Sometimes when we make a decision to sell our beloved home we can do so in haste without forthinking the actual outcome we are trying to achieve, however when you slow the decision making down a little bit and plan out the selling, and possible future purchase, you can do so with the confidence knowing you made the best decisions at the time. Afterall your home is your biggest asset!
1. Selling your home before you're ready:
Deciding to put your house on the market can be thrilling and exciting but it can also be a mental, physical and emotional experience that can go on for weeks or months if you're not ready. Before you make that decision to put up that "For Sale" sign, you should firstly be asking yourself why do we want to move. Its best to talk it over with your family and friends and neighbours as getting a variety of feedback goes a long way into making that decision. Another good idea to write down a "Pros" and "Cons" list to weigh up the alternatives as this should really determine if you are ready or not.
2. Entering the housing market blindly:
Over the last few years the housing market has seen some exceptional growth especially here on the Sunshine Coast. So before selling your home you should do a bit of research on your local communities property market. Different suburbs and areas perform better than others so it essential to get a bit of an understanding on your estate value before making any rash decisions. Remembering to take into consideration your personal needs, ask yourself are you limited to a school zone, what is the traffic like to navigate the daily routines etc.
3. Choosing to sell your home "By-Owner" without research:
I am sure you have probably heard and seen examples of homeowners selling their homes by themselves or( For Sale By Owner) and saving money by cutting out the sales agent. While this scenario sounds attractive there are a lot of frustrations and interruptions behind the scenes. The reality is that research needs to be done first. Knowing how to show your home to perspective buyers, knowing how to relate to buyers, understanding the legalities of selling your home and other factors will all be major factors during the campaign. Do your research before embarking on selling your home yourself as we all know what its like just trying to sell something small privately.
4. Not trusting your own instincts when hiring a Realtor:
While hiring a sales agent can be a major plus when selling your home, remember that you probably know your home better than anyone. Trust your instincts when it comes to personal decisions about your home. A sales agent should be able to help you price your home, research comparable properties that have sold and that are currently on the market, etc. If your agent is asking you to sell your home in a way that doesn't suit your style, personal preferences or beliefs, consider hiring one that will work better with you. There are plenty of real estate professionals that can suit your needs so find the right one for you.
5. Hiring a sales agent based on personal preference:
We all may have that agent in the family or know one that is a friend of a friend. While this may be great on a personal level, ensure you research their history of selling homes in your area. While knowing the sales agent personally may be an advantage it can also be a very (BIG) disadvantage when you disagree on selling tactics and other important home decisions. On many occasions friendships and relationships can be strained if things don't go as smoothly as they hoped for. So do your own research and make a decision based on the best fit for you and your family needs.
6. Over customizing your home for your neighbourhood's worth
Yes you guessed it, there is a limit when upgrading your home. By upgrading your kitchen and master bathroom, these are two rooms you will most likely get a higher return on investment. However a $60,000 renovation doesn't equate to raising your asking price to the equivalent amount. When making renovations try and stay in-line with your neighbouring houses that may become the competition in future years. Remember interior design is important, but don't go to the extreme as your back pocket my be the one taking the hardest hit. Have an agent come through before deciding on the final price tag, they can offer advice on what you may achieve back in a sale and what you may be doing just for your own personal taste.
7. Pricing your home based on how much profit you'd like to make
There is no doubt that pricing your home can be a challenge if you aren't provided with the right information. While it may seem a challenge, the following factors should come into the decision process:
What price have comparable homes sold for in your area? How long has it been since a comparable house has sold in your area? What is the condition of your home and what key features does it have?
Lastly, have multiple sales professionals appraise the value of your home before you formulate your own price. Some agents tend to over inflate the price to win your business. So if this does occur this will soon be clear by having at least 3 agents appraising your key asset. (TIP) If 2 out of 3 sales agents are very similar in value then this will be your best representation on price. Picking a price based on how much you'd like to profit from the sale of your home just won't suffice. Remember, buyers are a lot more savvy than you think.
8. Letting your emotions rule your head in negotiating with buyers
Ok so you have put your heart and soul into your home for many years. You've raised a family in your home, upgraded key features throughout its life and it now it has sentimental value to you and your family. When negotiating price and other factors with potential buyers, your personal emotions should remain out of it. Your home is for sale and soon someone else will own it. A new adventure is just around the corner.
9. Not disclosing problems or past history of your home
You're trying to sell your home – so you don't want to disclose that you had a major water leak in the upstairs bathroom 5 years ago, right? Wrong! When selling your home don't try to keep the home's past history a secret. A home inspector could locate the problem(s) later into negotiations or the past history could affect the safety of the future homeowners. Be honest and take care of all repairs before attempting to sell your home. Whilst you may come to an agreement on price, you are yet to pass the building and pest and any secrets can arise at that time. Should major damage or concerns arise, the negotiations may start all over again.
10. Trying to sell your home before it's physically ready
While you may be anxious to get your home sold, don't rush making repairs, cosmetic upgrades, planting attractive curb appeal or even home staging your home before putting it on the market. The home selling market is competitive and if you want the shortest time possible on the market, take your time and replace old carpet, aging appliances, and any other home improvement that will make your home welcoming to any home buyer who would love to make an offer for! Again, if you are second guessing what you should and shouldn't do to get your home ready for sale, get your local agent through to assist with advice. Sometimes it may be more valuable leaving something for the next person do to make the home their own.