MISTAKES YOU SHOULD AVOID WHEN SELLING YOUR HOME!!

The process of selling a home can be long and difficult. At various stages seller can make mistakes that prevent them from selling their property at their ideal price. If people want to actually get a return on their investment in their home, they need to be smart about the approach they set to sell their home. Read on to find out how you can get the highest possible price for your home within a reasonable time frame - without losing your mind.

1.       MISTAKE NO. 1: GETTING EMOTIONALLY INVOLVED: It might be the home you have lived in for decades, but sellers must try to look at their property sale as a business transaction. This means that if a home renovation project would enhance sales opportunities, homeowners must go ahead with the work. Many find themselves overly attached to their home property, leading to over-estimating its value and limiting the property’s appeal to buyers. Always keep your emotions separate from the sales process.

2.       MISTAKE NO. 2:  NOT PRICING FOR THE CURRENT MARKET: By far, the biggest mistake a seller can make is to not pay strict attention to how they price their property in relation to what the current market can bare. The most important time to price your home correctly is when it first goes on the market, so price it right the first time.

3.       MISTAKE NO. 3: NOT HIRING A REAL ESTATE AGENT: It is always wise to hire a Real estate agent when looking to sell your house. A good agent will help you set up a fair and competitive selling price for your home. An agent can also help take some of the high emotion out of the process by interacting directly with potential buyers so you don't have to, and eliminating tire kickers who only want to look at your property but have no intention of putting in an offer. An agent will also have more experience negotiating home sales than you do, potentially helping you get more money than you could on your own. Further, if any problems crop up during the process - and they commonly do - an experienced professional will be there to handle them for you. Finally, agents are familiar with all the paperwork and pitfalls involved in real estate transactions and can help make sure the process goes smoothly.

4.       MISTAKE NO. 4: NOT MAKING YOUR HOME LOOK AT ITS BEST: As a seller you should make sure that your home looks appealing to the eyes. Try and repaint with neutral colors, spruce up the landscape, or a little bit of renovation might help in increasing the value of your home too. Small touches involving elements such as lighting, potted plants and table settings can make a large difference when appealing to potential buyers.

5.       MISTAKE NO. 5: HIDING THE TRUTH ABOUT YOUR HOME: Sellers who want to be rid of their property quickly may be tempted to try to hide problems with the home from prospective buyers. But trying to cover up serious flaws, like foundation problems, leaky roofs, or mold, could come back to haunt you later. If you aren’t up front about your home’s issues, the buyer may well discover them during the home inspection. At that point, they’ll probably either back out of the deal or ask you to cover the costs of fixing the problem. If the issues are serious and are discovered after the sale goes through, you could end up caught in a messy, protracted legal battle.

6.       MISTAKE NO. 6: REFUSING TO NEGOTIATE: Most buyers like to negotiate in hopes of getting a better deal than the asking price. This is the case in most selling situations. If you limit yourself to full price offers you may miss the one that gets your home sold. Be prepared to negotiate.

7.       MISTAKE NO. 7: MISSING LISTING PHOTOS:  Most of the buyers look for homes online these days. And so many of those decide to book a showing only after looking at the pictures. If you miss to put pictures on your listing then there are high chances of not getting contacted for showing at all. Not only putting photos is important but also putting good photos is extremely important. Consider using a wide-angle lens if possible - this will allow you to give potential buyers a better idea of what entire rooms look like.

8.       MISTAKE NO. 8: SIGNING A PURCHASE CONTRACT WITH AN UNQUALIFIED BUYER: It's more than reasonable to expect a buyer to bring a pre-approval letter from a mortgage lender (or proof of funds for cash purchases) showing that he or she has the money to buy the home. Signing a contract with a buyer whose purchase of your home is contingent on the sale of his or her own property may also put you in a serious bind if you need to close by a particular date.

Looking to sell your home, call Realtor Jeevan Punni 416-371-3737.

Editor: Neha Charan