So you’re getting ready to sell your home and you’ve immersed yourself in A LOT of research — asking friends and family who have previously gone through the home selling process, scouring the internet for tips and tricks, and getting flyers and brochures from several local brokers.
Unfortunately, you’ve also heard A LOT of conflicting information! This is because there are so many myths about home selling floating around, that it can be difficult which ones to believe and which ones to be wary of.
To help you avoid falling into the trap of home selling myths, we are going to debunk 8 myths about selling your home.
Myth #1: In today’s seller’s market, your home is going to sell itself.
If you have a nice home - excellent curb appeal, situated in a hot neighborhood, and recently renovated - you might think that selling in will be easy as pie. It’s true that you are likely to get a good offer quickly if your home ticks off all the boxes, but it’s not going to sell itself. There are many factors involved in selling a home such as determining its value, pricing it properly, vetting and evaluating offers, and so much more. There’s still plenty of work to be done.
Myth #2: Overpricing your home at first allows you to sell your home for the price you want even after negotiations.
Lots of sellers think that they need to overprice their home first to leave room for negotiations. However listing your home for a really high price might just ward off potential buyers who could have been genuinely interested in purchasing your home.
Myth #3: Renovations, of any kind, can help you sell your home for a higher price and have a good return on investment.
It’s important to make your home look as attractive as possible, but you have to take note that not all renovations give you good value for your money. Don’t make any major renovations. Instead, focus on smaller renovations that give a major boost to your home’s appeal such as repainting or retiling.
Myth #4: If you want to save money, sell the home yourself.
Foregoing the guidance that a good real estate agent can give is a good way to sell your home for less than you wanted AND get a major headache in the process. Realtors charge a good chunk of commission because they help you sell your home at the best price, to the best buyer, and at a faster pace.
Myth #5: Okay, so going with an agent is necessary. But choosing a discount agent or the one with the lowest commission should at least save you some dough.
Discount agents and super low-budget agents are able to charge you much less because they also offer lower value. This doesn’t mean that the most expensive agent can sell your home for the best price either. It’s just important to know your agent well and do your due diligence when choosing one so that you get more than what you paid for.
Myth #6: If you’re not in a hurry to sell, it’s always good to wait longer for a better offer.
It might surprise you to know that the longer you wait to sell, the lower your offers get! Many buyers are iffy to look at houses that have been on the market for too long, so it’s not a good idea to wait and wait until a better offer comes along.
These myths are just some of the misconceptions about home selling that many rookie, and sometimes even experienced sellers, tend to believe. The key to avoiding any of these is to find a reliable and highly skilled seller’s agent to represent you. You want to find someone who has your best interests at heart and will help you navigate the home selling process without falling prey to any of these fallacies.
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