There is a lot of misinformation out there today when it comes to selling your home. Whether it be online or offline, only a trusted real estate agent professional should be your resource for accurate information. As your home is oftentimes your most valuable possession, it is crucial to heed the right advice for handling a sale properly. Here are some of the top myths about selling your home.
- The property’s selling price is set by the seller. While it is true that the seller will make the final decision on what the home sells for through negotiation, the actual selling price is a result of market conditions, location and the home’s amenities.
- Overpricing a home causes higher prices. This could only be true if everyone purchased the first home they saw. However, everyone knows that this is rarely ever true and nearly all buyers will do their research so they know their property values. Overpricing a home will often result in it getting stale on the market and can sometimes lead to a lower selling price.
- Overpricing leaves room for negotiation. Setting a list price too high only precludes real buyers. The majority of a home’s traffic happens within the first couple of weeks of it being listed on the market. If priced too high then you will only lose out on this buyer pool.
- More days on market means better offers. The reality of this type of situation is typically the longer time on the market, the lower the offers will be that are presented.
- An offer submitted early means the price was too low. Especially in today’s South Florida real estate market where inventory is low, it is becoming normal to receive offers immediately due to pent up buyer demand.
- A real estate agent with a lower commission will net the seller more money. To properly market and sell a home, real estate agents will certainly have many hard costs. Cutting down on an agent’s budget by paying a smaller commission only strips you of access to all of what should be done. In the end, this can hinder the best possible sale.
- You can rely on online valuations. This couldn’t be any further from the truth. Online estimates never account for things like condition, upgrades, certain amenities and other similar variables.
- The house sells itself. Emotionally speaking, this could be somewhat true. However, when being rational and practical everyone has different tangible needs versus simple wants. Real estate agents can assist with buyer consult as they keep their clients on track.
- Selling your home on your own saves you money. There is so much more involved than taking pictures and putting them online. A lot goes into marketing, screening potential buyers, showings, open houses, inspections and expert negotiating as you work through contingencies or any anomalies of a particular deal or situation.
- Open Houses sell homes. In reality only a small percentage of homes are sold at an open house. An open house may make it easier to do bulk showings, but it also invites crowds who are not serious buyers.
- Unusual marketing leads to higher prices. Higher end properties that are truly unique may require some additional venues for marketing to reach appropriate buyers. However, most properties can be sold using a conventional marketing plan.
- Home improvements pay for themselves. Most improvements when done right will help sell a home faster. However, this does not mean that you are guaranteed to recoup every dollar you invested in the improvements.
- Homes do not need to be prepped for sale. Unless you are an investor looking for a deal on a fixer upper, most buyers will be looking for properties that are in great condition and move-in ready. Taking care of larger or necessary repairs before listing the home will also avoid potential future negotiations from a home inspection.