Selling a house can be an easy task. It’s the one-size-fits-all approach that could mislead you from doing what’s right for your property. Your property is unique and though you want to gauge your market, your area and your neighborhood, it isn’t always wise to do exactly what every other seller on your street is doing!
Here are some questions that you need to answer to check if you’re doing the right things for your house:
1. Overestimating the Value
Know what home buyers are looking for. Do your own research. Often sellers look at other houses on their street, and set the home price on structural similarities. A three-bedroom-two-bath home with a hot tub Jacuzzi in the master bathroom and a fully upgraded kitchen is bound to sell for a higher price than a regular three-bedroom-two-bath.
If you decide to sell your house as is, you want to take some of common factors into consideration. Some critical features that buyers have been looking for include: location, neighborhood and community, structural design and size, number of bedrooms/bathrooms, special amenities, availability of schools, privacy and other facilities. Some things are not in your control, but there are areas that can be worked upon.
2. Underestimating the Competition
Your property may be one-of-a-kind, but if a buyer has come to see your house, chances are that they will also check out the other available houses on your street. It’s not a bad idea to go out and investigate all the comparable prices of houses in your area and neighborhood. It’s time well-invested.
Better still; hire an appraiser who can have done your homework for you. They will be able to point out problem areas or asset depreciators that have come in the way of a good sale. Sometimes, just fixing or upgrading a few things in your house could raise its value by a huge amount.
While underestimating competition and overestimating the value of your house can be detrimental to selling your house, they are not the only road blocks. Other common mistakes people make include:
Is your property located in the heart of city or close to a metro station? Are you in the middle of a well-known school district? Having these perks can work to your advantage, but you cannot rely on location alone!
Buying a home is a huge investment for many people and sometimes interested buyers are not willing to sign on the dotted line till they are convinced that the house is exactly what they are looking for. If the house looks shoddy, you’ve failed to make a good impression. What’s worse, you might have lost your buyer to another home down your street.
Put your house together cohesively. Presentation is key! It’s important that you take time out to get your house ready for a sale.
4. Over-personalizing and over-spending
You might like to collect artifacts from African tribes, but your potential buyer might not like to wake up to a war mask every morning! Leaving signatures of your taste can discourage the buyer from looking at more important things like your floor plan or storage.
A helpful hint: people looking at your house want to picture their lives inside this home. De-clutter and de-personalize wherever possible. A pool table in the living room might not help sell your house.
Plan to upgrade before selling? If you spend a lot of money redecorating your house it might sell faster, but it will not necessarily sell for a higher price. Know where to put your money. Avoid making dramatic custom upgrades. You do not want potential buyers to estimate the cost of re-doing a customized room then deducting that cost from their offer.
Perceptions, or rather, your emotionally-based feelings about your property can be a huge contributor in making or breaking a sale. But those are not the only mistakes people make.
Here are a couple more popular errors that many homeowners commit. If you want to sell your house fast, you need to pay attention to them too…
5. Making the House Inaccessible
Buying a house is an expensive purchase, and it is highly unlikely a potential buyers will buy a home they did not visit at least once. You want your home well exposed and accessible in the market. Decide whether or not you hold an open house or not.
A reliable real-estate company will ensure that people visiting your house have gone through pre-approval and will see your house without disturbing your schedule.
6. Making your own marketing decisions
Preparing your house for a sale is very important, however one of the critical things that can get you to a closing is often neglected – How you market your home for a sale. Do you have a marketing plan in place to reach out to potential buyers?