Top 5 Mistakes First-Time Home Sellers Make
Posted By: Rachel Kavanagh
March 12, 2020
Top 5 Mistakes First-Time Home Sellers Make – Your first home will always have a special meaning for you. Remember back when you bought it? That excitement, the feeling of all the potential that was ahead.
Now you have reached the decision where you need to sell your home. Perhaps you’re up-sizing with a larger family than when you first bought this property. Or maybe you’re moving to a new area.
We have put together the Top 5 Mistakes First-Time Home Sellers make, so that you can avoid these pitfalls and set yourself up for success when you sell your first home.
Pricing Your Home Too High or Too Low
Pricing your home properly is one of the most important aspects of home selling.
If you list your home for too low a price, you have the potential of leaving money on the table. Fear can be a powerful emotion and those sellers who have already purchased a property react with fear out of a desire to sell their home quickly or because they believe the market is going to turn in a different direction.
Pricing too high, however, is also a mistake. Naturally, you want to get as much for your home as possible. And you deserve to. Overpricing, however, runs the risk of missing out on potential buyers who may have been able to afford your home. There is also the risk of having the property sit for a long period of time, which could result in the property receiving price reductions and eventually selling for less.
Our experienced and knowledgeable realtors will work with you to come up with the right price that reflects current market conditions, the first time.
Failing to Understand the Real Estate Market
Pricing too high or too low are examples of a failure to understand market conditions.
Another major factor in market conditions is timing. For example, if you absolutely need to sell a home and move in the middle of winter, it is possible, but you may be losing out on considerable gains as opposed to waiting until the spring.
This isn’t always the case for all home types in all markets, but here in Markham and around the GTA there can be timing factors to consider.
Other variables that may affect the market are recently sold properties, inventory levels, interest rates, economic stability and government intervention.
Working with a member of Benczik Team Realty is an effective way to make sure you’re staying on top of what the current real estate market is like.
Not Showing Your Home in Top Condition
Many first-time home sellers wrongfully assume that, in a hot real estate market (“seller’s market”), any home will sell – and for full value. Your home should be in the best condition possible before becoming available on the market and showing it to prospective home buyers.
In the long run, you will get more for your home by taking the right steps such as de-cluttering, cleaning, performing minor repairs, etc. If you are considering a major renovation, it is important to have us out to ensure that you spend your hard-earned dollars in the right place.
Buyers will expect normal wear to have occurred, but a nominal investment in repair and cleaning will help boost the sale price. Along with cleaning and minor repairs, it is important to keep your home free of odour during the showing process.
Not Marketing Your Home with Staging, Photography, Etc.
You only get one chance to make a first impression. In real estate, the home itself is the primary selling point. However, we want to showcase your home in its best light.
That’s why professional photography and/or staging are often a good investment.
Photographers who specialize in real estate have the necessary equipment, experience and a good eye to know what will appeal most to home buyers.
The same goes for interior designers and decorators who specialize in home staging.
Our goal here isn’t to ‘trick’ the buyer or create an illusion of something that your home isn’t, but rather to show the buyer your home in its best light and allow for the buyer to picture themselves in your home.
Sometimes it’s just a matter of making a few cosmetic changes, moving a piece of furniture here or removing an item there, etc. We’ve found that clients who are the most open-minded with these suggestions tend to be the same ones who see the highest prices for their homes.
Not Working with a Realtor
When the time has come to sell your home, your interests are best served by working with a realtor.
It’s true, an experienced and knowledgeable realtor can guide you through the home selling process, setting you up for success in getting the highest selling price, but not all realtors are created equal.
The best realtors will have a thorough understanding of the local market. They will be able to price your home accordingly and work with you to get the right selling price and the other terms of the sale that you’re looking for – making sure you don’t leave money on the table!
A great realtor will also have referrals and recommendations from past clients.
At Benczik Team Realty in Markham, we know what works and what doesn’t. We’re experts in home buying and home selling in Markham and surrounding GTA communities in the York & Durham Regions.
Check out our reviews on Google. We’re proud of our referrals and of our repeat clients who have bought and sold homes with us over the years.
If it’s time to sell your home – first home or otherwise – feel free to get in touch with The Benczik Team. We’ll be happy to meet with you, get a better understanding of your real estate goals and then provide a free home evaluation.
Top 5 Mistakes First-Time Home Sellers Make written by Benczik Team Realty