Whether you're moving up to a larger home, downsizing or relocating, selling your home can be both stressful and rewarding. If you've been through the process before, you may think you're ready to take on the home-selling procedure on your own, but even seasoned sellers can make mistakes that impact their bottom line.
1. Not understanding the current local and hyper local real estate market.
Housing markets differ widely even within the same city or suburb. Sellers need to understand how much other homes of comparable size and age have sold for, how many other similar homes are on the market, how long they stay on the market, and what features buyers are looking for in your area. In addition, there are several other potential factors such as upcoming developments or community changes that may impact values. Time plays a critical role in deciding how to price your home because the market is not the same as it was five years ago when you first purchased your home.
2. Not understanding the importance of pricing right from the start.
Pricing your home right from the start results in more showings, more offers, and ultimately more money for your home. However, it is an art that requires expertise, in-depth research, and old-fashioned street smarts. Price too low, you risk not getting as much as you can for your property. Price too high, you risk losing potential buyers who may think your property is out of their price range, meaning you simply help your competition sell faster. Realtors have proven strategies to make your selling price the most attractive to the right demographic of potential buyers.
3. Not understanding the power of staging.
According to the National Association of Realtors (NAR), 82% of buyers cited staging made it easier for them to visualize themselves in the home. In addition, 38% of buyers offered between 1 and 10% more staged buyers and 11% offered between 11 and 20% more. To put it most simply, people need visuals. It's hard to imagine the potential of an empty or dim space. Staging also becomes vital if your particular floorpan is not ideal or somewhat strange because it's your opportunity to show off how uniquely you can use the space with the right furniture, colours, lighting and decor and make that awkward corner space into a feature.
According to the NAR, 91% of sellers partner with a real estate professional to sell their home. From market expertise, negotiation skills, representation to paperwork and reducing risk - working with a real estate professional is the sing best decision you can make when selling one of your most valuable assets