In an earlier post we shared four of the most common real estate myths for home buyers, so today the shoe is on the other foot. Let’s take a look at some of the most common misconceptions for home sellers.
Whether someone is selling a home for the first time or the fifth, these real estate myths can lead to major gaffes that cost sellers money. Feel free to share these tips on your website or social media sites to help clients be better prepared.
How many of these sound familiar to you?
1. I shouldn’t find an agent until I’m ready to sell.
The right time to contact your real estate agent is when you first think about selling your house. If you don’t have a real estate agent yet, now is the time to start interviewing candidates to find the right fit.
Why would you want to speak to an agent 6 months or even a year before you plan to sell your home? An experienced agent will be able to advise you and suggest easy changes that can be made over time before you list your property, changes that will attract more buyers (and top dollar). Your real estate agent will also have insight into the local market and can help you time your home sale just right for your unique situation.
2. I should price my home high to allow room to negotiate.
We admit it, this sounds like a good idea. If you know that buyers are going to want to negotiate and that negotiations usually cut into your bottom line, why wouldn’t you price it high to give yourself a cushion?
Because a home that’s priced too high can scare even the most ready and willing buyers away. And if your house isn’t getting looked at, it certainly isn’t getting offers. And the longer it sits on the market, the more work you have to put in to keep it presentation-ready. Not to mention the bad vibes associated with being “that house that’s been for sale forever.”
A house that’s correctly priced will net sellers the most money in the least time – another good reason to consult your real estate agent. Your agent will be able to create a Comparable Market Analysis (CMA) that will help you establish the best price at which to list your home.
3. The outside of my house is not as important as the inside of my house.
The appearance of the outside of your house is important indeed, as it is the first thing potential buyers see. You know that old saying, “Don’t judge a book by its cover”? So do we, but we nevertheless judge homes by their exteriors all the time.
In fact, the outside of your house is so important, a term has even been invented to describe just how important it is! “Curb appeal” means that your listing looks great from the street, making it more likely to stir up interest and showing requests from potential buyers. Here are some great curb appeal tips that will help your house live up to its full potential.
4. My agent should host multiple open houses to find a buyer.
Recent trends indicate that the number of buyers who purchase a home they discover through an open house is rapidly dwindling. Open houses attract a lot of looky loos, but is it worth the effort of tidying up and stashing your valuables for the small chance that the right person will come through the door?
In some markets, maybe. But no matter where you are, the more important expectation is that your real estate agent has a comprehensive marketing plan, especially online. With at least 92% of home buyers using the Internet to search for real estate, your home’s online presence is more important than ever before.
The Internet is like one big online open house where buyers from all over the world come to browse. Make sure your home is represented well with great photos and an accurate listing description. Listing syndication and a dedicated single property website will help your home stand out too.
As you probably know, this is only a small sample of all of the misunderstandings out there when it comes to selling real estate. But correcting these four misconceptions can help your clients sells their homes faster and for more money.
What’s the #1 real estate myth that you hear from home sellers in your area?