You’ve heard it all. She said this. He said that. What do you believe?
The answer is—none of these common home selling myths below. No matter your job—a teacher, doctor, plumber, or lawyer—there are misconceptions about your job that you probably deal with on a daily basis.
Now, as you look to sell your most valuable asset, should you rely on this hearsay? Absolutely not! We are here to set the record straight about selling your home.
The real estate market is hot in 2021, so it may be a great time for you to sell your home as home sales are up 44.6 percent for the first half of 2021. Now, it’s time to do your homework and learn the real truth about these home selling myths.
The First Offer Is Good: I Should Up My Asking Price
This could be a very dangerous school of thought because the market can shift at any time. This means time is on nobody’s side.
If your first offer is good, it could save you lots of time and money. You could save on repairs, maintenance, and other expenses. Plus, there is no guarantee that another offer is on the way.
It’s important to also remember that the listing gets the most attention the first week. You will see significant drops in interest after that week has passed. As we said, you are not guaranteed another offer, and increasing your price isn’t going to change that.
You Have to Have an Open House to Sell
When you think of people looking at homes, do you think about an open house? This means opening your doors so random people can enter your home. Just by opening your doors to anyone, doesn’t increase your chances of selling your home.
Most people that go to open houses aren’t really in the position to buy your home. True, there may be some legitimate buyers out there, but most need to sell their homes first. Open houses are a great first step for people that are starting to get the home buying itch or a lot of times it may just be nosey neighbors that want to see the inside of your home.
Agents are typically interested in open houses because it helps them find new clients. This is a great way for them to meet people in the beginning stages of looking for a home.
Plus, you don’t know who comes through your home during an open house. It could be a thief looking for some items to take.
You Should Always Set Your Price as High as Possible
Most homeowners want to get the most they can for their homes, and that’s completely understandable. However, homes that are priced too high will not sell.
Most buyers will avoid these homes. Why would they look at the higher-priced homes in the area when there are others more reasonably priced?
Even if someone pays above market value for your home, the lender still requests a home appraisal. If the home appraisal value is too high, the lender may not offer the loan until the price is reduced.
In addition, overpriced homes will sit on the market for too long. It won’t go anywhere until you lower your price, and if a buyer sees that a house sat on the market for a month and then the price dropped, they may think something is wrong with the home.
It’s better to price the home competitively from the start. Pricing higher doesn’t leave room for negotiations if no one wants to buy your home in the first place.
The House Sells Itself
Just because your home is beautiful, it doesn’t mean it will sell itself. There is a lot more than that goes into the sale of a home.
A real estate agent helps interested buyers make decisions based on their interests, so they help them find homes that:
- Meet their wants (and needs)
- Has features they want
- Is in their budget
- Is an objective choice and not based on emotion
- Finding the best in existing inventory
Agents are able to find the homes their clients want. They help them with advice on things they can’t change versus what they can do (i.e. decorating and renovation ideas). They don’t manipulate their clients.
Buyers won’t just show up because a house is for sale, so you need much more than a for-sale sign.
You Save Money By Listing For Sale By Owner
There’s a lot to think about before you put up that sign to sell your home. First, you need to determine the market value of your home, and not just what you think it is worth. Second, how will you market your home for exposure?
Other questions you need to think about when listing For Sale By Owner (FSBO) include:
- Who will screen potential buyers
- Who will handle inquiries while you are at work
- Who will negotiate and fill out the paperwork and contingencies
- Who will handle buyer showings during work times
- Who will deal with the home inspection findings
A study also found that homes sold by owners sold for about 11 percent less than those listed with real estate agents. Plus, you have to deal with all those other questions listed above.
You Don’t Need to Do Anything to Get Your Home Ready to Sell
This can be true if you are listing your home to sell “as-is” or have cash home buyers in mind, but for most homeowners, you need to take the time to prep your home. It’s important to clean your home and fix any serious issues before the home buyer uses these issues to negotiate a lower price.
People like to enter a clean, non-cluttered home. So, put all your personal belongings away and give your home a great presentation. Don’t forget to freshen up that curb appeal by cleaning up the outside as well.
A real estate agent can help you decide what you should do before putting your home on the market. After all, they hear buyers’ opinions daily.
Home Selling Made Easy
Once you forget all these home selling myths, you may find that it’s easier to sell your home. You need to do your homework and not just believe everything you hear. By listening to your agent and doing your homework, you can sell your home quicker and for a better price.
Check out some other great advice in our Home section to help you get your home ready to sell or make your new home more comfortable.