The average cost of housing in England is rising at a precipitous rate, particularly in the area of London. In fact, it’s the highest it has ever been. With constant rumors about the housing bubble bursting, if you want to sell your home, now is the time to get it on the market.
Even with England being a buyer’s market, you still have to take care to avoid certain mistakes when selling your own home. Without the aid of an experienced real estate agent, you probably feel in the dark on how to get the highest offer possible on your home.
Not experienced in prepping your home for sale? Don’t worry, we’ve got you covered. Read on to learn about what to avoid when selling your own home in Epping.
Pricing Your Home Too High
You’ve put a lot of work into your home, and you’ve loved it for years. It’s only natural that you’d want the sale price of your home to reflect on how you feel about it. Unfortunately, that’s not always a realistic expectation.
One of the biggest mistakes you can make when selling your home is to price it too high. A home that’s priced well above its actual value is unlikely to move very fast. Home buyers will likely think you’re trying to pull one over on them or, at the very least, that you’ll be difficult to deal with.
How do you avoid this issue? First, take moment to detach yourself from the home. You don’t want to allow your emotions to get in the way of successfully selling your home.
Then, you’ll want to have your home appraised. Appraisers will give you a ballpark value of your home within the current market and compared to other homes in the neighborhood.
Lastly, it may seem counterintuitive, but you may try pricing your house on the lower end of its value. If all comparable homes in your neighborhood are selling for £400,000, and you put yours on the market for £375,000, you find that a bidding war bumps up the actual sale price of the house well above what would have been your asking price.
Showing Your Home “As-Is”
Look, we’re all busy. Making time to get your home in shape before buyers come by to look at it is a difficult thing. Here’s the thing though, if you don’t, you’ll wind up with a lower offer.
There are a couple cardinal sins when allowing people to view your home: leaving too many personal items in view and showing an empty home. Too many personal items prevent potential buyers from being able to picture themselves in your home. You want your buyers to be able to see themselves and their families there, not yours.
So why not let people see the home when it’s vacant? It’s difficult for home buyers to picture how the house would look with furniture and decorations up. They may think that a room that’s actually the perfect size is too big or too small for their needs.
So what’s the solution? Staging! Staging is done by a professional company that sets up furniture and decor in homes for sale. It’s a small investment that pays dividends when you get higher offers.
Failing to Make Necessary Repairs
Nothing will scare a potential buyer off like a house with lots of issues.
Any major (and visible) issues with the home will need to be repaired before you ever let a potential buyer step foot in the house. Let’s say you have a leaky roof or the heat is on the fritz. Repairing these issues is no small investment, but letting buyers know that the house has a new roof or heating system will do wonders for the offers that come in.
In the event that you do let potential buyers in before making repairs be sure to disclose the issue and let them know that repairs are underway. Hiding issues with a home is a great way to make potential buyers not trust you. This is even worse for you if you get an offer and it fails to pass inspection.
Taking Photos Before Tidying Up
Photos are the most important thing you can do to bring potential buyers into your home. Thinking of skipping the photos and relying on a description and your address alone? Think again! Most home buyers won’t even look at an ad if it doesn’t have photos.
Next, you want to make sure that you take high-quality photos of the home. This means making sure that your home is properly staged.
Tidying up your house will make buyers much more comfortable with coming to look at your home.
Turning Down and Accepting Offers
When it comes down to offers, there are two main mistakes you can make — turning down initial offers that are well-below asking price and accepting offers from buyers who have not demonstrated that they are qualified to buy your home.
It may seem like an insult to you and all the memories you’ve made in your home, but turning down low initial offers is a good way to lose a sale that’s actually close to your asking price. Be willing to negotiate. If the buyer refuses to budge despite good faith attempts at negotiation, then you can move on.
When you do finally get the perfect offer, don’t jump on it before the buyer demonstrates that they’re qualified to buy the home. Always ask for paperwork that shows that they’re pre-qualified for a mortgage that exceeds the cost of purchase or that they have enough cash to pay for your home outright. Don’t lose out on qualified buyers by tying up your sale with unqualified ones.
Be Ready When Selling Your Own Home
Selling your own home can be a stressful and tedious experience. You want to do everything you can to get the value up, but you have to balance that with realistic expectations about what you’ll actually get. Remember, just because you get a low initial offer, it doesn’t mean that they aren’t willing to negotiate.
Don’t want to go through the excruciating home selling process? Interested in getting a fair price for your home in a short amount of time? Contact us today to see how we can help you sell your home fast.