7 Home Selling Mistakes You Don’t Want To Make
Depending on your profession, you, like many other people, may spend a lot of time dispelling common myths about your job. Whether a real estate agent, doctor or mechanic, you may constantly have to prove your expertise. With the internet, everyone’s an expert until they learn, usually the hard way, that they’re not. For REALTORS®, all it takes is for a potential client to spend 20 mins on Zillow, and they become convinced that they know everything they need to know to be able to do the job themselves.
In this blog, we’re looking at 7 myths to be aware of when selling your home, that can turn into big mistakes if you believe them. These tips will give insight into the real estate industry and remind you why your best asset when selling your home isn’t Zillow but a competent, experienced REALTOR®.
Myth #1: If The First Offer Is This Good, I’ll Get An Even Better One If I Hold Out
This is often one of the biggest mistakes a seller can make. The first offer is often the best. It can save you from weeks of inconvenient showings, more mortgage payments, and the potential loss of the sale if the buyer moves on. A fresh listing gets the most attention the first week it hits the market. After that, it begins to lose its appeal, and the offers drop significantly. If your agent dismisses a strong initial offer to play the waiting game, you may want to consider getting a new agent.
Myth #2: Depersonalizing Your Home Isn’t Necessary
Selling your beloved home can be an emotional event. When people look around at their most treasured possessions, all they see are assets. However, to prospective buyers, your personal items keep them from being able to envision their own life in the house. As soon as you choose to list your home, you should no longer see it as your personal space. People aren’t buying your stuff. They’re buying your walls. You’ve opened up your house for buyers to make a business transaction, and a good REALTOR® will help you see this, allowing you to release some of your attachments and make the sale.
Myth #3: A Discount Agent Will Save You Money
Please remember, you get what you pay for. If you find an agent who easily parts with their money, who do you think will fight for yours regarding negotiations? Sellers need to understand that they need a REALTOR® who’s willing to do the work it takes to sell your house. From staging to listing, to marketing, and so much more, if you have an agent willing to sell your home for less, they’re most likely going to work less to sell it. Sellers who save on commission usually take longer to sell their homes. And ultimately, more time on the market means less money in your pocket.
Check out a Day In The Life Of A REALTOR® vlog featuring our Broker and founder, Laura Weisman
Myth #4: Buyers Will Pay More For Your Renovations
While updated kitchens and bathrooms have the ability to increase the value of a home, they don’t offer a significant return on investment. Doing a major renovation right before selling will not net you a large profit.
Believe it or not, minor renovations may help you sell your home at the right price just as quickly. New appliances or countertops may be all you need to pull in a hungry buyer. You’ll have spent less with minor updates yet received a comparable offer, leaving you with more money to spend on your next home. Also, remember, not everyone shares a similar taste. That kitchen renovation you just did may not be for the buyer, and they may redo the whole thing. Let your REALTOR® guide you on the places you can make money and where you can save it.
Myth #5: I’ll Get A Pre-Approval After I Find The Perfect Home
House hunting is a fun, exciting time but also frustrating and time-consuming. Not having a pre-approval letter will come back to bite you almost every time. If you have a real estate agent willing to show you property without explaining why you need a pre-approval first, you should strongly consider finding a new agent before you move forward. If you find your perfect house but don’t have a pre-approval from your lender, that perfect home won’t be there by the time you get it. It can be devasting for a buyer to learn that the home they love is either out of their approved loan amount or that someone who had all their paperwork in order already got it. Your pre-approval letter is like Charlie’s golden ticket. You can’t buy a home without it.
Myth #6: A Large Commercial Brokerage Is Better Than An Independent Brokerage
Sellers may assume that a commercial real estate firm will provide better exposure for their homes. However, nowadays, every house has equal access on the MLS. The quality of the entry of your listing on the MLS is more critical than the brokerage that lists your home. You should always ask potential agents if you can see examples of their listings. Suppose they’re not providing you with professional photos, high-quality marketing materials, and descriptions of your property that pique a buyer’s interest. In that case, it won’t matter how well-known the brokerage is. A boutique brokerage often takes more care when listing a property than a big-name brokerage. A smaller brokerage usually has more opportunity for individual attention and better control over what they’re allowed to do for you. They also offer a more personalized experience. An art often lost in today’s fast-paced, mass-produced society.
Myth #7: Overpricing My Home To Sell Will Get Me The Highest Price
The truth here is that overpricing your home can be a very costly mistake. Accumulated days on the market mean a listing goes stale. A stale listing can result in a lower sale price than if you had priced it competitively from the start. Buyers have more information about a house today than ever before. If they have an excellent REALTOR®, they will have pulled comps in the area and won’t be advising their buyer client to overpay for a home. You can even argue that underpricing works even better. People flock to a good deal, giving it extra attention and activity, which turn into offers. Your REALTOR® can then negotiate the offers to a higher sales price.
Living Houston Specializes In Listings
We’ve only listed a few of the myths that sellers repeatedly believe. These myths can cause you to lose money, time, and sanity. Living Houston specializes in listings. We have an excellent track record of generating stellar, high-quality MLS listings, quick sales, and more money for our clients. Our boutique brokerage offers our clients unparalleled attention and white-glove service. To schedule a consultation about listing your home, contact Living Houston.