Selling a home can be an arduous and daunting experience especially for first home sellers. With no prior experience or knowledge, many home sellers tend to make careless mistakes during the home sale process and hence lowering their property sale price.
Not to mention, selling a home is one of the largest financial transactions that a person has to handle and it is crucial to avoid any pitfalls such that you will be able to get the highest possible price for your home.
With this in mind, let’s find out the top 5 mistakes that will lower your property sale and try to avoid them when possible.
1. Property is in a poor state
One of the biggest mistakes sellers make is not cleaning their house and leaving too many personal belongings around. For potential buyers viewing your home for the first time, they may not be able to visualize how the house could otherwise look. With that, you may be given a lowball offer if the first impression is unpleasant. No potential buyers would be interested to buy a house that is in a hot mess, with faulty switches, chipped tiles, cracking walls and water damage.
2. Setting your price too high
Pricing is one area where home sellers often fall short because, in most cases, it’s too high. Understandably, you would want to earn the highest profit out of it. However, overpricing your property drives away interested buyers from contacting you, leaving your property sitting on the market for some time. With hundreds of other hot listings, the market is extremely competitive and your house will only be worth the price that the market is willing to pay for.
You should be able to gauge the value of your house by exploring the broad range of sales around your area. In addition, you can check out the recent transaction prices to have an estimate of the fair price that your property can offer or visit TRUBid to get a free price report!
3. Overspending on refurbishment
You may not want to invest too much money into refurbishing your home. Although this may attract more buyers and viewings for your home, ultimately your goal is the return on investment. Avoid a budget blowout and save as much as you can! There is no point in generating a higher property sale price if your renovation costs far outweigh the increase in property sale price.
4. The risk of a failed real estate sale
A real estate agent is a crucial aspect of the sale process and not finding a good real estate agent may result in the danger of your property being unsold in the market for a long period of time. By this time, you may be in despair and left with little faith in a good sale. Tired of waiting, you will be vulnerable to accept an offer that is far below what your property is worth.
5. Poor quality photos
A picture speaks a thousand words, so do not skimp on photography. Poor quality photos put buyers off as it is unable to showcase the best version of your home. Consequently, it refrains them from clicking on your property listing or even offering a lower property sale price. Good quality photos are an important asset that will contribute to your overall property sale price. If your photo is well-lighted, aesthetic and beautiful, it will stand out in a sea of many other property listings. Hence, when taking photos of your flat, be sure to explore using different angles to get the best shot!
Now that you know the 5 mistakes that will lower your property sale price, be sure not to commit any of them!
Check out more articles relating to tips and tricks regarding your on https://blog.truuue.com/
Lauren, L. (2019). 5 Mistakes That Will Lower Your Property Sale Price. Retrieved 24 December 2019, from https://www.openagent.com.au/blog/5-mistakes-that-lowers-your-property-sale-price
Ruby L. (2015). A Seller’s Worst Pricing Mistakes When Selling Property. Retrieved 9 June 2015, from https://www.localagentfinder.com.au/blog/a-sellers-worst-pricing-mistakes-when-selling-property/