If you plan to list your home, or are already in the process of doing so, there are six home selling misconceptions you should know about.
1. “Multiple open houses will surely bring in more buyers.” Open houses require a lot of time and energy to put together, but these potentially stressful factors are no reason to skip hosting one altogether. Even so, the idea that having more than one will reap greater results is not necessarily accurate. It’s been proven time and time again that conducting several open houses can attract the attention of a wide pool of buyers, but sellers should be wary of those who are merely attending out of curiosity.
There are a couple of ways you can avoid bringing in such “buyers” though, with one method being to consider hosting your open house on a weekday—a time when only truly serious buyers will be out looking at properties. Another way to attract legitimate buyers is by having your agent put technology to work in your favor. Have them post the details of your open house on websites and apps buyers commonly browse.
2. “It’s a waste of time for the seller to order a pre-listing inspection.” It’s true that buyers will most likely order an inspection of their own once under contract, but this doesn’t mean that sellers shouldn’t take preemptive steps to find and eliminate any problems in their home beforehand. Ordering an inspection before your listing hits the market could save you a lot of time and money later on. Also, presenting a home inspection report to potential buyers will definitely make them feel more secure about the prospect of purchasing your home.
3. “It’s best to decline offers you receive right after putting your home on the market.” Sellers often feel overwhelmed after receiving their very first offer, and this sometimes leads them to decline it in hopes they’ll get a better one soon. However, in a less active market when it could take weeks or even months for sellers to see another offer, this is not always a wise choice. If an offer comes close to your asking price and has favorable terms and conditions, realize that the points you aren’t thrilled about can be addressed during negotiations. It may be in your best interest, in some scenarios, to give early offers a shot.
4. “Overpricing your home will drive up its value.” Many sellers assume that overpricing their listing will help protect them from earning too little in the event that a buyer asks for a price reduction. In practice, though, this theory doesn’t hold water. The best way to ensure you earn a fair price for your home is actually to be realistic. Setting your home at too high a price could leave buyers feeling too intimidated to consider your home to begin with.
5. “It’s best to let your home sit on the market for however long it takes to get an ideal offer.” To tell the truth, the longer your home sits on the market, the lower your chance of success becomes. As mentioned in the last point, a home that isn’t competitively priced will leave you waiting for a long time to receive any offer at all, let alone one that meets your expectations.
6. “Lavish upgrades will improve your home’s value.” Unfortunately, many sellers go overboard as they prepare their home for sale. They assume that every upgrade they make will bring a high return, but this is simply not the case. Keep home improvements practical, as these projects will tend to be the most likely to add money in your pocket at the end of the deal.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.