Selling a house is a big alteration to your life. Regardless of your reasons for selling, there is always one objective when you try to put your house up as a listing — to be able to sell your house for the most amount of money possible in the least amount of time. And because of this principle, a lot of home sellers should educate themselves with the top home selling myths you should know about…
The Top Home Selling Myths You Should Know About (and Avoid)
Luckily for buyers, things are much simpler. The most that they have to worry about is how to figure out where to live. Sellers, on the other hand, aren’t as lucky. These are some of the most common myths that you should avoid if you’re planning on selling your house.
1) You Can Sell Your Home Yourself
While I can definitely see how doing so would cut costs, it needs to be pointed out that there are only a handful of people who are able to successfully sell their own homes. This is because if you intend to do so, you need a certain set of skills such as marketing, negotiating, and of course, the ability to process loan applications properly. Apart from that, buyers will more than likely expect a substantial discount when you do try to sell your home on your own… (kind of defeats the purpose of “saving money”, right??)
2) Home Renovation Projects Pay For Themselves
Of all the top home selling myths you should know about…this is probably the one people talk themselves into the most. Renovate the entire house, put it up for sale, get an above-list offer in a day, then walk away with loads of money in your pockets. Ummmm, probably not…
The thought that home renovation projects eventually earn you back the money you spent to get them done is false. While it’s true that these renovations are bound to help you sell your home quicker, it’s rare that they’ll help you recoup the cost for these projects. If you’re still adamant about renovating, here’s a guide on how you can get the best chance of being able to recoup some money for your projects.
This is false because of one fact — it’s quite easy to get a property appraised for its actual value. Buyers and agents alike will rarely even consider shortlisting a home that’s priced above its market value.
4) The Longer Your Home is Listed, the Higher the Offers For It
The fact is that the exact opposite of this is what rings true. The notion that real estate can only increase in value is false, as painfully demonstrated by the recent recession. In fact, buyers are often suspicious of listings that have been posted for more than three weeks.
Related: Your House is a Terrible Investment
5) A Real Estate Agent Who Gets a Smaller Commission Earns the Seller More Money
It’s understandable why a lot of people would think that, but you also have to understand that the costs may come from somewhere else. Because, let’s be real, we all want a fair day’s pay for a fair day’s labor. If an agent isn’t going to get much on commission, then the agent is more likely to close the deal at a lower price at the negotiating table. A low-commission agent might also mean that there’s a smaller marketing budget allocated for your listing.
6) Selling Your Home During a Particular Season Helps Drive Sale Price
The truth here is that there isn’t a “best season” to sell your house. There are always people who are looking for a new home. So don’t make the mistake of waiting until a particular season to sell your house only to find out that you could have sold the house at any other time of the year at the same price.
The Top Home Selling Myths You Should Know About: In Summary
There. You’re officially better equipped to sell your home in the current market. Just be sure to do the following:
- Find a high-quality agent
- Don’t go overboard with the renovations
- Keep the selling price at market value (if someone thinks it’s worth more, they’ll offer you more to ensure they get it)
- Do your best to sell the home in 3 weeks or less when the proverbial “iron is hot”!
- Don’t skimp on commission payments if your agent is worth it
- Ignore the season. Just get your house cleaned up and ready, then put it up for sale.
We killed quite a few myths today, and now you can go out and get your house sold! Best of luck to you!
Which “top home selling myths you should know about” surprised you the most?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.