While it’s true that we’ve shifted into a strong seller’s market for some price ranges, that doesn’t mean you as a seller can take it easy. You still need to do everything right so that you’re not leaving money on the table. Sadly, I’m seeing sellers in our area fall prey to these same three misconceptions:
Misconception No. 1: That you can just pop your property on the market as is.
Of course, nothing’s stopping you from doing this, but you won’t get top dollar for your home. Make sure you’re taking time to declutter, deep clean, apply a fresh coat of paint if needed, and tackle minor repairs. Most homeowners have a to-do list of noticeable issues in their home that they’ve been putting off—get your list done before listing. Perhaps it’s been a while since you gave your lawn some TLC. Trim your bushes, mow the grass, plant some flowers, and make sure any outdoor walkways look pristine.
Staging is also critically important. Even in a hot market like ours, the science shows that staged homes sell faster and for more money than unstaged homes. Hire a professional who will do a stellar job of arranging and accenting your home so that it shows in its best light. We offer a staging service to all of our clients. If your home is vacant, we can even virtually stage it or connect you with a furniture rental service. A perfectly staged home creates an emotional response in buyers—emotion sells, facts tell.
Misconception No. 2: That a For-Sale-by-Owner listing will save you money.
Sellers who go the FSBO route think that they’ll save money by not paying the agent’s commission. Here’s the problem: Yes, they’ll spare themselves the commission, but they’ll also net considerably less money from their sale. Statistics show that the majority of serious buyers are working with real estate agents. So if you want to expose your property to the most people on the biggest online market, you need to be listed with a professional real estate agent.
Here’s a recent client story that illustrates this point: There was a lady who had intended to sell her property to a neighbor. This neighbor was generously offering between $400,000 and $420,000 for it. She figured the sale would be easier this way, and she’d spare herself the commission, too. However, we came in, put the property on the market for $440,000, and sold it for $476,000 in just seven days. Not only did we handle all of the documentation for her, but we helped her net approximately $60,000 more than she would have gotten via FSBO. Commissions exist for a reason; you get what you pay for—professionalism and expertise.
Misconception 3: That you can price your property above the market.
Why not test the waters, right? After all, the market is on fire and people are getting offers above asking price anyways! Wrong. While this might make sense on the surface, this strategy deters buyers. Sellers attract offers for tens of thousands of dollars over list price only when they’ve created enough buzz around their listing to draw in competing buyers. When a multiple-offer situation is at play, emotions are high. Remember: When emotions are high, intelligence is low. When there’s a sense of FOMO surrounding your listing, people are likely to pay well above list price. Making sure your listing has high appeal—not a high asking price—is the only way to wind up with a sale price that’s better than what you even thought was possible.
It’s important to price properly from the start, and we have the systems, software, and experience to maximize your home’s exposure and get you the most money from your sale. Don’t fall prey to these common misconceptions; there’s no reason you shouldn’t be able to take advantage of this shifting market.
As always, if you have further questions about this or any other real estate topic, give me a call or send an email. I’d be happy to chat with you. I’m ready to assist with whatever buying, selling, or investing needs you may have, as well. Take care, and I’ll look forward to hearing from you soon.
If you’ve even been entertaining the idea of selling your home at all this year, I invite you to follow this link to instantly calculate your home’s value in today’s market based on recent Calgary sales:
Enter your address here to find out what your home is currently worth