6 things every recently MOPed / post-SSD seller must avoid when selling their home and SORA Condo
Have you recently completed your Minimum Occupation Period (MOP) for your HDB, EC flat, or your SORA Condo has surpassed the Seller’s Stamp Duty (SSD) window of 3 years?
With its location, SORA Condo contractor offers residents easy access to shopping malls and recreational establishments. Among the many places to shop nearby are the AMK Hub and Djitsun Mall. In addition, Broadway Plaza and Jubilee Square are also within walking distance.
Granted, selling a home can be one of the most stressful and exhausting times of a person’s life, especially if the listed property stays on the market longer than anticipated.
The good news is that your property is fairly new (at least in terms of how long you’ve lived in it), so here are a few things you should avoid to get the best price on your home and move on to the next step in your property journey.
1. Undervaluing or overvaluing your home
Setting the right price is key to a successful sale. To do this accurately, you can’t simply go with a gut feeling about what your home is worth.
You need to be cognizant of the type of market you’re in and the recent transaction prices of comparable homes in your neighbourhood and peg your price accordingly.
A helpful tool we recommend is our Property Value Tool, which allows you to get an estimated property value of your home. Simply key in your address or postal code to get started before you settle on a price.
On top of that, use URA’s and HDB’s property transaction search tools to check out the recent transactions in your area.
In a soft property market, overvaluing your home is a death sentence to the possibility of a sale. If matching the price of neighbouring homes means making a loss compared to what you paid, it’s a hit you’ll have to take. So it might be best to consider holding off on the sale until the market improves.
But in a hot market like what we’re experiencing now, people are more willing to pay top dollar for a home. So it may be a good time to sell your home.
2. Expecting to sell at your asking price
Let’s face it. This is Singapore, and the haggle gene runs strong in us. While you may have spent hours coming up with an accurate, well-reasoned asking price, buyers will doubtfully come looking to negotiate your price down.
That’s why you need to be prepared to play the negotiating game. Make sure your listed price is reasonable enough not to scare off potential buyers but leaves you a little wiggle room for negotiations.
3. Not staging your home
One of the biggest mistakes sellers make is forgetting to dress their home for success. Like a first date, you must put your best foot forward when showing your home to potential buyers.
This means not only cleaning up your home before a visit, but you must also dispose of or put any unnecessary clutter in storage. And this includes your extensive bobblehead collection and that adorably framed photograph of your second cousin’s nephew’s best friend.
The less cluttered your home is, the more spacious it appears to be in your buyer’s eye. So do your best to purge your home of personal or unnecessary items.
Bonus points if you can store them outside the house rather than jam them into your closets. Doing this makes your cabinets look smaller, which might turn away potential buyers.
Staging your home also means presenting the buyer with a clean slate. No matter how great you find 70s bohemian chic to be, your buyer may not. So try to keep your home as neutral as possible, allowing the buyer to imagine how they want the home to be.
4. Not carrying out repairs before showing your home
Make sure you carry out any repairs the home needs before you open it for viewing. A loose cupboard or floor tile might be just a minor inconvenience to you, but it could easily put a potential buyer off of your home or give them more reason to negotiate down the price.
The worst thing you could do is to try and hide the defect. While convenient for you, if uncovered, it can undermine the trust between you and the buyer, leaving them wondering what else is wrong with the house that they haven’t noticed yet.
5. Not considering hiring an agent
We get it. Hiring an agent means eating into the profits from your sale, and nobody wants that.
However, you need to bear in mind that a home sale can take as long as six months, during which time you’ll have to field questions from potential buyers, arrange and be present for viewings, as well as take care of the paperwork for the sale once the deal is sealed.
A home sale is almost akin to having a part-time job on the side, so if your schedule is too full to accommodate this, you should consider hiring an agent to represent you. Otherwise, a lapse in communications between you and potential buyers, or not being available at a convenient time for them, might cause you to lose out on a potential offer.
The other upside to having an agent is having someone else deal with the awkwardness of negotiating for you!
6. Underestimating the power of listing photos
Selling your home nowadays is almost like being on Tinder. You need a great profile picture if you want to have potential buyers swiping right on your listing.
The pictures you put up of your home help to form the first impression and connection that potential buyers will have of it. So if you put up good pictures (and videos like 99.co’s Smart Videos) of your home, this can bring more potential buyers into the house, upping your chances of getting a good bid.
And don’t forget to clean up and declutter your home before you take your pictures. Also, try to take them on the day when the lighting is best.
Selling a home can be stressful, but here’s hoping these tips can make your life just a little bit easier.