3 Myths About Selling Your Home
Benjamin Franklin is said to have advised, “Believe none of what you hear and only half of what you see.”
Though he probably wasn’t referring to homeownership, this counsel is as true in real estate as it is in life. Still, we’re bound to believe what we’re told — until we’re told better.
As a home seller, you’ll run into a myriad of myths. And that’s OK, so long as you take a moment to find out what information could be missing before you make the next move. Here are three of the most common home selling myths – and the facts hidden below the surface.
Myth #1: You Can’t Sell Your Home Without A Real Estate Agent
Says who? You don’t need any degrees, certificates or superpowers. Selling your home without an agent not only means more money in your pocket, it also means having the freedom to do things your way.
With that said, you will likely need to invest a significant amount of time and energy to sell your home. This is especially true if you’re a first-time home seller. You’ll need to educate yourself on each step of the process, gather the necessary legal forms and contact several third parties (like a title company) along the way.
Fortunately, the internet was invented to simplify matters. There are plenty of online resources at your disposal, and marketing your home to millions of buyers has never been easier. From listing your home online to helping you manage your home sale, you can get the help you need from the comfort of your soon-to-be-sold home.
Myth #2: It’s OK To Sell Your Home As-Is
You look around your house, and all the memories you’ve created there come flooding back. You’re less likely to notice cracks or small areas of disrepair because you’ve become accustomed to them. Buyers, on the other hand, will be seeking them out.
It’s important to detach yourself from your home and view it as a buyer will. Most buyers are viewing several homes for sale per week, and most homes are primped and polished to attract offers. If you want to get market value for your property, you’ll need to measure up to the competition.
Take a close look at your landscaping. Could trimming the trees and shrubs add curb appeal?
How about the walls and flooring? If you paint your home and install new carpet, would it transform the look and feel of each room?
Don’t forgo the fixes that have the potential to upgrade your home. Even minor cosmetic tweaks can go a long way toward enhancing your home’s image. And in the long run, they’re investments worth making if they land you an offer.
Myth #3: A Higher Listing Price Is A Better Listing Price
Be careful what you wish for when you price your home. Sometimes, a high listing price can cost you time and money in the long run, because buyers typically avoid looking at homes priced above market value. If you decide to lower the price after a couple of weeks, people might assume there’s something wrong with the home. That can lead to lower offers and even more time with your home on the market.
You obviously want to leave room for negotiation, but don’t set the asking price so high that you alienate potential buyers or force yourself to drop the amount precipitously. Your pricing strategy can make or break your sale.
The key to pricing your home correctly is looking at what comparable homes are selling for. Focus on homes that have similar dimensions, floor plans and updates, and have sold over the last 3 to 6 months.
Not sure where to start in assessing your home’s market value? A free online tool can do much of the legwork for you.
Thanks to new technologies and more information online, many challenges associated with buying or selling a home have become easier to navigate. If you’ve decided to sell, try not to assume what you’re in for based on what you’ve heard.
Do your research, make those minor repairs to your home and work out a price that makes sense for you and potential buyers. You cansell your home on your own.