Selling a home is not always that easy, and you can complicate the process if you are not aware of what potential buyers are expecting. Deciding on the sales price for the property, for example, is one of the key aspects to take into account.
As a self-respecting seller you want to make as much profit as you can, but you also need to keep in mind that the price should be fair and reasonable.
This article by ShMadrid focuses on 3 factors that could affect selling your property and how to go about them.
Related article: Ten Risks of Selling Your House Privately
3 Possible mistakes when selling your property
It is clear that you cannot just set the sales price according to what you think the property is worth, because you need to take into account what similar properties are costing at the moment you are putting your house up for sale. So the main and most important question is: What are people prepared to pay for your house?
Of course, the property for sale must be in perfect condition, because the better the quality, its features, and location, the easier it will be to attract potential buyers.
Unfortunately, many homeowners make the same mistakes over and over again when selling their house. So learn from the following three blunders and prevent making these mistakes!
Not hiring a property surveyor
Not pricing a property adequately is a common error, and the tendency is to set the price too high in order to make as much profit as possible. On the contrary to setting the price too high, there are also people who do the opposite to sell the property as soon as possible, but this means you will probably lose money.
You can determine a fair price by hiring a property surveyor. This is the expert in charge of valuing your home. He will do a complete market study and write a valuation report depending on certain aspects, such as the property’s condition, the number of square meters and its location.
Related article: What Does a Property’s Energy Performance Certificate Mean?
Sometimes it is not only about making a profit when selling a property, but people also tend to value a home differently, because they have lived in it.
If important life events happened inside your home, you can get too emotionally attached to it, but you cannot let your emotions get carried away, because you will then lose your objectivity when setting the price.
A house can be of incredible sentimental value to any owner, but the person buying the property will have to create its own space there. So don’t take too long of a trip down memory lane when pricing your property.
Exaggerating the property price
If you set a higher price then what the market says it is worth, it will only help your competition to sell their properties quicker.
Buyers use price filters when searching for a property, and if your home is outside their price range, then people who might actually be interested will not even get the opportunity to see the advertisement. As an effect, you will lose potential buyers, and if your property will be on the market for a very long time as a result of this, buyers will eventually lose interest.
Besides the aforementioned issues, it can also lead to problems for the valuation. For example: someone who falls madly in love with a property agrees to pay the (higher) asking price. Reality could then be that the bank will not grant the mortgage, because the property is not really worth that amount of money.
What other aspects could be of a negative influence on selling properties?