5 Common Myths About Selling a Home

Everyone has an opinion on what works best when selling a home and they’re always more than willing to share those opinions if you mention that you’re thinking about selling your home.

So should you listen to their advice?

Probably not.

There are many perceptions out there about selling and buying real estate, not all of it based on reality.

Following are 5 commonly held beliefs about real estate that homeowners often get wrong about the home selling process.:

  1. You’re selling for yourself

In reality, you’re not selling your home for yourself, you’re selling it for your buyer.

In other words, you’re not selling YOUR home anymore.

It will be a prospective buyer’s home, so listen to your agent’s advice. If they recommend any small improvements or upgrades that will boost your home’s appeal without breaking the bank, just do it.

After all, you won’t have to live with it.

2. You should always add a big buffer to the listing price

There’s a fine line between pricing your home close to its true market value and pricing it way out of sync with the market.

Guess which pricing strategy will get offers?

If your agent has a solid understanding of and experience with your local market – as she should – listen to her advice about where your home should be priced.

3. The longer I wait, the better the offers I’ll get

Unfortunately, the exact opposite is the case.

The longer a home is on the market the fewer offers you’ll get…and the ones you do get will be worse.

Why?

Because buyers will see how long you’ve been trying to sell and will ask themselves why the home has been on the market for so long.

They’ll wonder what is wrong with your house…or they’ll think you’re being unreasonable…and rather than ask for information, they’ll give you a lowball offer.

However, most potential buyers will simply move on to the next home for sale.

4. A quick offer means my price is too low

When your home is listed for sale it will be seen by lots of people.

And, depending on your market, these people could have been looking for weeks for a home like yours that is competitively priced.

This is a good thing.

You want multiple offers for your home…buyers who are competing for your home can drive up your sales price.

In short, when your home has been priced right you could get even more of a profit than if you’d originally priced it higher.

5. We need to wait for the right buyer

While it can seem like a good idea to wait it’s not.

And even though your agent should be marketing your home to those individuals who might find its features and amenities appealing, the chance that someone will go against the recommendations of their agent to pay more for a home than it’s worth is unrealistic.

Plus, even if a buyer wanted to pay more, unless they had cash, a lender would not lend more than what the market stipulates it’s worth.

At the end of the day, the value of your home is determined by the supply of homes and the demand for said homes in your area…that’s why market values can vary widely even among certain neighborhoods of the same city.

Bottom line, if you want to sell your home, the way you feel about your house has absolutely nothing to do with the value that the market attaches to it.

So when an experienced real estate agent recommends a certain price, if you want to sell your home as quickly as possible, for the best possible price, then follow their advice.

It’s just that simple…

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