So, you have decided that you would like to start selling your unit. Here are some facts that will help you start the ball rolling.
1. You Have to Keep Your Home in Tip-Top Condition
Do you know that over 80% of home buyers expressed that there’s a higher chance for them to give an offer if they are able to envision living in a home when it is Home Staged and in tip-top condition?
Plan your viewing schedule so when a prospective home Buyer visits, it will be a breeze for them to see themselves living in your home. If you always keep a tidy, neat home than just a quick notice that a Buyer is on their way should be enough. However, if you need a little more time to spruce up, then an hour’s notice to a home showing or up to 24 hours might be a requirement you’ll need. If you work all day, make sure your home is pristine before you leave for the day even if no viewings have been scheduled.
We understand that it may seem like a chore to constantly ensure that the house is in pristine condition. But this little inconvenience is better than letting your unit be stuck on the market for a few months. If you feel that it is troublesome, you can leave the hard work to us and we will get it sorted out for you with our Home Staging expertise.
2. Not Everyone Will Love Your Home in its Current Condition and Style
Understanding this from the beginning will result in lesser heartaches. We know you love your home and are proud of it. You love how you decorated your home. You love the mosaic tiles in your bathroom. You love how you enlarged your living room by hacking a room down. Buyers may love certain things about your home, but may not like other things about it. They may plan to do a major renovation.
What does matter is that the Buyer thinks the price of your home is fair, likes the facing of your home and can envision themselves living in it, then you have gotten the right Buyer for your home. You just need that one Buyer.
Of course, if your home is priced right and presented well there will likely be more than one interested Buyer. Do remember, if they make you an offer, you are halfway there.
3. You Should Not Factor 100% of Your Renovation Cost into the Selling Price
Many Sellers have made the mistake of adding in 100% of their renovation cost to the selling price even when the renovation was done years ago. Buyer’s taste and preference may differ and they might not be impressed with your renovations. They will only pay the fair market value for your home and not what you have spent on.
A renovated home, however, can certainly add appeal to bring in more interested Buyers. It does help to increase the number of Buyers coming to see your home. However, it is not realistic to add the total cost of the renovation to your home’s selling price as you will definitely scare away potential buyers.
4. It’s Unrealistic to Expect the Same Selling Price as your Neighbours
News spreads really fast around the neighbourhood. You got wind that your best friend living across from your block has a neighbour who successfully sold the unit at a record price and you want the same price, if not higher. Afterall, both of you are staying in the same area and cluster so it should be a no-brainer that this should be the case. However, the issue with comparing your neighbour’s transacted price with your potential selling price without being aware of the conditions of the sale is very misleading.
Sellers are always comparing their selling price to their neighbour’s and feel entitled to get the same or even more. However, factors like the facing, level, view, condition of the unit, have a part to play in the offer you receive. Your neighbour’s price can be a guide, however, it should not be the only consideration for pricing your unit.
Emotional attachment routinely gets in the way of making an educated decision regarding the home you want to sell. You simply need to trust the advice of a Real Estate professional who sells homes for a living, like we do.
5. Be Prepared to Receive Low Offers
So you have done all the preparation work in keeping your home spick-and-span and you feel that this is the best condition you have seen your home in years. You are feeling positive and expect to receive good offers quickly. However, like a bolt of lightning, while the first few viewers commented that your home was in fantastic condition, they gave you an offer price much lower than expected. You feel indignant and enraged that they had the audacity to offer you such a lousy price.
Buyers are always on the lookout for good deals and would want to purchase the property at the lowest price possible. With this understanding in mind, you should not feel insulted to receive a low offer. Don’t take the low offers personally. Know that it is common to have a low offer before negotiations take place. In fact, an offer indicates that the Buyer is keen on your unit. When you receive an offer, you are halfway there. You just need patience and leave the negotiation to your experienced Realtor to attain the best price for you.
We hope with the knowledge of these hard truths, it will make it easier for you to sell your home. Often times knowing what to do can make selling a home less stressful. Now go sell your home!