Myth #1: You should always price your home high and negotiate it down
Truth: Pricing your home too high can backfire.
If you list too high, you’ll miss out on buyers searching in the price range where your home should be. Offers may not even come in because buyers who are interested in your home are scared off by the price. When you eventually correct the price to fair market value, you will have lost that crucial window of opportunity when your home draws the most attention. The first two weeks on the market are crucial!
Myth #2: Minor repairs can wait; there are more important things to be done
Truth: Minor repairs can make your house more marketable.
Most buyers are looking for houses that are “move-in” ready. If your house attracts a buyer who is willing to make repairs, they will likely ask for repair allowances that come out of your asking price. Taking care of minor repairs beforehand can maximize your return and minimize your loss.
Myth #3: Once potential buyers see the inside of your home, curb appeal won’t matter
Truth: Curb appeal is essential to getting buyers to look inside your home.
Buyers and their agents often do drive-bys before deciding if a home is worth their time. Your home’s exterior must make a good first impression to compel buyers to look inside.
Myth #4: Your house must be every buyer’s dream home
Truth: Over-improving your house can be a costly mistake.
There is a point where improving your home doesn’t pay off. The key is to consider what competing properties feature and look like. A professional can help you determine what makes sense to repair and replace and what doesn’t.
Myth #5: When you receive an offer, you should make the buyer wait because it gives you a better negotiating position
Truth: Responding quickly to offers is crucial.
When a buyer makes an offer, they are ready to buy your house at that moment. Moods can change, and you don’t want to lose the sale because you stalled in replying. Replying promptly does not mean accepting immediately, but it shows serious intent.
Myth #6: You are better off selling your house on your own and saving money on the commission you will pay a real estate agent
Truth: Selling a house without a real estate agent can often lead to a lower net profit.
Statistically, many sellers who attempt to sell their house on their own cannot complete the sale without professional help. Homeowners who succeed in selling their house by themselves usually net less than if they had used a real estate agent. According to the National Association of Realtors, over 70% of homeowners who sold their home without an agent said they would never do it again.
When it comes to selling your biggest asset, consulting with one of our agents can help you navigate the complexities and maximize your returns. Give us a call or text today at 208.391.5331!