During a transaction, there are a lot of things to keep track of, and it can be easy to forget one or two “minor” details. However, these minor details can end up costing you hundreds, if not thousands, of dollars. A great real estate agent will keep you on track, but it always pays to be prepared and knowledgeable. Here are some common mistakes sellers make, and how to avoid them.
1) NOT USING AN AGENT
Your home is likely your most valuable asset. Unless you’ve bought and sold real estate multiple times and are confident in your skills, it’s not wise to sell your home on your own. Selling real estate is a complex and multi-step process, and it’s easy to drop the ball – especially if you have a full-time job, taking care of family, or busy with life. Instead of stressing over it, hire an expert!
Pricing homes can be an art. Overpricing or underpricing can be a costly error, and it can also turn away quality buyers. Understand your market, and work with your real estate agent to come up with a pricing strategy. Typically, real estate agents will provide you with a Comparative Market Analysis (CMA) to aid you in this process.
3) NOT PREPARING YOUR PROPERTY
As you prepare to list your home, it’s important to get your property “open-house ready.” Having clutter and broken fixtures will turn off buyers and bring in lower offers. Get a head start on moving preparations and clear out junk, de-clutter, and remedy repairs. When it comes time to list your property, this extra effort will undoubtedly pay off.
4) FAILING TO DISCLOSE
It might seem counter-intuitive to disclose all your home’s imperfections, but it’s actually the smart thing to do. Buyers will eventually discover these problems themselves, and you can be sure that they won’t be happy about it. They might even have grounds to pursue you legally. Save yourself the headache, and be upfront and transparent from the start.
5) OVERLOOKING EXTRA EXPENSES
Don’t make the mistake of forgetting closing costs! They could be a lot more than you expect, and not factoring them into your expenses is a big (and common) mistake. Request a list of fees and expenses prior to closing, and review it with your real estate agent. For reference, here are some common costs associated with selling real estate: legal fees, mortgage fees, disbursements, adjustments, moving costs
Feeling a bit overwhelmed? Feel free to reach out to us! With years of experience in Vancouver real estate, and a team of four knowledgeable REALTORS®, we are confident that we can answer any questions you may have.