Here are four common myths about selling a home that you shouldn’t believe.
In our market, people tend to say four things about selling a home that simply aren’t true. Today I’ll walk you through these four myths and share some tips to help you adjust your strategies to account for the reality of our current market:
1. You don’t need to renovate. In such a hyperactive seller’s market, many homeowners think that buyers will take just anything, which causes some sellers to be lazy when it comes to preparing their homes for sale. If you expect to get a high price for your home without making any repairs or upgrades, you could be setting yourself up for failure. Today’s buyers still want a clean home with nice paint on the walls, and one that doesn’t have obvious aesthetic defects like chips and dings. Touching up these parts of your property and giving it a good scrub down are inexpensive ways to bring a return on your investment.
2. You can price your home sky-high and end up getting that amount. Home prices have been going up; according to the National Association of Realtors, the average home price throughout the nation is $363,000, which is 23% higher than a year ago. However, don’t let the dollar signs get to your head. Homes need to be priced realistically and in line with what the market expects of them, given the type of home and their condition.
If you price your home too high, it could end up sitting on the market for a long time. We’re starting to see buyers push back on these prices by delaying their home searches or not making offers. This can force some sellers to reduce their prices.
Sellers need to examine all factors of every offer, not just the price.
3. Sellers don’t need to do much to market their listings. Some sellers think their homes will sell themselves. However, most homebuyers start their home searches online, so if your listing falls short, you just won’t get much attention. Homes that hit the market without professional pictures and pertinent information could sway buyers to choose other properties.
4. The highest offer is always the best. Bidding wars are commonplace these days; sellers often get multiple offers, some of which go over asking price. It might be tempting to automatically take the offer with the highest price, but it’s not always the best move. A smart seller may take a lower price to get much better terms. For instance, a lower offer that is all cash may be attractive since it eliminates the financing hurdle.
You might also be interested in offers that have a quick closing date or one that offers you extra time to stay in the home until you find somewhere to move. Sellers need to examine all factors of every offer, not just the price.
If you have questions about selling your home or anything to do with real estate, please feel free to reach out to us via phone or email. We’d love to help you.
