Home selling mistakes

Selling your property, especially in the current property slump, may seem impossible, but property owners can increase their chances by avoiding
common homeselling mistakes says Jenny Rushin, Provincial Property Finance Manager for ooba (formerly MortgageSA).

1. Incorrect pricing

Attaching an incorrect price tag to your home is one of the biggest mistakes sellers make.

"Evaluating the price of your home, especially when housing prices are so volatile, is a very difficult job," warns Rushin. Now more so than ever it is critical to contact your local real estate agent who is an area specialist to assist you in accurately pricing your property.

"Property growth has taken a knock in the past year and the housing marketing is not benefitting from enormous year-on-year increases seen in the past."

An inflated price will scare away any potential buyers especially in current conditions where there are a lot of bargains out there.

"Just as you should be aware of over inflated prices, conversely a very low price is just as detrimental and a very real mistake made by many current home sellers," says Rushin. "Some sellers are panicking and selling their properties for less than they are worth which affects the seller’s personal wealth as well as their ability to purchase their next property."

Perform as much market research as possible on the area you live in before you decide on a price tag. Do property searches for similar homes in your area, read up on the current property prices and take professional advice from real estate agents.

You can also consult with a professional property evaluator who, although sometimes pricy, will be able to give you the fairest pricing.

2. Incorrect marketing

There are many ways in which to market your home and obviously the more potential buyers have access to your home the more chance there is of a sell. Sellers often don’t exhaust marketing opportunities when trying to sell their homes.

"The traditional property mediums, such as the property pages, are not the only way to market your home," notes Rushin. "In fact, there appears to be a trend away from the property pages to online property pages as online property pages are simple to use and very accessible."

To maximise your online presence make sure that there is as much information about your home available as possible as well as good quality pictures.

"Take an interest in the marketing of your home and if you are dealing with a real estate agent ask where they will be advertising your property," says Rushin. "It should cover both the traditional print property pages as well as an online website."

3. Bad first impressions

It is not only up to the estate agent to sell your home, it is your job as well. According to a survey conducting by propertygenie.co.za almost half of all buyers knew whether they will buy a home the moment that they stepped into it.

Help the process along by presenting a tidy home free from overwhelming odours such as cigarette smoke and pet smells.

"Don’t assume that buyers are only looking at the structure of your home, they are looking for a lifestyle," says Rushin. "A neat, presentable house will sell much quicker than an untidy home."

Property is traditionally an emotional asset as many people not only have a lot of their money invested in their property but also have many memories.

"Before you even begin the process of selling your home you need to separate fact from fantasy," states Rushin.

"Examine the reasons why you want to sell the house that you are currently residing in," concludes Rushin. "If you are not sure and there is no immediate reason to sell I suggest waiting until you are 100 percent comfortable."

Article by: Jenny Rushin - www.iafrica.com