Selling your property is a significant life event and can produce a mix of excitement and anxiety.
While you may be aware of conventional wisdom like being welcoming at viewings and making your home smell like baked cookies, there are other important pitfalls to consider. Making these avoidable mistakes could be detrimental to your house-selling journey.
Thankfully, we’re on hand to help you.
Keep reading to uncover the common mistakes homeowners make when selling their property and how to navigate the market with confidence.
1. Overpricing your property could lead to delayed sales or low offers
One of the most significant mistakes you can make is overpricing your property. It’s natural to feel an emotional attachment to your home and perhaps overestimate its market value as a result. However, listing too high can cause several issues.
First, you risk deterring potential buyers from even scheduling a viewing.
In today’s digital world, buyers often have alerts set up for properties within a specific price range. If your home falls outside of their parameters, they simply won’t see it.
Secondly, an overpriced property can linger on the market. As days, weeks, and even months pass without an offer, your listing could become “stale”. Buyers may even begin to wonder if there’s something wrong with the property. This could lead to lower offers down the line, potentially even below what you might have initially achieved with a more realistic initial price.
It can be helpful to rely on objective data. Work with your estate agent to analyse comparable sales in your area and be sure to look at recent sales of similar properties in terms of size, condition, and location. Be honest with yourself about your property’s shortcomings.
Remember, the goal is to attract interest and generate competitive offers, not to test the upper limits of the market.
2. Timing isn’t everything, but it is important
You might not have complete control over when you need to sell, but being mindful of market conditions and seasonal fluctuations can aid your sale.
For instance, trying to sell a large family home right before the summer holidays might limit your pool of potential buyers, as they could be heading on holiday. The market tends to slow during this period, as well as during seasonal holidays such as Easter and Christmas.
Consider the local market trends in your area. By researching previous sales, you might be able to note when buyer activity tends to pick up.
Don’t rule out economic shifts either. If mortgage rates are high, for example, you might find that it takes longer to sell an expensive property than you initially assumed.
While you can’t predict the future, being aware of these factors and discussing timing with your agent can give you a boost.
3. Haste makes waste. Rushing the selling process could be detrimental to your long-term plans
Selling a property involves several steps, and trying to rush through them can lead to costly mistakes.
These could include:
- Skimping on professional photography
- Ignoring minor cosmetic issues
- Leaving the garden untended and messy.
Rushing viewings or failing to adequately prepare your home can also be detrimental. Buyers want to envision themselves living in the space, and a cluttered or poorly presented property can make that difficult.
Take the time to declutter, make essential repairs, and stage your home effectively.
4. Underestimating closing costs can affect your budget
Beyond the estate agent’s fees, there are other costs that many overlook. These can include legal fees, energy performance certificate (EPC) costs, removal expenses, and valuation fees. Moreover, if the property is not your primary residence, you may have to pay Capital Gains Tax (CGT) on any profit you make.
Failing to factor these costs into your financial planning can lead to unexpected expenses and reduce your net proceeds from the sale.
5. Not seeking professional advice could slow down the process
While it may be tempting to try and save money by handling the sale yourself, the expertise and guidance of experienced professionals can be invaluable.
Estate agents bring a wealth of knowledge about the local market, pricing strategies and negotiation tactics. Solicitors or conveyancers, meanwhile, are essential for navigating the legal aspects of the sale.
Our independent mortgage advisers understand the entire sales process so we can help you navigate the market while also explaining how the sale might fit into your wider long-term financial planning. We are always on hand to help so be sure to get in touch before you make any big decisions.
Get in touch
If you’re unsure of how to navigate the sale of your home, or what it could mean for your bigger financial plan, speak to us now.
Get in touch by emailing hello@fingerprintfp.co.uk or calling 03452 100 100.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.