Selling a home is a situation in which assumptions develop over time and don’t conform to reality. You know what they say about when you assume…
Using inaccurate information and facts can be damaging especially when selling a home. This article will teach you about some of the most common home selling myths in Anderson SC.
FSBO Is the Way to Go
Selling without any help might seem appealing but it has some serious disadvantages!
Do you have the experience to guarantee your home is marketed to the greatest number of buyers?
Do you understand how to properly screen buyers?
How will you handle to phone calls and emails while you are at work?
What about showing the home when you are at work?
Do you have extensive experience in negotiating?
Do you understand real estate contracts and the related paperwork?
Will you be able to remain unemotional during negotiations? What about when the buyer hits you with the results of the home inspection?
Top Realtors handle more home sales per month than the average person will in a lifetime. Read that again and let it sink in…
Real estate agents know the local real estate market like the back of their hand. They know how to price your property. They know how to market your home to attract serious, legitimate qualified buyers.
If you sell your home without a Realtor, you may price your home incorrectly. It could take longer to sell. You may find you are attracting fewer buyers or the wrong buyer.
These mistakes can result in a lower price, possibly lower than what you saved on commission.
An ad on Craigslist and a cheap sign from Wally World is not the best way to get top dollar for a home!
If It Is Online, It Is True
Not all of the home selling advice you find online is correct…
There are plenty of ‘real estate secrets’ on the internet but there are more home selling myths!
Why would you believe what a complete stranger says on the internet as being correct? Slow down and do plenty of research!
Who Sets the Home’s Price
Many people think the seller or the agent decides on the home’s price. The ugly but honest truth is that the final selling price will be controlled by the local market!
Sellers will listen to friends, family, coworkers and websites such as Zillow. This can lead to incorrectly pricing a home. Maybe the seller will select a list price that is too high or too low!
There has been plenty of debate about the helpfulness of online home value tools. These gizmos are better than they used to be but they cannot compete with an experienced local Realtor!
Zestimates and other tools will get you close. But close only counts in horse shoes and hand grenades…
Because sellers are emotionally involved and want the most money, they may mislead themselves about the home’s true value. They will believe what they want to be true instead of what is reality…
Sadly, this happens far too often…
The best way to sell a home is to rely upon a local experienced Realtor to advise you on the initial list price.
Price It Higher So We Can Negotiate
Everybody wants top dollar when selling a home in Anderson SC. Nothing wrong with that…
Pricing your home higher to give yourself room to negotiate is completely wrong!
Hitting the market with an overpriced property will only result in frustration. Studies have proven that an overpriced property will result in a lower price than a correctly priced home!
The Higher The List Price, The Better the Realtor
Some agents will suggest or agree to a higher list price simply so they can get the listing. They know that they can get the seller to lower the price later!
This tactic is used so often it is referred to as “buying the listing” . Overpricing your home is a sure fire way to fail when selling your home!
Do not select a Realtor because they suggested a higher list price.
You Get All Your Money Back From Home Improvements
This is a very common and costly myth. The money you spend on some home improvements will NOT be recovered when you sell your home. You will get some but not all of the money back.
Renovations will increase how much you enjoy your home. But it does not translate into more money when you sell.
Renovating and improving your home does increase the value of your property. But this does not always reflect in the sold price!
The percentage of the money that you get back depends on the type and extent of renovations. Some of the best returns are from a new garage door and painting.
The best return for your money in my experience has been from cleaning and decluttering.
Some sellers think they can give an “allowance” for repairs or updates and still ask full market value. A closing incentive is not the best way to handle necessary repairs or updates.
Most buyers want a home that is move in ready and needs nothing. If a buyer is willing to accept a home that needs repairs or updates, they will be expecting a serious discount.
If your home needs repairs or updates, the price MUST reflect this. If it does not, home buyers will make lower offers.
An allowance allows you to screw yourself…
Getting an Offer Right Away Mean You Were Underpriced
Some home sellers think getting an offer right away means the property was priced too low. It seems logical but there’s a very good reason why you got an offer quickly!
A new listing gets the most attention when it first hits the market. Home buyers and their buyers agents are constantly looking at all the homes on the market.
Having a home priced correctly is essential when it first hits the MLS. If a home is overpriced, buyers think the seller is delusional. They will move on to homes that are priced correctly.
When a home is too costly compared to the competing listings, that property won’t make it to that buyer’s list. It won’t even be looked at!
That’s what you did when you were looking for your current home?
Overpriced homes were ignored, right?
Another way to think about it is if your home were a 150-pound boxer, would you say it weighed 200 pounds? This would mean your 150-pound boxer is now competing against bigger, stronger boxers!
Open Houses Are Effective
According to the National Association of Realtors, only 2% of homes are sold as a result of open houses!
The real truth is that open houses are a great way for Realtors to meet new clients…
Not to sell your home!
While open houses were great years ago, today the serious legitimate buyers are looking online.
The Take Away
When it comes to selling homes, it is critical to be up-to-date and make smart decisions. Use real facts and not myths or internet rumors when selling a property in Anderson SC.
These are just a few of the home selling myths. Again, you need to slow down and do your research!
If you have any questions about real estate in the Anderson SC area, please email me!