Here are five home-selling myths to watch out for in this market.
I speak with home sellers every day, and in my conversations, I keep hearing a few myths about the process repeated over and over again. We’re living through a pretty crazy market, so I get that there’s a lot of confusion out there. That’s why today I want to clear up a few common misconceptions about selling a home:
Myth No. 1: Your property will sell within three days. It’s true that our market is very fast paced; however, if you take things too quickly, you could be leaving money on the table. For example, if you list your home and receive a full-price offer within 24 hours, do you really think that’s the best deal you can get? As an agent, I think it’s a good sign that you could receive over the asking price. I always recommend my clients give the market an opportunity to see your property and drive up competition.
A related myth I’m hearing is that you only need to set aside two or three hours for buyer visits. Since the start of the COVID-19 pandemic, multiple buyers can’t view your property at the same time for safety reasons. So if one person visits your house for a few hours, what are the odds that they’re the best possible buyer for your property? The truth is that it will take some time to get the best possible deal for your home, but it’s worth it.
Myth No. 2: You can overprice your home. Yes, we’re in a seller’s market; no, you cannot price your home whatever you want. Today’s buyers are smart. If your home doesn’t attract attention right away, buyers will begin to wonder what’s wrong with it. As a result, even the buyers who do view your property won’t make a great offer because they think there’s a hidden issue they don’t know about. Eventually, you’ll have to reduce the price to below what you could have received otherwise.
Myth No. 3: You don’t need to prepare your home for sale. This is a great market for sellers, but you can’t get away with anything. If you don’t clean your home, depersonalize, declutter, or do basic repairs, your bottom line could be affected. Buyers want to see themselves living in your house. Without basic preparation, it becomes difficult for them to do this.
Myth No. 4: You can sell your property without legal warranty at the buyer’s risk. There are a few reasons why this makes sense in some situations, but for the most part, it’s a mistake. If you were buying a home, would you want to make an offer on something that explicitly puts you at risk? When it makes sense, you should always sell with legal warranty.
Myth No. 5: You can sell your home without a broker. Technically, you can absolutely do this. However, you won’t receive top dollar. With an agent, you have access to marketing and expertise that exposes your home to a much larger percentage of the market. More eyes on your property mean more buyers, a better deal, and more money.
If you have questions about today’s topic or anything else, please call or email me. I look forward to hearing from you