How to make the most!

Making the decision to sell your house is not easy. If you are considering selling your home, I recommend learning more and educating yourself before taking the next step. This blog is not meant to be an encyclopedia, but instead a birds eye view on mistakes people make when they sell their home. Instead of listing every reason, I’m going to highlight 5 major ones below.

Incorrect Pricing

This has to be by far one of the most common mistakes sellers make. Don’t worry, I’m not just talking about over-priced homes. Often, under-priced homes can cut into potential profits. There has to be a pricing strategy before you enter the market. The days of ‘selling your house’ are over, and now we must think about effectively marketing your home. In the digital age, consumers have access to much more info than ever before. Marketers would use the terms ‘Price Skimming’ vs. ‘Price Penetration.’ In the Hamilton and Burlington area, we know price penetration all too well. They are often referred to as bidding wars. But let’s shift over to ‘Price Skimming.’ This requires much more attention to correctly pricing it high enough to attract the right consumer, but not too high to turn the potential buyer off. Remember, we want to maximize your profits!

Over-improvements

“Oh, you decided to knock out the spare bedroom for a large spacious en-suite?” Don’t get me wrong, a luxurious bathroom can definitely increase the value, but let’s first consider the house you are in and it’s location. This may not apply to Burlington Lakeshore properties or some houses in Millcroft or Ancaster. But to the average house out there, most buyers are going to be interested in the number of bedrooms over the spacious bathroom. Countless times, I’ve taken very serious buyers into a house, who are interested in the fact that there are 4 bedrooms, which is perfect for the size of their family, only to find out that some remodelling was done. Huge bathroom, with a closet sized bedroom. Good luck fitting a bed in there that doesn’t come in an Ikea box. Thank goodness Casper and Endy can send you a mattress in a box as well. Some finishings are worth doing, while others work against your efforts.

Read the next 3 here!