BLOG posted by RESMedia and written by Bill Gassett, Founder/Owner of Maximum Real Estate Exposure!
Common Myths About Selling Houses
Selling a house can be complex and daunting, often filled with anxiety and uncertainty. Unfortunately, several myths and misconceptions surrounding home sales can further complicate matters for homeowners looking to sell their properties.
We will delve into the common myths about selling houses and debunk them, providing clarity and valuable insights for anyone embarking on selling their home.
Myth 1: Superstitious practices regularly work
One of the more popular home-selling myths is burying a statue of St. Joseph to sell a house. While some have reported success, is that the reason the home sold?
To assume this always works or is even the reason for a sale is silly. Having faith is fine but placing stock in a tradition without following common sense sales tactics will be disastrous.
Myth 2: You should always price your house high
One of the most pervasive myths about selling houses is that you should list your property at a high price to leave room for negotiation. While it’s true that negotiating is an integral part of the home-selling process, overpricing your home can backfire.
Today’s buyers are well-informed and often consult online resources to gauge the fair market value of a property. Overpricing can lead to fewer potential buyers showing interest in your home, prolonging the sale process and potentially resulting in a lower final sale price.
Instead, it’s advisable to work with a real estate agent who can help you determine the right listing price based on market conditions, recent sales in your area, and your home’s unique features.
Myth 3: Renovate Everything before selling
While presenting your home in its best possible condition is essential, undertaking extensive renovations before selling is sometimes the best approach
The idea that you must remodel every room or make costly upgrades to sell your house is a typical home sale myth. In reality, not all renovations provide a positive return on investment.
Before diving into significant renovations, consult a real estate professional to help you identify which improvements will likely add value to your property. Minor cosmetic updates, like fresh paint, decluttering, and staging, can enhance your home’s appeal without breaking the bank.
Myth 4: You can sell your house on your own easily
The concept of selling a house without the assistance of a real estate agent, known as “For Sale By Owner” (FSBO), is a persistent home sale myth. While it’s technically possible to sell your home independently, it’s a complex process that requires a deep understanding of real estate laws, marketing strategies, and negotiation skills.
Real estate agents bring valuable expertise, helping you set the right price, market your property effectively, and navigate the intricacies of contracts and negotiations. They also have access to a network of potential buyers, which can significantly increase your chances of a successful sale.
Myth 5: The highest offer Is always the best
While receiving a high offer for your home is undoubtedly exciting, it’s crucial to consider all aspects of a request before accepting it. Home sale myths often lead sellers to believe that the highest offer is always the best. However, there are other critical factors to weigh, such as the buyer’s financing, contingencies, and the timeline for closing.
An offer with financing pre-approval and minimal contingencies may be more attractive than a higher offer from a buyer who has yet to secure their financing or has multiple contingencies.
Carefully review all aspects of each request with your real estate agent to make an informed decision that aligns with your goals.
Myth 6: You can sell your home quickly anytime
Another common myth about selling houses is the belief that you can sell your home quickly at any time of the year. While the real estate market can be active throughout the year, it’s essential to understand that seasonality and local market conditions play a significant role in the speed and success of your sale.
In many regions, spring and early summer are the most active periods for home sales, as the weather is favorable, and families often prefer to move during the summer months to avoid disrupting the school year. However, market dynamics can vary by location. Be sure to consult a local real estate agent who can provide insights into the best time to list your property based on your circumstances.
Myth 7: You shouldn’t invest in staging
Some homeowners believe that staging their home is unnecessary, assuming potential buyers can envision the space’s potential independently.
However, preparing your home for the market is a powerful tool that can significantly impact the sale. It helps buyers visualize themselves living in the space and highlights the property’s best features.
Staging can make your home more appealing, inviting, and photogenic, leading to faster sales and potentially higher offers. While an investment is involved, the return can be worth it for a quicker and more profitable sale.
Myth 8: All REALTORS® are the same
Not all real estate agents are created equal, and this is a crucial myth to debunk. Choosing the right listing agent is critical to make or break your home selling experience. Factors such as experience, local market knowledge, communication skills, and negotiation abilities can vary significantly among real estate professionals.
To find the best agent for your needs, research, interview multiple agents, and ask for referrals. Look for someone with a proven track record who understands your goals and will work closely with you throughout the process.
Selling a house is a significant undertaking, and you must base your decisions on accurate information rather than common myths about selling houses. Debunking these home-selling myths can help you confidently navigate the process and achieve a successful outcome. Remember that working with experienced professionals, such as real estate agents and stagers, can be instrumental in making your home-selling journey as smooth and profitable as possible.
Bill Gassett is the owner and founder of Maximum Real Estate Exposure.