Selling your Victoria home can be an emotional and time-consuming process. After all, you’re parting with a place that’s been the backdrop for lovely memories over the years. And, you can’t control buyer expectations or demands either. Especially if it’s your first time, the process can feel overwhelming and awkward. It’s important to consider current and long-term goals during this process, and to identify what mistakes to avoid when selling your Victoria home.
1 . Underestimating Selling Costs
When selling a home, the hope is to turn a decent profit on what you initially paid for the house. However, there are additional fees involved in the sale that you might not be considering. Selling costs include repairs, closing costs, and other concessions to buyers. By accounting for those costs, as well as agent commission, you’re potentially paying 10% of the sale price for selling expenses. Using a good home sale calculator can help you properly estimate your net proceeds once selling costs have been deducted.
2. Unrealistic Price Setting
Overpriced homes struggle to sell, and overpricing is arguably the biggest mistake sellers make when putting their homes on the market. It’s that fine line between asking for too much and not asking enough that you have to tote. You’ll have an idea of your home’s value based on other homes sold in the neighborhood. By researching comparable sales and considering the features of the homes you’re comparing, your listing price will be more accurate.
3. Accepting an Offer Too Soon
And, on that note, your expectations regarding fair offers should be more realistic too. You have to factor in contingency plans that protect a buyer’s interests, ranging from financing to inspections. These contingencies can alter the timeline of a sale and increase the level of complexity involved. Common contingency offers depend on the buyer selling their existing home. However, contingencies come with risk and could leave you disappointed down the line. Don’t jump on a contingency offer just because it’s attractive. It’s best advised to wait on a more reliable offer. There’s no need to rush.
4. Limiting Showings
As mentioned, strangers coming into your home and looking to be critical of different aspects of your home can be intimidating. But, it’s for the best. The more accessible your home is to prospective buyers, the likelier it is to sell. The goal is to accommodate as many buyers as possible to attract serious offers. Real estate agents have your best interests at heart and will work with you on realistic goals for showings.
5. Getting Emotional
It’s hard to part with anything you’ve grown fond of, and a home is no different. However, the last thing you want to be doing is making rash, emotional decisions you’ll end up regretting once the ‘Sold’ sign goes up. Emotion can lead to you overpricing your home or make negotiations more difficult. Negotiations can be stressful and demanding at times, requiring a level head to navigate the process.
With these points in mind, the process becomes easier to manage. Are you ready to sell your Victoria home? Give Brad MacLaren a call today!
