Home Selling Mistakes
Wednesday Sep 16th, 2020
Selling your home can be a stressful time, especially during a slow market period like we are currently experiencing. The pressure to get the highest price for a home can lead homeowners to spend money on renovations that won't necessarily pay off. This often results in frustration and anger over what is perceived as a failed transaction. It's not all bad news though. There are steps you can take to ensure you get the highest price without spending a fortune on renovations and upgrades.
1. Renovating the wrong way
Everyone has seen a house on the market that hasn't been touched in 30 years. Peeling wallpaper, wood panelling and orange carpet do nothing to help sell a house, even in the hottest markets. No matter the listed price, buyers will always assume it is overpriced based on how it shows.
When homeowners are planning to list their home, they should focus on areas that will bring the most value for their renovation dollar. These are: flooring, paint and curb appeal. Getting rid of old carpet and replacing it with cost effective laminate flooring can change the whole look of a room. Adding a fresh coat of paint can do wonders to the listing appeal of a home. It is also one of the cheapest ways to freshen you property and make it ready to spark the imagination of prospective owners. Remember to keep the colours neutral. You are trying to attract new buyers, not show off you quirky personality with a bright orange wall! Curb appeal is one of the most important elements that will bring prospective customers to look at your home. Ensuring that plants and trees are nicely trimmed, pressure washing the siding and painting doors and trim will work wonders on your curb appeal. Adding planters and a seating area also increase the attractiveness of a property and will ensure more prospective buyers come to view the home. When doing these renovations always remember to keep everything simple. You are trying to appeal to as many buyers as possible and don't want to push people away with extreme colours or a neon green front door.
2. Pricing it Wrong
A lot of homeowners have a very strong emotional attachment to their property and often mistake their emotional value with the home's actual market value. Owners can also be misled by what they feel their home should be worth based on how much they have spent on upkeep and repair over the years and their expected market growth. Unfortunately, the market does not always grow the way we would like and home renovations and updates don't often break even when selling. Maintaining a home can be expensive and upkeep is needed just to keep your property in line with the current market. It is very important to have your real estate agent complete a full comparative market analysis on your property.
This will allow you to understand how the current market is affecting prices and where your home would list competitively. At the end of the day, your listing price will be the most important factor in how much interest there is in your property. You do not want to scare away potential buyers with a number that is not realistic even if you are willing to negotiate. Even in a buyer's market, a competitively priced property can get offers above asking price.
3. Not Staging Properly
One of the biggest distractions for customers viewing a home is clutter.
This doesn't mean you need to get rid of everything, but you need to leave room for a potential buyer's imagination. This doesn't work if there are toys, boxes, extra furniture and clutter everywhere. This can be difficult, especially if you have young children, but remember it will hopefully only be for a short time. You don't need to get rid of all your kid's toys, but a well defined and neat toy room will attract other families with young children. Find a storage space where you can neatly store family pictures, extra clothes, shoes and knickknacks. If you don't have space in your home, ask family and friends or rent a storage room. The rental costs will easily be offset when you sell your home faster and at a better price. If you are not sure of how to properly stage your home, talk to your real estate agent.
They will be able to give you advice on the best strategies for an attractive listing.