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Avoid These Mistakes When Selling Your Home
With markets reopen, prospective buyers are likely to be scouring the online property portals in an effort to bag themselves a bargain.
Unfortunately, many vendors have found themselves having to decrease their asking prices in order to gain vie for buyer interest as desperate sellers become more and more aggressive in pricing. So, how do you make sure that you beat out the competition?
Overpricing
Sellers can sometimes fail to be realistic about how their house is worth, often due to sentimental reasons. A house must be priced in a similar price range to local comparables1. This means finding a home with the same features as yours that has been sold recently and learning which offer was accepted.
If you put your house on the market with a high asking price, you may actually end up losing more money due to the length of time that it will spend being listed. Be realistic, and always bear in mind that these are not the best times to selling2.
Not Comparing Agents
You do not owe an agent anything. Their reward is the percentage proportion of the sale and that is all. For this reason alone, you need to compare competing agents1. You may find an agent who gains a reputation for fast house sales, only to find that they only perform well with houses worth over £500k. You may find a national agent who has a stellar record across all price bands, only to discover that they know nothing about the local area3.
The most recommended agents are not necessarily the best for your home and location.
Delaying Paperwork
Sometimes, you can place a house on the market and receive an offer within a week. And if you’re happy to sell for that amount it’s important to have all the necessary paperwork ready to go, or risk losing the buyer3.
You can save yourself a huge amount of stress by contacting your solicitor or conveyancer at the same time you prepare your house for sale, allowing any offer to be processed as fast as possible. If you are moving from another house, also remind yourself that a chain will deter many buyers, so the further into your own house sale, the better.
Not Enough Visuals
The first time a potential buyer sees your home, it is likely to be online. This means that they will be very thirsty for any and all media related to it. Anyone who is seriously planning to sell their home for the best price will contact a professional photographer, who will use their experience and knowledge of lenses to find the best angles and make your house look its best1. It is also important to provide as many photos as possible – listings featuring only three or four photos will always make a buyer question what the seller is trying to hide and subconsciously write it off4.
As property portals such as Rightmove continue to get busier, it’s always worth taking advantage of the technologies they offer. For example, you can now publish a video walk-though of your home, or upload a 3D panoramic photo. By investing in an inexpensive gimbal for your phone and ensuring there is plenty of light, a video can often be more visceral4.
Lack of Presentation
It can sometimes be shocking how many houses are listed with photographs of untidy rooms, old curtains and dirty windows. While people expect to have to do a little spring cleaning when they move in, they will often be put off by seeing a home in its worst state. This also holds true to the exterior of the property. Unkempt, un-weeded gardens and overgrown bushes can easily discourage a potential buyer from parting with their hard-earned money.
A simple tin of varnish of windowsills and door frames, a touch up with paint on the interior walls and a tidy garden can have an amazing difference on your asking price
Don’t Forget Keywords
While estate agents will most likely expect to write the listing description for you, you can always offer them a ready-made description that you know contains all the relevant information that will help to sell your house. This means using descriptive language, avoiding industry jargon, and including all the keywords that will get a buyer’s attention3.
Keywords such as ‘detached’, ‘garden’, ‘garage’, alongside phrases such as ‘new boiler’ and ‘low-e glazing’ are fantastic for getting your home noticed. Important keywords should always be mentioned as high up on the description as possible.
Personalisation
It may be your house, but it is soon to be their house and they are unlikely to be impressed by your ‘unique’ approach to decorating5.
A buyer is going to feel much more comfortable visiting homes that exhibit nice clean lines, cream coloured walls and a flooring that doesn’t clash as they will want to be able to visualise themselves living there6. Too much of your own personalisation may prevent this.
Holding Out for More
People who are selling a house for the first time are often not ready for the speed at which a sale can move3. It is a commonly held belief that once the hard work is done and the house is listed, they’ll be waiting for weeks and weeks to gain their first viewings. What many don’t expect is for a viewing and an offer to come back in the first seven days, and if it does it can be easy to start believing that if you hold out a little longer, you could make even more profit. In reality, the offers you receive further down the line – if any – are likely to be less as buyers attempt to take advantage of vendors who have failed to sell in the first 6-8 weeks.
Are you interested in selling your house for cash? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.
References:
1 Anon. (2020). Mistakes to avoid when selling a house. Available: https://www.halifaxcourier.co.uk/news/mistakes-avoid-when-selling-house-202081. Last accessed 26th Sept 2020.
2 Gray, S. (2019). Property for sale: Avoid making THIS common mistake to sell your house fast – what is it?. Available: https://www.express.co.uk/life-style/property/1166186/property-for-sale-news-prices-value-sell-quick-estate-agent-tips. Last accessed 26th Sept 2020.
3 Sewraz, R. (2019). 12 mistakes to avoid when selling your home. Available: https://www.which.co.uk/news/2019/09/12-mistakes-to-avoid-when-selling-your-home/. Last accessed 26th Sept 2020.
4 Knight, R. (2020). Looking to sell? This simple mistake is putting potential buyers off your home . Available: https://www.idealhome.co.uk/news/property-listing-mistakes-250228. Last accessed 26th Sept 2020.
5 Mallinson, H. (2020). Property for sale: Easy mistake to avoid when selling a property – what not to do. Available: https://www.express.co.uk/life-style/property/1314266/property-for-sale-selling-house-personality-clutter-tips. Last accessed 26th Sept 2020.
6 Butterworth, M. (2017). Avoid these six property mistakes that can make your home less attractive to potential buyers. Available: https://www.dailymail.co.uk/property/article-4944180/The-six-turn-offs-prevent-home-sold.html. Last accessed 26th Sept 2020.
