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TWO COMMON MISTAKES MADE BY SELLERS

PROPERTY transactions are lengthy and convoluted processes with many potential pitfalls.

In a strong seller’s market, one or two small mistakes are unlikely to be an issue, however, more serious omissions or errors can put a spanner in the works and, in a tougher market, even small errors can prove costly.

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This is according to Cobus Odendaal, chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg. He says, regardless of market conditions, selling what is probably your largest investment is a big decision and it’s important to get it right.

“Our homes are not only financial investments but they are also the haven where we raise our families, celebrate important milestones and create memories. It is understandable that sellers have strong emotional attachments but it’s important to put aside sentiment and make this sale one of your smartest business moves.

“Sellers must remember, these days, buyers are not only spoilt for choice, they are also more knowledgeable than before, so you should pull out all the stops to ensure your home doesn’t languish on the market for too long.”

While he gives a substantial list of common – and avoidable – errors buyers make, here are two to note:

Overpricing your home

Listing your home for the highest possible price may seem like the sensible thing to do, because you expect buyers to negotiate it down, but unfortunately it doesn’t work that way. An accurate evaluation is always the best evaluation.

It is critical to price your home correctly from the beginning because when buyers have as much choice as they currently do, they look for value for money and will usually opt for a similar home at a better price.

A potential buyer will not make an offer if they fall hopelessly short of your expected price.

In addition, if your home spends too long on the market, potential buyers will begin to wonder what is wrong with it.

Underestimating the costs involved

These can mount up fast and it’s important to know what you’re in for up front. Over and above the cost of sprucing up your home to get it ready to sell, you must factor in costs such as compliance certificates and repairs to achieve compliance; conveyancer’s fees and municipal clearance.

IF YOUR home lingers on the market, potential buyers may think there is something wrong with it. PICTURE: R-ARCHITECTURE/UNSPLASH

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