks, and broken appliances. You can also make minor improvements, such as fresh paint, new carpets, and landscaping. Remember that major purchases like buying a home are primarily emotionally driven. If a buyer doesn’t feel good about your house they will either pass it by entirely or make up for those bad feelings by feeling good about the discount they received. That equals less money in your pocket. While major problems should be fixed, even small changes can go a long way in making your home more attractive to buyers.
3. Failing to Stage
Staging is the process of preparing your home to look its best, by adding or arranging furniture to maximize the space and flow, adding rugs, paintings, pillows and accessories, and improving its overall appearance. A well-staged home can make a big difference in how buyers perceive your property. It can make your home look more inviting and can help buyers visualize themselves living in the space. But don’t confuse a few brightly coloured pillows with staging. Staging a home is a consistent theme that is carried throughout the home and is often more subtle than it is bold.
If you don’t have a knack for staging, consider hiring a professional. A staging expert can help you highlight your home’s best features and make it more appealing to potential buyers. Though a professional Realtor will often provide this service free of charge.
4. Not Hiring a Full-Time, Professional Realtor
It’s a little known fact that there are over 65,000 real estate agents in the GTA. Further, a significant majority of them are part-time or have very little experience. While a referral or recommendation can go a long way, it’s important to do your research into the Realtor you choose to work with. If you’re selling your home, ask how many homes they listed and sold last year, or in the last few months. Ask to see the listings from the real estate board and look at the pictures and videos to see how well it was represented and what they sold for. Oftentimes real estate agents will offer a reduced commission to acquire your listing, which sounds great until you realize their inexperience costs you much more than your savings. If you’re buying a home, ask how many homes they help buyers with and how many were in the area you want to buy in. It’s common for agents from Toronto to drive to Milton, or Oshawa or even Barrie just to get a commission. Yet without the knowledge and understanding of what differentiates various types of homes or neighbourhoods you likely won’t be in the best area for you and your family and won’t get a good price on the home you buy. If you have a friend or family member who’s an agent in Toronto or outside the area you’d like to purchase, ask them for a referral to an agent in the area you’d like to buy in. They’ll still earn part of the commission and you get expert advice and service.
5. Being Present During Showings
Some home sellers want to stay during showings so they can explain all the features of the house, or to ensure no one steals anything. Whatever the reason, being present during showings can make potential buyers feel uncomfortable. When buyers are touring your home, they want to feel free to explore, talk freely and discuss the property without feeling like they’re being watched, listened to or judged. If you’re present during the showing, it can make potential buyers feel uncomfortable and may discourage them from taking the time to really explore the property.
When buyers are viewing your home you want them to imagine it as their home, not someone else’s. And you being present will give them an uncomfortable feeling of being unwanted. Remember, buying a home is an emotional decision and we want buyers to really want your home.
Selling your home in Milton, Ontario, requires careful planning and attention to detail. By avoiding these common home selling mistakes, you can increase your chances of a successful sale, a positive selling experience and maximum selling price. Be sure to work with a reputable real estate agent, prepare your home for sale, and price it competitively to attract potential buyers.