Are you getting ready to sell your home? Has a friend recently told you that all the houses in the market are getting snapped up, or that yours is a rare find? Whatever your reasons are for selling, you might have fallen prey to some common home selling myths; which can undermine your selling success. Read on to learn more about the most common home selling myths, and what the truth about selling your home is!
Overpricing Ups the Value of Your Home
Start high, right? Many sellers think that if they list their home for more than the highest comparable price, they will set a new standard and get more money. “Let’s see how the market reacts” is a common phrase, which usually results in an overpriced home that sits, and sits….and sits. Your buyers will be just as savvy shoppers as you will be when looking for a new home, and they won’t just snatch up the first new home on the market regardless of price. Most market research indicates that too high of an initial home price will actually result in a lower sales price than you could have gotten if it was priced right in the beginning!
Keep It On the Market to Bring in More Offers
Advertising is about exposure, so why not keep your home on the market for longer to bring in more offers? Maybe you aren’t in a rush to sell your home, but would like to let it sit and just wait for that one perfect buyer to come around. The problem is that the longer a home sits on the market, the less desirable it becomes. Buyers will wonder what is wrong with your property, and think that your property looks like one to try a lowball offer on. Some things don’t get better with age, and a home asking price is one of them!
A Quick Offer is Bad
If you put your home on the market at a price you will be happy with and receive that same offer in a day or less, something strange happens. All of a sudden you aren’t so happy with that selling price, and all you can think of is how much more you could have gotten. You now believe your asking price was too low, and resent the buyer for getting such a great deal. As we already went over, leaving your home on the market actually lowers the value, and a quick offer is probably the best one you will get! Buyers are looking for what is new, and it shouldn’t surprise you if your home gets snatched up quickly (if it is priced right).
I Have to Redo My….
Some sellers decide to put their house on the market and are immediately knocking down walls, installing the newest and best finishes, and living in chaos for their remaining months in the home. But is remodeling always necessary? If your kitchen or bathroom are in good condition and aesthetically appealing, remodeling may not be a good choice. While kitchen and bathroom remodels tend to have a good return on investment, redoing them right before selling could leave you not able to recoup the costs. Think about the smaller repairs that will really stand out to your buyers, and concentrate on those first.
Outside Doesn’t Matter
If the inside of your house is gorgeous, you may think the outside can look a little shabby and no one will mind. However, to just get buyers in the door you need to have an attractive exterior. Landscaping, doors, windows, paint, and siding all play into the look of your home, and you want the outside to be as enticing as possible. Many buyers will drive by your home before ever going in, so the exterior needs to make a great impression!
I Don’t Need to Stage
A window wash, some dusting, and your home looks market-ready, right? While cleanliness is a great first step (as is clearing out clutter and junk), staging your home can really take it to the next level. Staging is meant to showcase your home and make it look its best, with a style that appeals to a broad base of buyers. If you won’t be living in your house when buyers look at it, staging can give them an idea of how the rooms could be used, and can make your home look bigger. Staging your home can be the perfect finishing touch that will bring in the offers!
Nothing Compares to My Home
We get it, most people think their home is the best. Especially if you have committed time and money to make your home beautiful, you can’t imagine that someone wouldn’t want to buy it. However, you need to be realistic and know that your home is just one of thousands that buyers will be seeing. It might be great, but so are many others, and just because a friend has told you that your home is the best in the neighborhood doesn’t mean that everyone feels that way.
Buyers Can See Past…
This goes along with the previous post, the idea that your home is so wonderful that buyers won’t notice (or care about) an aging roof, cracked foundation, old windows, or a hideous paint color. You only have one time to make a great first impression, and that impression will usually be impossible to reverse. Try to take the emotion out of your home, and look at each room with fresh eyes to see what improvements could be made. If every room has a list of minor repairs it can make your home seem too high-maintenance for buyers. You should also remember that not everyone has your taste, and that koi pond in the entryway could be a deal-breaker, as could the faux fountain painting in the dining room. Trying to make your home appeal to a wide range of tastes will help you reach a broader range of buyers.
I Need to Wait Until Summer
It is already fall, do you really need to wait half a year to even consider selling your home? No! While spring and summer do see a higher number of homes sold, the winter months have their own advantages, including less inventory to compete with. Your home can sell in any month, as long as it is in good condition and priced well. Don’t be fooled into waiting half a year just to see your home sit on the market—sell when it is most convenient for you.
I Don’t Need a Real Estate Agent
This is the number one myth that people end up believing, that they don’t really need any help selling their home. You may try to do a for sale by owner (FSBO), but these properties typically sell for 15 to 20 percent less than what an agent could get! A qualified real estate agent will get your home exposure, deal with buyers, handle open houses and viewings, deal with the paperwork, and help you with negotiations. Selling your home can be easy with the right help, so stop believing home selling mythology, and work with realtors who can get your home sold! If you are looking for a realtor in Kirkland, Bryan Loveless has the years of home buying and selling experience to help—contact us today!