Overpricing your home

One of the biggest mistakes when selling your home is overpricing it. Getting top dollar is every home sellers dream however it is unrealistic to think that home buyers should pay a premium for features that are only valuable to you! Pricing a home to sell is an art. Part of the market value is based on comparable sales, but other factors to consider include market movement, demand, your home’s location and its condition. The average buyer sees 10-15 homes before they purchase, so why not make sure you’re one of them! Buyers agents are going to show similar homes that are priced more attractively and as a result, your listing will most likely be passed over!

Learn more about the downside of overpricing with this guide here.

Expecting to make a killing on your renovation investment

When those “you” specific features we mentioned above involved a hefty reno investment, you might dig in your heels when it comes to offers. Unfortunately expecting to make a killing on your high-end kitchen, bathroom, or addition, on top of the equity you built can make even the most even keeled seller reasonable-offer blind! Remember, it takes the right renos to help you see worthwhile profits. Although it’s a tough pill to swallow, the bottom line is that pricing is based on a) market analysis, not reno investments, and b) building equity, not return on reno investments. It’s all about what the market will bear. 

That said, if you love your renos, hopefully they help trigger similar emotions in buyers to drive higher offers. Although they might not necessarily kill, they will at least take away the ouch factor associated with what you think is a loss. 

Before planning your home renovation, read these posts next:

• 12 Interior Design Elements that Never Go Out of Style
• Should You Sell Your Home As-Is?
• How to Get the Most ROI From Your Home Renovation

Not understanding the importance of buyer emotions

That’s the perfect segway for our next mistake: Not understanding the importance of buyer emotions. The emotional connections you feel with your home need to be put aside so you can cater to buyer emotions instead. You need to accept it’s time to move on and create a neutral living space where your life isn’t front and center, so your emotions don’t stand in your way. You also need to solidify your home as the “one” in buyers’ minds. For example, improving curb appeal triggers that first emotional response to make a lasting impression, while setting the stage helps buyers imagine creating memories whether it’s stoking that roaring fire in the fall, dining al fresco in the summer, or “decking the halls” in the winter. Buyer emotions equal sales, seller emotions equal fails! 

Read more about improving your curb appeal here.

Being present for showings

There are legitimate reasons why a seller may want to be home during showings however buyers need to feel as comfortable as possible when looking at potential homes! It’s a big investment and they should feel welcome to open closets, look in cabinets and yes, speak openly with their agent. A seller may experience hurt feelings from questions or comments made by potential buyers or buyers might not give your home a fair chance as they are not able to feel comfortable with you in it!

Letting stress get the better of you

The number one feeling people experience when selling is probably stress. If you let stress get the better of you, selling becomes even more difficult. However, a tidy, clean, fresh smelling home helps alleviate stress while helping your home sell faster. Here’s a few examples: 

• Freeing up space in closets, clearing the counters in the kitchen and bathrooms, organizing shelves, etc. declutters your home and mind, while showing buyers you’ve got plenty of storage space.
• A tidy home keeps your mind calmer, while allowing buyers to see the positives of your space. 
• Mowing the lawn or shoveling the snow is a very Zen, mindful practice while improving curb appeal and making your home feel loved and cared for. 
• Fresh, soothing essential oils can be rejuvenating, soothing, or nostalgic, improving your mood, while ensuring buyers remember your home as the clean house, not the “stinky” house. 

The better your home shows and smells, the less stress you’ll feel, the quicker you’ll sell and the sooner you’ll be able to fall back into a less hectic life. 

Looking for the best real estate team in Toronto to sell your home? Here are some tips to look for:

• What Sets the Best Toronto Real Estate Teams Apart from the Rest?
• A Day in the Life of the Best Toronto Real Estate Team

Not hiring a real estate agent

Yes, selling your home with a real estate agent means paying commission, however, trying to sell your home on your own is ill-advised. I work in real estate 7 days a week, 365 days a year and I am up to date with our ever-changing marketplace. I provide marketing campaigns incorporating traditional and internet marketing, social media and the most up-to-date technology to expose your property to as many buyers as possible. Along with my expert negotiating and networking capabilities I also have access to the best stagers, tradespeople and printers in the city! Working with a real estate professional is truly an invaluable tool in reaching the dream of getting top dollar for your home!