Real Estate

7 Mistakes to Avoid While Selling Your Home

Selling Your Home

Putting up a flat for sale in Mumbai can surely be an overwhelming feat. Particularly if you are a first-timer. You need to make sure that your dwelling lists among the best flats for sale in Mulund West to sell it at the price you are anticipating.

It can take up a lot of your time and be emotionally taxing on you as well. It is natural to feel like your privacy is being invaded as there will be people coming in to visit your property, checking everything, opening-closing doors, drawers, checking faucets, switches, and having issues with your flat you might have never paid heed to before. 

Lack of experience and the emotional attachment attached to selling the property could cloud your judgment and you might end up making some mistakes that could be rather damaging. With some learning, you can avoid them. How? 

Read on below to find out more:

Keep Emotions in-home Check

Undeniably, selling your first home is something anyone can get emotional about. People spend a lot of time and money in finding the perfect home. So, when it’s time to bid farewell, it can be emotional due to the tons of memories attached to it. Think of it as a business transaction. You are a businessman now, not a homeowner. Look at the financial perspective only.

Selling a house/flat is not a property selling only. You are selling an image and lifestyle, so putting in more effort in the staging and remodeling would help you distance yourself from the property emotionally as it will look less familiar to you. Clean thoroughly, add fresh paint, and do the needed repairs.

Unrealistic Price of home

Regardless you are working alone or with an agent, the key is to set the right price. That is realistic as well. When you were buying your first home/flat, you and your agent would have done a comparative market analysis so you could get a fair offering price. Your buyers are going to do the same. Stay one step ahead of them as your home is worth more. See that you keep a realistic price based on the other flats in your area.

According to 70% of real estate agents, overpricing is the number one mistake sellers make. Overpriced properties don’t sell generally. However, setting a low price would get you multiple offers letting you bid it to the actual market value of the property. Underpricing the property could help garner extra interest in your listing.

Not Focusing on Listing Photos

Online marketing is a major trend nowadays, no matter its clothes, appliances, or even property. Many buyers look for available property options online. For that, you need to invest in good photographs of your flat. Since most have poorly captured photos of their property, your listing can stand out if you take good visuals of your property.

Take photos during the day with plenty of natural light coming in. Highlight the best assets. Use a wide-angle so people can get an idea of how the room looks. You can hire a professional to do the job. Also, add a video tour or a 360-degree view that further boosts your listing.

Hiding Issues

Do not try to hide major problems present in your flat. You won’t be able to get away with it as potential buyers get the property inspected by professional inspection services before finalizing. It is better to fix the problem ahead of time. Or keep the price low compared to market value to account for the issues. You can also offer the buyer credit to fix the issue. The best thing to do is fixing the issues ahead of time so that you don’t turn away potential buyers.

Hiring or Not Hiring a Real Estate Agent

Hiring a real estate agent would have you paying them 5 to 6% of the sale price of your home. However, if you have no prior experience, it would be better not to try selling it yourself. A good agent would help you market competitive selling prices for your property so you can make a quick sale. They would interact with the potential buyers. They have more experience in negotiating property sales.

In case of any issues, they will handle them for you. Since they are familiar with all the paperwork involved, you can rest assured of a smooth process.

Anticipating Asking Price

Buyers will negotiate. Always remember that they are going to be well-prepared as well. They would have studied prices for other 1 BHK flats in Mulund West for sale before negotiating rates with you.

Usually, people keep such a price that allows buyers to negotiate and get a fair price too. This is the opposite of the underpricing talked about above. However, this gives the buyers an impression that they are getting good value and letting you get the amount you need from selling the property. Also, the probability of getting more or less than your asking prices depends on how well you have done the staging of your property.

Trying to Selling home During Winter

Yes, there is a right time to sell the property. Usually, winter is a slow time as people are busy with social engagements and the cold makes them stay more at home rather than seeing properties unless someone really needs to buy. Due to few people looking to buy, it may take you longer to sell your property. However, there won’t be many sellers either. This might work out for you. It’s better to list your property when the weather begins to warm up.

Avoiding the mistakes while putting up the flatlets you put the best foot forward and have a smooth selling process.

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