THE 10 MOST COSTLY HOME SELLING MISTAKES AND HOW TO AVOID THEM
Sep 26, 2017
After a shocking vote to leave the European Union, Britain’s housing market has hit the bumper as political uncertainty, a rise in stamp duty and squeezed household incomes have all dampened buyer interest and demand.
Reports of slow sales and low prices suggest that the property market has been hit following the Brexit vote. With the latest index figures showing the usual Autumn price bounce heading in the wrong direction, falling -1.2% in the price of property coming to market, the first fall at this time of year since 2013, one does come to think how bad can it get? It is therefore essential you avoid any costly mistakes while on the market.
To get the most money out of your home, it pays to do everything right. Shockingly, a seller on average will make up to three costly mistakes on each sale. We’ve compiled a list of the 10 most common and avoidable mistakes to ensure your sale doesn’t follow the current trend. Learn to identify and remove all of these, and you could not only save yourself thousands of pounds but could have a property sold within weeks.
1. DIY the house sale. Trying to sell your home on your own can be the biggest disaster ever. Selling your home alone could end up costing you more than if you had hired an agent, if you don’t know what you’re doing. Your need the expertise of a professional. Home sellers who try to do it themselves will often be left waiting longer for the perfect buyer to come through the door compared to those who work with an agent.
2. Setting the bar too high or low. Setting the sale price excessively high can backfire by reducing the number of interested buyers. Similarly under-pricing is a huge money-losing mistake. It’s so critical to know your market and get familiar with comparable properties on sale and recently sold to understand the price tag needing to be set. A good estate agent will be able to use their experience and knowledge of the current local market to help you choose an appropriate price for your property.
3. Neglecting what needs to be done before selling. If repairs are not taken care of before the house goes to market, you will lose money. Fixing things ahead of time is always going to cost to you less and will mean buyers are less fussy over smaller issues. If buyers see your house in disrepair and an untidy state they will no doubt offer less or ask for reductions before the sale completes. Buyers are looking for houses they can move into immediately, not ones they have to renovate.
4. Preparing the property. It costs nothing to get rid of unnecessary clutter, but can cost you deals and offers if not taken into consideration. It is one of the least expensive and probably best improvements you can make, to make your home feel more spacious and airy. Take a look at my recent blog on property staging for an extra boost on preparing your property.
5. Don’t let your ego get in the way. When negotiating the aim is a win – win situation in which the seller and the buyer both benefit. What rather happens is, too many sellers take this personally and lose out. Keep your ego to one side and put your head back into it.
6. Not disclosing the full picture. Some sellers and agents will sweep under the carpet certain issues with the house, but that inevitably ends up costing the seller big bucks. It’s always best practice to be forthcoming and upfront with all of the shortcomings as it will save time and lots of money, especially if the buyers end up uncovering problems, which they will. This will also give the buyer a huge upper hand at a vital stage in the selling process.
7. Over-development. Before upgrading your home, talk to a local estate agent. If you go over the top with repairs and developments, rather than achieving a higher price you could lose money. You may never be able to recoup that investment you put in, if comparable properties in the area and the standard of the area don’t go in harmony with what you have done. Buyers may not be able to afford your higher asking price.
8. Overlooking additional fees and expenses at completion. It’s highly likely that the estate agent fee is not the only fee that you’ll be forking out for. Solicitors, removals and storage fees can all add up.
9. Not using innovative marketing. It’s a well-known fact that most buyers now turn to the internet to commence their searches for their next perfect home. While past sellers could get away with simple ads, this is no longer the case. With the current housing market crisis, it is very important that in order to stand out from the competition, you and your estate agent use creative marketing methods to really show off the full potential of the house and entice buyers towards your property.
10. Working with wrong estate agent. Another mistake and probably the most costly of all is sticking to an estate agent that is not delivering the results. The wrong agent may give you the wrong advice, wrong price, pursue a limited or outdated marketing strategy and waste time with buyers who are not serious. If an estate agent doesn’t have your best interest at heart it could seriously sabotage your sale. It is worth taking time to compare your options and look at some online reviews.
Keep these 10 mistakes in mind and selling property can be far less stressful. Remember having an experienced estate agent by your side can help you avoid these common pitfalls, guiding you through each step of the process.
If you’re looking to sell and need some help, don’t be afraid to ask.
You can give us a call on: 0121 448 5190 or email us: email@example.com
We look forward to hearing from you.