When is the best time to sell?
You've heard this saying before, I'm sure. Selling your home may be more challenging during certain seasons or economic conditions. The housing market ebbs and flows with natural peaks and troughs every year, however, the housing market has made dramatic leaps in pricing over the last two years. Let’s face it, selling a home isn’t easy in any market. It requires careful preparation and planning.
If you’ve recently listed your home for sale and aren’t seeing results yet, you might be making one of these mistakes. There are universal things you need to do when selling a house to make sure that it doesn’t take forever to sell. This post will outline some of the most common mistakes sellers make when trying to sell their home, as well as tips on how you can avoid them yourself.
Incorrect Staging Of Home
The way your house looks and feels, and the staging of the interior, all play into how quickly it will sell. If your house is too cluttered, dark, or unwelcoming, it will most likely sit on the market for months. And if your house looks like it still belongs in the ’80s, people will focus on that instead of its charm. When they walk in and see dated, shag carpet, panelling, and an avocado bathroom, they’re going to walk right back out. If you’re staging your home, start by decluttering. Throw out anything that is broken, stained or just doesn’t belong in your house. You also want to add some natural light with windows and light fixtures since most houses are dark. You can also repaint if needed, replace old and dated appliances, get new flooring, and even add some new furniture for a warm and welcoming look. But keep it neutral, not everyone likes purple walls or lime green bathrooms.
Being Inconsistent with Marketing Strategies
People have a lot of options when it comes to buying a home. To make sure that leads stay engaged and that potential buyers know when your house is on the market, you should be consistent with your marketing strategies. For example, have open houses often and at the same time each week. If Buyers can’t make those times then your Agent can negotiate a time that suits both yourselves and the Buyers for a private inspection or have a mid-week open home. Make sure you have a real estate agent who is accessible and easy to communicate with. Get your property marketed in the online portals and on social media. These are all important factors that can make or break a sale. So, be consistent with your marketing strategies to see results sooner.
Not Doing Enough Repairs and Renovations
If the state of your home needs some work, it’s best to do it before you start your open house. Not only can this help you get a higher price for the house, but it will also make it more appealing to potential buyers who may not have thought about buying a fixer upper or be scared off by the amount of work needed. However, you don’t want to go overboard with renovations since it may come across as if you’re trying to hide something and it also might not be to the new owners tastes with colours. Don’t make the mistake of overcapitalising or making the home to your personal tastes. Neutral is best, that way there’s fewer Buyer objections.
Owners Price Expectations Too High
Some sellers may have sky-high expectations when it comes to the price of their house. If this is the case, you may end up sitting on the market for a long time. If you price your house too high, potential buyers will walk away because it’s not worth it to them in comparison to other similar homes. And if you price your home too low, buyers may question whether you need to sell your house quickly. Therefore, it’s important to price your house correctly, following your Agents advice, so that it sells as quickly as possible at a price that gets you the best price possible but doesn’t scare your Buyers off. If you price your home with an 'Offers Over' strategy, you need to be willing to take the price specified, according to the Queensland Office of Fair Trading. Otherwise it can be classed as 'Bait' advertising.
In a volatile market leaving the price off and only giving comparative market prices for other homes in the area may net you more in the long run than putting a price on that can cap what you potentially achieve. An interstate Buyer may have been willing to pay above what you’re willing to accept but there is no incentive for them to do so if you have a fixed price on the property that is lower than what they were willing to pay. However, interest rates are on the rise now and Buyers are feeling fearful of overpaying and being stuck with a property that they've paid more for than it will be valued at in the months to come. Gone are the times of FOMO (Fear Of Missing Out) and welcome to the real estate term of (FOOP) Fear Of Over Paying. Be realistic with your price expectations at the moment.
Wrapping Up
You don’t want to rush the process of selling your home, but you also don’t want to drag it out and let it linger. If your house doesn’t have offers in the first couple of weeks then talk your strategies over with your Agent, listen to the Buyer feedback, tweak the photos, pricing strategy, open home times and presentation, do some more social media marketing. Get the Buyer interest back to your home. If you follow these tips, you can help ensure that your home sells quickly for a good price.