You may find when telling people you’re selling your home, you’re bombarded with unsolicited advice from all corners. Unless you’re working with a trusted, professional real estate agent, don’t believe everything you hear. Here are some of the biggest myths, debunked, when it comes to selling your home:
Myth #1: Never accept the first offer. Many people will hold out for other offers that come down the road, believing they’ll only get better. However, assuming the first offer isn’t well below your asking price, many times the first offer will be the best you see.
Myth #2: I can initially list my price high and lower as times goes on. The hottest time frame for a listing is right when it goes on the market – this is when your home will get the most attention from potential buyers. Work with your Realtor to price your house competitively, and be honest about how much home you really have.
Myth #3: Remodeling my home will only increase its value. Certainly, many remodels and updates will up your home’s resale value; however there are also many remodels that typically do very little to increase its value, including home offices, master bedroom add-ons and custom bathroom designs. Those remodels that often do increase the resale value include kitchen cabinets and countertops, carpeting and flooring and heating and cooling systems.
Myth #4: I should list my home based on the price my neighbors’ home just sold. Oftentimes people assume all homes within the same neighborhood will be worth the same amount. Unless the homes are exactly alike, this is not true. Take into consideration any upgrades or add-ons you may have made to your home, and the home’s overall condition, as well as numbers of bedrooms, bathrooms or a finished lower level. Your Realtor will be able to tell you how your home’s amenities will affect its price.
Myth #5: Minor repairs can wait until later; I’ve got bigger fish to fry. Minor repairs are very important to make around the home before it’s listed. They can make your home more marketable, as people are looking for a home that is move-in ready. Make sure you’ve got all minor repairs taken care of to maximize your return on the sale.
The biggest factor in selling your home in a timely manner is getting it priced correctly. Hire a professional Realtor to help set your home at a competitive price in order to bring in the highest return.