Thinking about selling your home? Then I’m sure you’ve gotten advice from anyone and everyone. The problem is, like urban myths, most of this advice is simply not true. Much of the advice you may receive from friends, neighbors, family and even some realtors are things based on personal preference, outdated facts, and misguided emotion.
Below are a few of the most common home selling myths that we hear and the truth behind them.
Small repairs are no big deal. They can be done later.
When you sell a house, you want it to look its very best. You want prospective buyers to see the full potential of the property. If they see faded carpets, chipped counters, and cracks in the ceiling, they are not going to get the right picture. They will immediately start calculating the materials and sweat equity they will have to put into the place. While some people are up for the challenge of a fixer-upper, most buyers prefer a turn-key purchase. Do a complete inspection of your house and fix any small repairs. It will be worth it when you put it on the market.
My house has a beautiful interior that will make up to how it looks from the street.
Remember the old saying that we should not judge a book by its cover? This adage does not apply to home buying. One of the first things that buyers will consider is the curb appeal of a potential house. Often times, they will do a drive-by before they even contact the real estate agent. If they are put off by what they see, then odds are that they will not be interested in the house. Take some time to beautify your porch and yard. Curb appeal should make a good first impression.
Also make sure to pay attention to exterior upkeep. Buyers do not want to go into debt for a home mortgage and then have huge expenses for things like a new roof or another porch. You cannot expect to get your full asking price when your exterior is not up to par. Give as much attention to the outside as you do the inside.
If I refurbishing everything in my house, then it will sell quick and for top dollar.
While you should make everything look as nice as possible, we all have different tastes. Your definition of “dream home” may be totally opposite from a potential buyer’s idea. There is such a thing as overdoing your home. Remember that location and price are usually the main selling points of a house. Consider other comparable homes that have sold in your neighborhood. If you put more money in your house than it is worth, buyers will not pay what you need. You will just end up losing money.
My Home Is Fine and Buyers Will See Past Minor Imperfections
Very simply put, No. Buyers will not see past your orange walls, nail holes, loose tile, weedy yard and messy rooms. Most buyers want to walk into a home and start living right away. They don’t want to fix a water heater, repaint everything and do all the repairs that you weren’t interested in doing. If you do happen to find a buyer who wants to fix up your home, they are most likely looking to create equity and will give you a low ball offer.
Offering financing options are not worth my time.
By nature, people are tempted by good bargains. One way that you can make buying your home more appealing is with financial options. While you want a profit from selling your home, you can still afford to make some concessions if it means a sale. Buyers may be more willing to make an offer if you agree to pay all or a percentage of the closing costs. There are other special buyers’ incentives that your agent can suggest. Even offering a contract for deed can be a great opportunity for both the seller and buyer.
My selling price should be on the highest end of the spectrum. I can always lower it.
Overpricing a home is simply one of the most damaging mistakes you can make when selling your home. By overpricing, you will literally cause your home to sell for less and sit on the market longer than needed. Of course, no one blames you for wanting to make money from the sale; however, there are things to consider when naming a price. Your real estate professional can have your home appraised and then look at values on comparable homes in your area. Then, you can figure a price. It may give you a little wiggle room if you have to lower the price in order to be more competitive on the market.
If I sell my house on my own, I will make more money.
Selling homes is a complicated business. There are many laws and financial aspects that may be confusing to the average person. It was once said of the legal profession that a person who is attorney for himself has a fool for a client. The same might be said of being your own real estate agent. You have a better chance of selling your home successfully with the help of a professional, says an online article on Forbes.
I should give guided tours of my home to interested buyers.
Although you are proud of your home and want to expound on its many great points, it is best to leave that to the agent. Potential buyers often feel awkward when the seller is present during a tour. They want to form their own opinions and may feel like they are hurting your feelings when they critique the place. Your home will speak for itself.
I should probably sit on any legitimate offers for a while to increase the buyer’s interest.
Playing hard-to-get may work in romance, but it can spell disaster in the real estate business. If a potential buyer puts in an offer, then you should respond as soon as possible. You may accept or provide a counter-offer. Your agent can suggest the best option. Let your buyers know that you are taking their interest seriously. If you wait around, they can shop elsewhere.
It is my way or the highway!
There is a fine-tuned dance involved with selling and buying real estate. Negotiation is often needed to complete the sale. If prospective buyers feel like you are against them from the beginning, then they will probably walk. Stay professional and take careful consideration of their offers and they will be more apt to consider yours. At the end of the day, they want to buy a house and you have one to sell. Do not squabble over a few hundred dollars if it means losing the sale.
I Can Sell My Home By Putting It On The MLS
While true that you should absolutely have your home listed on the MLS to get it in front of the most potential buyers possible, an MLS listing is not the be all end all of real estate. To get a home sold quickly and for the most money, many factors are involved such as an MLS listing, correct pricing, correct staging, online marketing, network marketing, correct paperwork filed, open houses and more.