Selling your house or condo in Toronto’s West End can lead to an influx of cash—and a fresh start. But before you can complete a successful sale, you’ll need to make it through a series of (often complicated) steps. Understanding the process is key. While it certainly helps to have a list of to-do’s, it’s just as important to know what not to do.
If you’re ready to sell your home, here are five common (and often costly) mistakes to avoid.
1) Pricing Incorrectly
As a seller, it makes sense that you want to obtain the maximum value for your home in any market. However, you also need to understand the transaction from the buyer’s perspective. Understandably, they want to avoid overpaying and get the best house possible for their budget.
This is why your typical transaction involves a little push and pull before the buyer and seller come to terms they both agree on. It’s also why finding the right price for your home is critical if you want to achieve a great result.
- Set it too high, and buyers will not feel motivated or excited by your listing. This means your property could sit on the market without receiving any good offers. And the longer your house remains unsold, the more likely you are to have to reduce your price anyway.
- Setting your price too low is also not ideal. You may wind up selling it for less than it’s worth. Additionally, you might inadvertently set off a red flag for buyers who think something could be wrong with your property.
When setting your ideal listing price, it never pays to guess. Your best bet is to work with an experienced professional who is familiar with how fast houses in the West End are selling and for how much. An agent who’s a true pro will use all of the most accurate and up-to-date data and other advanced market knowledge to help you find just the right price.
What should you do in advance of selling your home to create the most value? You’ll find plenty of solid advice in the posts below:
- Home Renovations That Add Lasting Value
- 5 Tips to Make Your Home Irresistible to Young Buyers
- Buyers Are Going Crazy for These Home Features
2) Overlooking Small Repairs
After living in your home for some time, it’s easy to overlook the minor damage and flaws that arise from simple wear and tear. A small crack in a window frame here or a crooked cabinet door there – it may not seem like a big deal to you. In fact, they’ve been there so long that you don’t even notice them anymore.
However, your buyer is in a different frame of mind. They are on high alert, and these small defects can send the wrong message. For this reason, it’s a good idea to get out your toolbelt—or find a qualified contractor—and get to work on those little repairs.
While you may want to factor larger issues with your home into the deal you strike with the right buyer, those that can be easily tackled are well worth taking care of before your property goes on the market. Imagine if spending a couple hundred dollars and a few hours now allows you to add thousands of dollars to your final selling price. If you’re not sure what minor repairs will have the most impact, your local real estate expert can help you craft your plan.
3) Using Low-Quality Listing photos
Most buyers search for homes online. Whether they’re casually looking at listings in between TV shows or seriously searching, one thing is for sure; you want to catch their attention quickly before they move on to the next option.
The best way to stand out at this critical moment is with an eye-catching listing and captivating photos. Using poor-quality images is a big mistake. A professional will have the expertise to show your property in the best light possible.
They’ll use perspective, angles, contrast, and lighting to pique your buyer’s interest so they want to book an in-person visit. Once buyers begin showing up, you are well on your way to putting up a “Sold” sign.
4) Forgoing Staging
Part of making your home shine (both in photographs and during showings) is dressing it up. It begins with cleaning and decluttering to create a blank canvas to work from. The next step is to design the space in a way that creates maximum appeal to potential buyers, which is what staging is all about.
Adding pieces of furniture and decor throughout can make a massive difference in your presentation. Skipping this step can lead to lacklustre results once the numbers are tabulated.
A well-staged home can lead to a faster sale and a higher price. It’s all about working with a true professional—someone who will make your home look bigger, brighter, and more desirable to buyers.
Understanding the current market and obtaining the right guidance are essential if you want to get the best value from your sale. Learn more in the posts below:
- Negotiating Real Estate During A Shifting Market
- What Every Seller Should Know About Home Inspections
- Warning Signs a Toronto Real Estate Agent is the Wrong One to Sell Your Home
5) Refusing to Negotiate
Standing firm on price when they should be negotiating is one of the biggest mistakes inexperienced sellers make. The Toronto real estate market is never set in stone. It’s dynamic, and conditions can change quickly, even after your house goes up for sale.
While there are times when you definitely shouldn’t lower your price (or agree to a new set of conditions), a bit of flexibility can pay off big time. It’s about give and take, not giving in.
Sometimes, you may feel you have to lower your price by a much larger amount when a small concession would clinch the deal. Other times, you can hold your price and include something extra in your offer, such as the new BBQ you weren’t planning to take with you anyway.
No matter how you look at it, negotiation is tricky for those who do not live and breathe real estate every day. To get the most out of your sale, work with an agent who’s been through it (and successfully advocated for clients) many times before.
Ready to start the selling process for your West End Toronto home? Get in touch—our experts are happy to guide you from beginning to end!
Reach out today to info@sidorovainwood.com or call 416-769-3437 for more information or to get started.
