Putting your home on the market for the first time can be a daunting milestone. After all, the road that lies ahead is not exactly what one would call simple as there are viewings, negotiation, and paperwork to keep up with (unless you engage our end-to-end HDB Resale Agent Service that takes care of everything for you). Here’s where you can put those pesky worries to rest!
Our very own experienced agent dropped in to share some of the most common mistakes he’d encountered to help soothe your home selling journey.
What are the most common pitfalls to avoid when selling your home?
1. Engaging many agents to increase your unit’s exposure
It may be tempting to hire more than one agent in order to increase your chances of snagging a buyer for your unit. But this falls under the assumption that more agents = more buyers. However, our top-notch agent emphasised that having more property agents doesn’t necessarily mean that the number of buyers would multiply. To ensure a smooth and worry-free selling experience, be very careful in selecting your real estate agent.
Some important points to consider:
- Does the agent have a valid CEA license?
- Have they done extensive market research?
- What’s their marketing strategy?
- Do they have experience selling in your area?
2. Over-estimating the asking price of a renovated unit
Granted, a gorgeously renovated home – we’re talking slick Peranakan-tiled bathrooms and a decked out open concept kitchen straight out of Pinterest – plays a huge role in enhancing the viewing experience. But at the end of the day, it is entirely up to whether the buyer is willing to keep the renovation once they’ve purchased the unit.
The bitter truth is that the renovations you’re hoping the buyer will fall in love with will ultimately be secondhand after the property changes hands. Buyers may rather go for the more affordable unit that still has its original fixtures intact, and remodel it to their fancy with the savings earned.
3. Setting a premium price for a high floor unit
It’s important to bear in mind that whether your home sits on the highest floor or it’s big enough for that additional bedroom to be installed, those features do not necessarily equate to a reasonable incentive to overvalue your property. Especially within today’s property market, units that fetch a premium price – and even with those glowing features – are still not impervious to depreciating factors such as dwindling balance leases and increased supply of flats with fulfilled MOP, indicating a Buyer’s market in 2019.
4. Blaming the lack of buyers on bad luck
When an unfortunate unit fails to attract buyers, homeowners could fall into a bad habit of blaming everything under the sun such as poor timing, the location, Mercury in retrograde… Ultimately it’s up to market forces, not luck.
Instead, our experienced agent advised homeowners to take a more realistic and proactive role in increasing the value of the home. You can start by decluttering your home and keeping busy areas organised for simple yet effective ways of increasing the attractiveness of your unit to buyers.
5. Assuming that bigger is better
Does size really matter? It all boils down to the layout of your home. A spacious 5-room unit goes from good to great when the layout allows for an additional bedroom to be built as this gives the buyer the luxury of options. However, this is not necessarily the case for all big 120+ sqm units as some may not have the ideal layout for that extra bedroom to be possible. Unfortunately, buyers may not be as willing to pay more when that option is off the table.
When selling your home for the first-time, striking the fine line between over-valuing and under-valuing your unit is key. One good rule of thumb to follow is to peg your price against other units in your area.
If you’re not sure where to start, a handy tool you can use is Ohmyhome’s in-app valuation calculator that gives you an instant estimation of how much your unit is valued today.
Simply open the app, scroll to Services, tap the Valuation Calculator to key in the required information and voila!
Want an agent service that gives you a customised property report and utilises an aggressive marketing strategy? Call 6886 9009 to learn more about our HDB resale agent services.
May you have a smooth selling journey!
Source: Straits Times