5 Mistakes to Avoid when Selling your Home

Selling a home is equally exciting as it is daunting, especially when you’re unsure of what to expect. As real estate experts, with years of experience, ‘Jonny Warren Properties’ understand the challenges that come with selling a property in Canberra. This is why we’re committed to helping our clients avoid common mistakes, that can cost them time and money.

Whether you’re a first-time seller or a seasoned professional, we’re here to provide you with tips to help you stay on track and achieve a successful sale; from pricing and staging your property, to marketing and negotiating with potential buyers. We’ll provide you with the guidance and support, you need every step of the way.

 

1. Neglecting Repairs

 

As the common saying goes “first impressions count” and the first impressions of a property can be a deal breaker, when it comes to presenting your property for sale.

Addressing necessary repairs and renovations, is a vital element before advertising your home for sale. Many homeowners overlook minor issues, such as a ‘leaky faucet’ or ‘broken shutters’, thinking they’re an easy fix for the new homeowner, however this isn’t the case.

Issues (however minor) can deter prospective buyers from making an offer or reducing their offer.

As minor problems equate to the buyer spending additional funds for repairs and can cause concern for further hidden defects. Furthermore, neglecting to address these issues could lead to costly repairs for the seller, prior to their property ‘settling’.

To avoid complications and ensure a smooth ‘successful’ sale, it’s best to ensure all necessary renovations and repairs are completed prior to listing your home for sale. Our team of experts (at Jonny Warren Properties) can assist with determining what requires repairs and connecting you with the right trades to ensure these jobs are handled in a timely manner.

 

2. Not Staging Your Home

 

When potential buyers view a property for the first time, it’s beneficial for them to be able to envision themselves living there, or see the potential for purchasing the property as a successful investment property.

However, many first-time sellers overlook this strategy, as an attempt to save on costs, and then question why they aren’t receiving as much ‘buyer interest’ as expected.

Staging your home for sale provides prospective buyers with a sense of home, and helps them imagine moving straight in. This can significantly impact the success of your sale. To ensure your property leaves a positive, lasting impression, there are a few simple steps you can take such as:

• Declutter and depersonalize each room in the property.

• Refresh the space (ie: complete repairs and cosmetic updates such as fresh paint, carpet cleaning and replacement of textiles and common fixtures, etc.)

• Complete a deep clean, to ensure that every nook and cranny is spotless.

Whether you choose to hire a professional stylist or decide to stage your home yourself, Jonny Warren Properties are here to help you arrange quotes, advice and styling services from our reputable trades. This will help you prepare your home for the market, and ensure it appeals to a broad range of prospective buyers.

 

3. Setting Unrealistic Price Expectations

 

Overpricing a property is one of the biggest mistakes a seller can make in the real estate industry. In today’s market, it’s more important than ever to set a realistic ‘price guide’ for your home.

Overpriced homes tend to sit on the market (for extended periods of time) without any significant interest, from potential buyers. Often times, this scenario leads to a price drop, and could ultimately result in missing out on prospective buyers.

Pricing your home slightly below market value tends to attract a larger pool of prospective buyers. This then increases the likelihood of receiving multiple offers (which often times are placed above the advertised price guide).

At Jonny Warren Properties, our team are well versed in helping our clients set a realistic price guide for their properties, from the beginning of the campaign. This is based on in-depth research, on the surrounding market.

Without ‘proper data and research’, sellers run the risk of overpricing their homes. This can result in not receiving offers, or under-pricing their homes, which could see them potentially miss out on tens of thousands of dollars.

Our team are dedicated to finding that middle ground, best suited to the current market conditions, in order to draw in as many prospective buyers as possible, without undercutting your profits.

 

4. Advertising at the Wrong Time

 

The time you advertise your property can have a major effect on whether or not your property sells, and if it sells at the price you expect.

The real estate market is constantly changing, and it is influenced by multiple factors. Trying to foresee market movements (with complete accuracy) is almost impossible, even for the most seasoned experts.

Waiting for the perfect moment to sell your property, could mean missing out on a potentially ‘lucrative opportunity’ to buy your next dream home. If you delay your sale for too long, the cost of your next property could also increase. This could then affect the overall profit made from your sale.

It’s essential to also be mindful of the broader economic conditions, that could impact the sale of your property. Such as ‘rising interest rates’ (which in turn could lead to a reduction in the number of prospective buyers) or a ‘higher cost of financing’ your next purchase.

At Jonny Warren Properties we believe the best approach to selling your home, is to focus solely on your unique requirements and circumstances. Whether you’re looking to downsize or upgrade, or you’re simply just ready to start the next chapter in your lives, we can help you navigate the market and identify the right time to sell.

 

5. Not Working with a Sales Agent

 

We understand that selling a home is a big decision with a lot of responsibilities. While it may seem tempting to sell your home on your own, and avoid paying a real estate agent’s commission, it is essential to consider the possible pitfalls of going solo.

At Jonny Warren Properties we understand the ins and outs of the housing market, and we are well-equipped to handle the nuances of the selling process. Working with us offers numerous advantages, including minimizing risk and liability; leveraging market knowledge; and creating an effective marketing and negotiation strategy, whilst keeping your best interests at heart.

We understand that your home is one of your largest assets, so we are here to help you get the most out of your investment. As your trusted real estate agent, we assure peace of mind. Knowing that our goal is to navigate the complexities of the housing market for you and make the selling process as stress-free and as profitable as possible.

We’d love to tell your story, so if you’re considering selling your property, contact us today!