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Selling Your Home? Avoid These Common Pitfalls

handing over keys to buyer

Despite the current global health and economic crisis, the demand in the housing market continues to climb, enticing homeowners who consider selling their properties to push through with their plan. However, the process can be mentally and emotionally exhausting, mainly if this is your first attempt to do so.

Random people entering your house, opening shelves and cupboards, and snooping about might make others uncomfortable despite it being a requirement when selling a home. Besides hearing their evaluation and feedback about your place, there’s a chance they’ll offer you less than your home’s worth. This is just as time-consuming and stressful.

In addition, with little expertise in a complex and challenging process, first-time house sellers might commit a few errors. However, knowing what to avoid during this time can save you from emotional turmoil and confusion.

Getting too sentimental

The thought of leaving the place you once called your home can get any of us emotional. Although this is a normal reaction, you need to pull yourself together and put your head in the game. When you decide on selling your home, you are no longer just a homeowner but a businessman. You need to start thinking like one. By approaching the purchase from a monetary and business standpoint, you can detach yourself from any emotional outburst that may delay or come in conflict with your transaction.

It will also help if you channel your energy into doing something more substantial. For example, you can focus on hunting for a new home to create new memories, find a better job, or even build a family. If you plan to live alone, a safe neighbourhood with access to public transportation and other recreational facilities, such as the Westbrook Estate, can help you get started. Similarly, if you have your children with you, a community offering good institutions, daycare centres, and child-friendly facilities is your best option.

You may also want to invest additional work in decorating or have modest upgrades around your property to maximise its profit potential. These adjustments will be like hitting two birds with one stone as it will assist you in creating a safe avenue for emotional release. This makes the process easier and more bearable.

Placing an unreasonably high price

It is essential to establish an accurate selling price for your property, regardless of working with a realtor or doing it alone. Chances are, the comparative market research you did when you purchased your property would be the same tactics home buyers would do. This helps them distinguish a reasonable price for your place. So it would be better to be one step ahead by placing a fair price up ahead.

Establishing a low price can also be a good strategy if you wish to increase your home’s value. In theory, several bids will result from the standard set price. This gives you the chance to decline a low-ball offer and score better ones. But while you may believe your house’s worth is higher, keep in mind that a fair price should be established based on properties in the area.

Keeping major house issues under wraps

Attempting to hide any issues and faults concerning your property can cost you a fortune, lose clients, or put you in a sticky situation. Remember that any problems will eventually be brought to light upon inspection. Therefore, it’s better to be honest about it first-hand.

The easiest and fastest way to solve this is to address the matter in advance. Thus, ensure to get your home examined before putting it up on the market to assess what needs immediate care. This can range from faulty electrical wiring, plumbing issues, pest control, leaking roof, and any possible repairs.

Selling in the wrong season

To get the best value for your home, you need to know when is the best and worst time to sell. According to experts, it is better to avoid listing your property in the cold months and consider doing it during warmer seasons.

Winter holidays are generally a quiet season for residential sales. Many are preoccupied with social obligations, and the chilly weather in most states makes staying in more tempting. However, come summer or spring, the weather is ideal for people to go out and check different houses. Not to mention, mortgage interest rates and job growth are better.

On top of the know-how, it is critical to understand each market’s buying and selling culture. Ensure that you are emotionally and financially prepared for any circumstances. Be wary of the changes that may happen anytime in the ever-changing economic climate. Always put your best foot forward to get the more profitable deal you deserve.

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