Once you decide to sell your home, it’s inevitable that you will receive a lot of solicited and unsolicited advice. To help you differentiate between good and bad advice, here are 5 common myths about selling your home.
1. Open houses are the best way to land a buyer.
People often have an overly optimistic view of open houses, thinking the best way to sell their home is with attracting as many buyers to the home at one time. However, in most cases, open houses don’t always attract serious buyers. When you focus more on one-on-one sales, your real estate agent can help screen out those without pre-approval from lenders so you don’t waste your time trying to sell your home to someone who may not even be able to get a mortgage. While open houses can create interest, don’t rely on them to create a sale.
2. You are better off selling your home on your own and saving the money that would go to an agent’s commission.
Many sellers who attempt to sell their homes on their own often find the process more difficult and tedious than anticipated. While saving the money you would pay a real estate agent for their commission might sound appealing, Real Estate agents and the expertise they provide often prove to be worth it. The National Association of Realtors surveys consumers every year, including homeowners who succeeded in selling their home without a real estate agent. Over 70% of these homeowners say that they would never do it again without an agent.
Real Estate agents are familiar with the market and can help you price your home competitively. They also screen potential buyers, ensuring that they are qualified to purchase your home. Electronic lockboxes that are used by most agents can be monitored, and information is stored on every agent who shows the home, thereby making it difficult for someone to enter the home that might jeopardize your safety. Finally, homeowners who succeed in selling their home by themselves usually net less than if they had a Real Estate agent working for them.
When you are preparing to sell your biggest asset, it makes sense to hire a Real Estate professional to make sure you get the most money out of your home.
3. When you receive an offer, you should make the buyer wait to put you in a better negotiating position.
When a buyer makes an offer, that usually means they are ready to buy a home – particularly your home. You should reply to offers immediately to avoid losing a sale. Both you and the buyer have the same basic end goal: for you to sell your home and for the buyer to buy your home. Your real estate agent will assist you in approaching negotiations positively and realistically.
4. Price your home high first and then gradually lower it if it doesn’t sell.
If you price your home too high, you may think it will give you an opportunity to accept a lower offer that will meet your expectations; however, by pricing too high, you will miss out on a high percentage of buyers who are looking for home in the price range your home should be. Many buyers who might be interested in your home could be scared off by the price so much that they won’t even look at it. Real Estate agents can help you determine your home’s fair market value and assist with different pricing strategies that align with the current market.
5. You need to wait for the right season to sell your home.
You’re ready to sell your home, but you’ve been told to wait until spring or summer. Many people believe this because families with school-aged children wait until the end of the school year to move and want to get into a new home before the next school year begins. However, not all home sales are driven by young families with children. There are typically many homeowners who are single, childless, or retired looking for a home throughout the year, making fall and winter equally competitive seasons to sell your home