HOME SELLING MYTHS
Forget the tales, selling your home is an art and science, not a fairy tale.
The myths you will encounter as a home seller are numerous. The thing is, you should take a moment to see if you are missing any information before taking action. Some of the most common home-selling myths are revealed here – along with their underlying truths.
Selling a home without an agent is impossible
Who said that? No degree, certificate, or superpower is required. It’s not just about saving money when you decide to sell without an agent, but it’s also about getting more flexibility when you sell.
Therefore, selling your home will require a significant amount of time and effort. In particular, first-time home sellers should take this into consideration. Various third parties (such as a title company) may need to be contacted along the way, so you’d have to make sure you educate yourself on each step of the process before deciding to sell.
Thanks to the internet, matters have been simplified. It has never been easier to market your home online to millions of buyers thanks to the abundance of online resources. With online home listings and home sale management services available from your soon-to-be-sold home, you can get the help you need.
As-Is home Sales are okay
The memories you’ve created in your house flood back as you look around. Once you become accustomed to cracks or small areas of disrepair, you won’t notice them as much. They will, however, be sought out by buyers.
View your home as a buyer would and detach yourself from it. In order to attract offers, most buyers view several homes every week. A property’s market value depends on how it compares to the competition. Make sure your landscaping is in good shape. Is it possible to add curb appeal by trimming surrounding trees and shrubs? Are the flooring and walls in good shape? Is it possible to transform your home’s look and feel by painting and installing new carpets?
Fixes that can make your home more appealing shouldn’t be ignored. The image of your home can be enhanced even with minor cosmetic changes. Investing in these repairs will pay off in the long run once you land an offer.
Improvements to the home pay for themselves over time
Improving a house can definitely boost its sale value. But, in reality, you won’t get $20,000 back when you sell your home if you spent $20,000 remodeling your master bathroom. A little knowledge of the appraisal process can help you understand why.
The appraiser compares the sale price of your home with that of recent comparable sales in your neighborhood. A three-bedroom ranch, for example, can be compared with another three-bedroom ranch. You must be able to find another home that has a similar restyled master bath that sold for more money after the renovation for you to realize the value of any particular improvement. First-mover advantage doesn’t exist.
Moreover, getting a new bathroom in a brand-new house is often cheaper than renovating an old one by tearing everything out and starting over. Due to this, you must assume the buyer will pay whatever the market will bear for that bathroom, not necessarily what you paid for its construction. However, this does not mean it’s not worth it to renovate. When it comes to renovations, anything new is a selling point. As you consider renovations, you should take into account the potential enjoyment you’ll gain from them, since you won’t be recouping every dollar.
The higher the listing price, The better
Choosing a price for your home should be done carefully. You might be wasting time and money if you list your home above market value since buyers typically avoid homes that are priced above market value. But also, suddenly lowering the price might make people think there’s something wrong with the house. Your home could then be on the market for even longer and receive fewer offers.
The asking price should be reasonable but not so high a value that your potential buyers will be alienated or forced to lower it suddenly. Selling can be made or broken by your pricing strategy.
You should consider what comparable homes are selling for when pricing your home. Search for homes that have sold in the last three to six months and have similar dimensions, floor plans, and updates.
Are you unsure how to determine the market value of your home? You can start by using our free online tool. It is also possible to pay for an appraisal. You will then be able to see at what prices the properties in your neighborhood are selling for that are comparable to yours.
Set your own price
The price of your home is not set by you, even though you can choose which offer you accept. You don’t decide its value. You may feel sentimentally attached to your home, but in reality, it is only worth what a buyer will pay for it.
Appraisals and competitive market analysis will help you determine the best price for your home. You can start by evaluating your home based on these factors.
Getting started high and negotiating down is better
It’s not a good idea to start too high, figuring you can go back and forth as the market sets the price. Online searches are predominant and many buyers have access to real estate agents who know what the market is like. It won’t take them long to detect an overpriced house.
In order to achieve the best price for your home, you want them to be able to recognize its value. You might receive multiple offers if buyers see the value. In that case, you could start a bidding war as a result of multiple bids. The price can rise if this happens.
A quick offer indicates a low price
Many people believe that if you get an offer within the first few days after putting your home on the market, you are pricing it too low. It is better to get offers rolling in as quickly as possible.
Buyers look at many houses in a relatively short period of time because you’re in a competitive market. If you don’t receive offers, that could be because buyers aren’t interested in your home. Possibly you need to do some work, or perhaps your price is too high. However, you should take a close look at everything, regardless of the reason. In order to figure out how your home differs from similar properties in your area, you may want to scout comparable properties in your area.
Prices don’t tend to increase with more time on the market; they tend to decrease.
There is no need to stage a home
The theory behind this is that people will change furniture and decor anyway, so dressing up your home isn’t necessary. Despite what you may think, staging is vital.
This has a reason. Your home should be presented in the best light possible as you only get one chance to make a first impression. In addition, some furnishings provide context for what the home might look like, making it easier for people to imagine their use of the space. Make sure you give your best shot.
Online listings require home staging because the pictures need to look inviting to viewers. Instead of having empty rooms in your layout, you want something that draws the eye. Play on the thought that a person’s tendency is to visualize themselves in a space.
Houses are sold through Open Houses
Traditionally, open houses were a great way to attract buyers. In spite of this, there have always been downsides, even in the past. Putting yourself in the buyer’s shoes is a good starting point. There are many questions being asked simultaneously in a crowded home and so, observing a home in such an environment wouldn’t be a wise method.
From their couches, home searchers can find the homes they’re most interested in and schedule showings. Investing in good photos should be the focus instead of open houses. For this, you may want to hire a photographer.
Home Sellers Have A “Right” Season
There’s always a reason for moving, so people buy homes at any time. You shouldn’t wait until summer to sell a home and pay extra property taxes.
There are fewer homes on the market in winter, which may mean that a comparable price can be achieved compared to what it would be valued at in the summer.
A number of challenges associated with buying or selling a home have become easier to navigate due to new technologies and more information available online. Don’t make assumptions based on what you’ve heard about selling if you’ve already decided to sell.
Take the time to research, complete those minor repairs, and decide on a price that works for you and your potential buyers.