3 Home Selling Myths Debunked
Our Broker is sharing 3 home selling myths to help you avoid common mistakes when selling your home. Some agents want your business and are eager to be “yes people” to get it. These agents aren’t willing to step up and be honest with their sellers about what it takes to sell a home. On the other hand, some agents genuinely excel at what they do and aren’t afraid to be truthful with their clients because they have their best interests at heart. Here are 3 home selling myths debunked from a Realtor® whose success comes from being honest and stellar in her field.
Myth #1. You Need To Wait Until Spring To Sell Your Home
If it’s not spring and you need to sell your house, take advantage of the market. Springtime only makes up three months of the year, which means that there are nine other months that you could be selling your home. Selling your home during the holidays has quite a few benefits. Indeed, the school year dictates when certain people decide to move, but this only applies if there are children involved. And with Covid changing the landscape of schooling for many families, you now have online school and homeschooling families who can move whenever they like.
Also, putting your house up for sale when there isn’t a lot of inventory is always a good idea. When there’s not a lot of inventory, it becomes a seller’s market, which means you have the upper hand.
Myth #2. Instead Of Doing Repairs, You Should Offer Buyers An Allowance
When a house needs updates, even when it’s just minor repairs, homeowners will often say they don’t want to deal with it. They want to avoid the time and effort it takes to fix these things, and instead offer an allowance. An allowance gives money to the buyer so they can make the repairs themselves after purchasing the home. You are always leaving money on the table if you choose to do this.
When potential buyers see that it needs work, updates, or repairs, even if they are small, they immediately start trying to slash the list price. They’ll do whatever they can to justify making you an offer below the asking price. This is just one of the many reasons this isn’t a good idea. Make sure to watch Laura’s YouTube video for more valuable information on this myth.
Myth #3. I’ll Overprice My Home To See How Much We Can Get
People often want to list their house at the high end of the spectrum or a little over to see if they can get more money for their home. 100% of the time, this does not work. Your house must be priced based on comps. This means that you are pricing your house compared to homes in the area comparable to yours.
And even if you do get someone to agree to buy your home above market value, the next step is for the lender to send out an appraiser. If the appraisal comes back under the agreed-upon price, the deal will likely fall apart unless the buyer can pay the difference in cash or the seller is willing to come down in price.
Houses that sit too long or are taken off the market and put back on have additional challenges. Buyers start hypothesizing that something must be wrong with the home, and begin offering you even less. Laura’s full explanation in the video is something you don’t want to miss, whether you’re buying or selling.
The Myths Don’t Stop Here
These are just three of the many important concepts that a seller needs to understand to eliminate stress when putting the house on the market and to get the most for their money. For more tips or information, contact Laura or her team at livinghouston.com.