Steer Clear: 5 Common Home-Selling blunders to dodge
When selling a property, there are several mistakes that can cause sellers to make less money on the deal. Thankfully, most of these mistakes are easily avoided if a seller is made aware of them.
“Selling a home for full value is not as easy when economic growth is slow and interest rates are high. While sellers might have been able to get away with making mistakes when market conditions were good, they could stand to leave a lot more money on the table if they make mistakes in today’s property market,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
To help sellers achieve full value, here are the most common mistakes made during the sales process.
1. Overpricing
Setting the price too high can deter buyers and prolong the selling process, especially when buyers are already struggling with interest as high as they are. Lean on the advice of a real estate professional to determine a competitive and realistic price for your home.
2. Ignoring Repairs & Poor Presentation
Deferred maintenance can be a major turn-off for buyers. Address any necessary repairs and updates before listing your home to make it more attractive and increase its value. Cluttered or poorly staged homes can also make it difficult for buyers to envision themselves living there. Declutter, depersonalize, and stage your home to highlight its best features and appeal to a broad range of buyers.
3. Being Unprepared for Showings
Make sure your home is clean, organized, and ready for showings always. Flexible scheduling and accommodating potential buyers can help make the selling process smoother and more efficient. Qualified buyers are limited owing to the high interest rates, so you do not want to turn buyers away unnecessarily.
4. Incomplete or Misleading Disclosures
Failing to disclose important information about the property can lead to legal issues down the line and can cause the deal to fall through before transfer can occur. Be transparent about any known issues, such as past renovations, property history, or known defects.
5. Skipping Professional Help
Selling a home is a complex process that requires the expertise of real estate professionals – especially when it comes to negotiating an offer. Hiring a reputable agent can help navigate potential pitfalls and ensure a successful sale.
By avoiding these common mistakes and taking proactive steps to prepare your home for sale, you can increase your chances of a smooth and profitable transaction.
