If you’re thinking about selling your home, there are a few common mistakes you’ll want to avoid to ensure you get the best price, and the best overall experience. Here are 5 of them:
1. Accepting a bully offer right away.
While a bully offer may seem like a good idea in theory, you probably shouldn’t unless it’s substantially over the asking price. Because of the low inventory levels of homes available for sale right now, and the number of people likely to bid on your home when offers are being accepted, it’s more likely that you’ll receive a better offer if you wait and accept offers on a specific day. The reality is, people bidding against each other are more likely to pay a higher price in the end. There are exceptions though.
2. Having an asking price that is too high.
Of course you want to get a high price when you sell your home, but the truth is, you’ll only get what the market is willing to pay. The reality is that your home just might not be worth millions of dollars, even though your neighbour may have sold for that. There are a lot of factors to take into consideration. While it’s all case-by-case, sometimes agents set a lower asking price, sometimes they set the actual asking price. It all depends on what the selling strategy is and what you want the outcome to be. Generally speaking though, setting an asking price that is too high will push away buyers that might otherwise be interested.
3. Selling before you buy a new home.
There was a time when you wouldn’t think of selling before you buy, but that doesn’t really apply to people in the Toronto real estate market these days. The fact is, your home will sell, and you’ll have a harder time buying a home than you will selling. Here’s more about the approach I recommend to my clients when it comes to selling before buying.
4. Not interviewing multiple agents.
The first agent you meet might be the perfect one to sell you home; but then again, they might not be. It literally pays for you to shop around, interview multiple agents, and make sure you find the best person for the job. Here are 5 things you might want to consider asking them.
5. Listing with an inexperienced friend or relative.
I get it. You really like your friend, or you really like your uncle that just got his license, but are either of them really the people you want to trust the sale of your home to? Chances are, you want to get the most money, in the shortest amount of time, with the least amount of hassle. A professional real estate agent that has experience is always your best choice for making that happen.
Do you have any tips for people thinking about selling? What did you learn when you sold your home? Do you have your own mistakes that home sellers make? I’d love to hear about it in the comments below.