Buying and selling a property can be a stressful business!
We’re always on hand when it comes to advice for moving, and with this in mind, here are some of the most common mistakes to avoid when selling a home:
Setting an unrealistic price
The price you want and what the market will pay can be two very different things. You may have a general idea of how much your home could be worth based on homes with similar sizes and features that have sold near you. Here at Bromley Property Company we pride ourselves in giving realistic valuations, unlike some other High Street agents who promise the earth, over-inflate prices, and then encourage you to reduce price within a few weeks once it becomes clear it won’t sell at such a high price. Of course, we want you to get the best price you can for your home, but we want to get viewers through the door for you and for your property to sell quickly, and this is achieved by pricing a home realistically.
Only considering the highest offer
The highest offer, whilst tempting, isn’t always the best offer for you. It might be preferable not to go with the buyer who offered full asking price, but the buyer who offered 5-10K less but is proceedable, or even better, chain free and ready to go!
Ignoring major repair jobs and/or renovations
For some people a ‘doer-upper’ is the dream, for others a long list of maintenance issues can turn buyers off. Buyers expect the condition of a home to match the description. Consider prioritising the most obvious issues, particularly those that are likely to turn up during a full survey. Many people pull out of house purchases when things come to light- don’t give them reason to by making sure your home is ‘ready to sell’.
Not preparing your home for sale
We’ve written about this before, but it still stands: Make sure your home is, as mentioned above, ready to sell. Generally speaking, the cleaner, less cluttered, and more well-decorated your home is, the quicker it will sell and have more appeal for prospective buyers.
Not considering your broader financial situation
Many sellers don’t have a clear picture of their financial situation before selling. This can lead to painful surprises and decisions your don’t want to have to make. Before you decide to sell, assess your income, debt, and any upcoming expenses for your move.
Contact your bank or a mortgage broker to understand exactly how much you owe on your current home. This, along with your target sale price, and the total cost of selling a home, will give you a general idea of how much money you may walk away with after the sale, and therefore what kind of property you may want/be able to purchase next.
We hope these tips on home selling mistakes to avoid are helpful, and if you are considering selling, or are just curious of how much your home is worth, contact us for a free, no-obligation valuation.