A lot of time and energy goes into selling a home – generally one of your biggest investments, you want it to be smooth, hassle-free, and profitable! Over the years, we’ve helped our clients survive (and even enjoy) the process. Avoid these common mistakes when selling your home, and you’ll be on the other side in your dream home soon enough!

1. Making Costly Renovations

Imagine this…you spend thousands remodelling your home to make it more open, but when your buyers come in, they want small, cozy rooms. When it comes to design, perspective is everything. A win for one person may be a major drawback for another.

When selling your home, you want to make the changes that will give you the biggest return on your investment. Not all repairs and renovations are created equal! Smaller changes focused on specific areas will most often give you the biggest bang for your buck.

Read more: Quick and Easy Updates and Where to Splurge.  

2. Rushing to Market

Sometimes it’s out of your control – life happens, and you must move quickly! But if you have a choice, it’s better to take your time and properly prepare your home for sale. There’s no need to rush to list for the spring market. While spring and fall are the most popular times to sell, homes sell every month of the year. (And a bonus – you have less competition during slower months).

3. Not Thoroughly Vetting Real Estate Agents

It’s easier than ever to research potential agents to find the perfect fit for you. Ask around for referrals, visit websites and social media pages, and read reviews and testimonials to narrow your list. Once you have a few favourites picked out, interview the agents to discuss their experience, expertise, and marketing techniques.

4. Not Preparing your Home for Sale

Not properly preparing a home for sale is one of the biggest mistakes you can make when selling. The goal is to get potential buyers picturing themselves moving in and making it their own – it’s about selling a home and a lifestyle. Staged homes sell 88% faster and fetch 20% more than homes that aren’t staged. (realtor.com)

At the David Bradica team, we offer all our clients staging – but if you’re looking to do it yourself, here are a few tips to get you started:

• Clean, declutter and depersonalize
• Give each room a defined purpose
• Maximize lighting (open windows, turn on lights, and keep all light bulbs the same)
• Clean out closets and storage spaces so they don’t look cluttered or crowded
• Focus your efforts on areas that will have the biggest impact
• Don’t forget about the outside – curb appeal sets the scene

Read more: 12 Home Staging Tips for a Quick & Easy Sale

5. Placing Strict Guidelines on Showings

Packing up the kids and pets to let a last-minute buyer visit the house can seem like a huge hassle. Unfortunately, it’s par for the course when selling your home. The easier you make it for potential buyers to see your property, the faster you’ll sell and move to the next step!

Experienced real estate agents will work with you to develop a schedule that allows buyers in with minimal disruption to your life, making it easy for you and potential buyers.

6. Setting an Unrealistic Price

We always aim for the sweet spot when determining a sale price – the highest amount that will attract buyers and still ensure a timely sale. Price too low, and you risk leaving money on the table, but price too high, and your home can sit on the market too long.

Even if you’re a patient person and not in a rush to sell, this can have negative consequences. The longer your home is on the market, the less value potential buyers will give it. People will assume there is something wrong as they see others passing it over.

Many factors affect sale prices, including the house’s condition, neighbourhood, and current market. Market trends fluctuate (as we have seen recently) and must be considered when naming a price. Comparing your house to others on the market, noting similarities and differences, is one of the best ways to gauge value.

7. Not Thoroughly Dissecting Offers

While it may be tempting to accept the highest offer based solely on numbers, there are other elements to consider. Many offers come with contingencies that can impact the timeline, certainty, and complexity of the sale. Your agent should read over each submission carefully, explain any special conditions, and offer recommendations.

8. Not Considering Finances and Selling Costs

Not having a clear picture of your finances and the costs involved with selling can lead to unwanted surprises. It’s a good idea to get a snapshot of your finances, including how much you owe on your current home, your target sale price, and selling costs. This will give you a clear idea of how much you’ll walk away with when all is said and done.

Selling costs can be a shock if you aren’t accounting for them – legal fees, taxes, storage rentals, agent commissions, staging, and repairs can add up. Ask questions and clarify pricing, so you don’t end up with any surprises!

9. Ignoring Needed Repairs

A long list of needed repairs can turn off potential buyers. Take time to repair small things like cracks in the drywall, leaky sinks, or broken light fixtures – those small things can add up in the buyer’s mind!

Whether or not to tackle significant repairs in not entirely cut and dry. We always recommend being 100% transport and upfront about any major issues with the home. In most cases, it’s worth the investment to make necessary repairs and turn that negative into a positive selling point.

10. Letting Emotion Take Over

Selling your home can be an emotionally draining process. When prepping the house for sale, deciding on a price, and negotiating with potential buyers, it can be challenging to take the emotion out of the process. But it’s best to step back and look at your house as a product you are selling. Always remember that the memories you created in that space will travel with you!

Read more: The Emotional Side of Real Estate

Selling your house can be an emotional time – but it can also be a wonderful beginning as you create memories in your new space! Avoid these top mistakes when selling your home to make the entire process as stress-free as possible.   If you’re thinking about selling, our post on Seller FAQs may come in handy!