There are a lot of tactics and strategies a homeowner may use when listing their house for sale. Some are well-intended, but poorly executed or badly timed, like much of the advice you get from a friend or relative who sold years ago when the market was completely different.
Other ideas could be perfectly sound in another neighbourhood or situation, but not for yours. Then again, some concepts should never be entertained to begin with, like sparing no expense to prepare your home in a way you love but the buyer does not.
What path will yield the best results for you when selling your home in Guelph or the surrounding areas? Simply avoiding some of the most common mistakes will help you experience a successful sale in this market.
Do you want to de-mystify the home selling process? Check out one of our comprehensive guides for sellers.
Mistake # 1: Ineffective or Dated Pricing Methods
On paper, most people understand that housing values rise and fall, while slowly appreciating upward over time. However, it’s also normal to be emotional about the place you call home. The problem arises when you let what you think or feel your house should be worth dictate your listing price.
When it comes to attracting potential buyers, a fair market price is essential. If you’re fortunate, you’ll generate enough exposure and receive multiple offers. However, for that to happen, your home must showcase exceptional value.
Over or underpricing is a bad idea, regardless of whether it’s a buyer’s or seller’s market. Anything that causes your house to stay on the market longer than it should can hurt your sale, as buyers might start to think something is wrong with it.
If you think you can just readjust your price after your listing goes live, there are also implications. First, your house will never get more attention from buyers than when it first hits the market, so you lose that early momentum. Second, potential buyers might start to wonder the reason for the change, such as whether it was overpriced to begin with or something else has gone wrong. A fair, compelling, and accurate price right from the start is your best chance for success. Booking a free, professional home evaluation can help you determine the ideal number.
Should you sell your home and move to Guelph? It’s a good question to ponder while reading the posts below:
- Guelph Vs Toronto: Is It Time to Move?
- Is Guelph, Ontario, a Good Place to Live?
- 5 Reasons to Make Guelph Your Next Home
Mistake # 2: Not Accepting the Market Has Changed
If you’ve ever been tempted to think that your property is worth more than its assessed value, you’re not alone. We all do it. How could you not when every inch of your house is filled with precious memories?
There could be pencil marks on the corner of a wall marking the last few months of a child’s growth. The living room is the site of many family gatherings, movie nights, and long chats that extend into the early hours. How much is any of that worth? No one can put a dollar value on those experiences. Going by emotion, it’s easy to see why many homeowners have unrealistic expectations when it’s time to move on.
Nevertheless, a big part of preparing for a successful sale means putting these feelings aside. From this moment on, it’s time to base all decisions on what is happening in the Guelph and Tri-Cities market right now, overall and in your specific neighbourhood. A local real estate agent will help you uncover all of the facts and data and how to interpret them to create a strategy that gets results.
Whenever buyers have choices and are taking their time before making their move, it’s normal for prices to decrease slightly. Look on the bright side, however. Once your home sells at the maximum amount, you’ll be one of those buyers with all of the options and the negotiating power. Understanding nuances like this can bring you distinctive advantages in all markets and in all situations. Through an objective lens of what is really happening, you can make more informed decisions.
Mistake #3: Assuming Buyers Will See the Potential
Perhaps you never did get around to touching up the paint from when you first moved in. How much of a difference can such a minor update make, anyway, especially if your house has good bones and a rock-solid foundation?
The truth is, presentation matters more than you realize. You can see the potential of your home because you live in it every day. You may not even notice those minor flaws anymore. A buyer doesn’t have those advantages.
Without help, approximately 90% of people can’t envision what a home would look like painted a different colour, decluttered, or with different furniture. A home that shows better, gets more showings, which means more offers, resulting in more money! If they walk in and immediately think “I love it here,” they’re much more inclined to negotiate.
Mistake #4: Using Your Friend or Relative as a Realtor®
Unless your friend or relative has years of experience and a long, proven track record of results even in shaky markets, hiring them to sell your house is not advisable. Obviously, you don’t want to hurt anyone’s feelings, but it’s even more important to avoid jeopardizing the outcome you are counting on.
If you’re tempted to hire someone you know (or go with the cheapest possible option), remember that your needs must take priority. Earning top dollar will open up more options when searching for your next home. Working with the right Realtor® who is a neutral third party and who knows the market inside and out makes a huge difference. It doesn’t just affect how much your house sells for, but it’s also about how smooth and stress-free (or not) the whole process can be.
A house that is well-presented and staged is more likely to get great offers! Get valuable tips in the posts below:
- Why Landscaping Matters When Selling Your Home
- Does Staging Work to Sell Your House?
- Home Inspections: Friend or Foe When Selling Your Home?
Mistake #5: Unwittingly Making Buyers Uncomfortable or Unwelcome
One of the worst mistakes by a home seller is simply getting in their own way, and all too often, they don’t even realize they are doing it. The most obvious faux pas is in not making your home available in the first place. It’s understandable; keeping your house in pristine condition while also living in it is hard work, and buyers often want to schedule showings at the most inconvenient times.
That said, the more flexible you are, the more potential buyers have an opportunity to see your home. More exposure can lead to an optimal outcome, possibly even multiple offers.
Another way sellers sabotage their own success is by being home during these appointments. For the best results, we want the buyer to see the home as theirs, to imagine being comfortable and happy living in this space. Tiptoeing through the living room while you’re on the couch watching TV doesn’t exactly create this effect.
Never forget that, while selling a house is an emotional experience, buying is even more so. They should be able to talk to their real estate agent freely and ask any questions they may have about the property. An experienced professional has a way of addressing any objections a buyer may have; we have been doing this for many years!
Putting buyers at ease and making them feel right at home makes them more likely to proceed to the next step – making you an offer.
Do you want to experience outstanding results in any type of market? Our top Guelph real estate agents are here to guide you every step of the way. Reach out to info@gowylde.ca or call 519-826-7109 for more information.
