Myths About Selling Real Estate
There are hundreds of myths surrounding real estate that get passed along from person to person and, well-meaning they may be, a lot of them are not true. However, there are some that have some truth to them. However, for the new home seller, here are a few myths that are not true to put your fears at ease.
WARNING: We do not take any responsibility for any adverse effects that may come from putting these ideas into action. Collaborate with your real estate agent to make the best sales plan for you and your situation.
Myth #1: Wait until spring to sell your home
Now, this may have been true at one point, but it doesn't make sense now. Originally, the market was more active during spring and summer due to school schedules and lease agreements, however, that is not the case today.
Now days, though the market may be a little more active in the spring and summer, you can sell a home at any time of the year. This is because the dynamics of American society have changed and it allows people to buy and sell houses whenever.
Sell your home when it is most convenient for you. If you need to sell your home in the middle of winter, sell it, someone will buy it. Not selling your home when it is good for you could be potentially hazardous for your finances - especially if you are moving to get a smaller mortgage payment.
Myth #2: You can save money selling your home yourself
This myth is false most of the time. There are some people who can go out on their own and make a lot of money selling their home, however, it is not true for everyone. Flying solo may sound like a great idea, but, without the training of a realtor, you'll find the experience loses its luster fairly quickly.
Real estate agents have many resources and a lot of training that can better your chances of selling your home and selling it fast. If you think about it, with just putting a 'for sale' sign out in front of your home you are bound to sell it, however, the question is: when? Real estate agents, especially the ones on the Hughes Group of Silvercreek Realty Group, are able to sell homes in a fraction of the time it would take a for-sale-by-owner to do it, which is more important then you think.
The phrase 'time is money' is never more true than in real estate. When you embark out to selling a home, every second your home spends on the market it is costing you money. This is for several reasons, the first being the amount of upkeep you have to perform on your home. You need to keep it clean and tidy every day in case someone wants to see the house. You will also need to print flyers so that people can get quick information about the home, you will want to rent ad space in a paper, you will have to take time out of your day to manage your online listings, and on and on - all of which will cost you precious time. With an agent, however, they can handle all of that stuff - most often for free (not a guarantee) - taking it off your shoulders. Not to mention you will have to fly solo during the negotiations which could result in disaster for you if you don't know what you are doing.
Also, if you think about it, an agent is motivated to sell your home as fast as possible because, if it takes too long to sell, they lose money as well.
Myth #3: Overprice your home so you have wiggle room during negotiations
Now, negotiation strategy is something that cannot be learned in a single blog article, this strategy may work for you, but it isn't wise to assume that it will work. It can be a problem for several reasons, all of which could end up costing you more in the end.
Firstly, the way that people search for homes now would prevent them from seeing your home. Most of the time, when a buyer is looking for a house, they will go online and search for homes in a certain range (for ease of example let's say this fictional buyer's range is $100,000 to $200,000). If your home is actually worth $200,000 it will easily fall into their range, however, if you bump the price up to say $210,000 in hopes of getting a little bit more cash out of the deal, these buyers will never see your home as their search only goes up to $200,000.
Secondly, if your home is obviously overpriced, it will not get the attention it needs to sell. That lack of attention will kill your chances of selling your home and cost you money in the long run.
Myth #4: A home doesn't need to be staged to sell
Appearance is everything. Unfortunately, the old adage 'don't judge a book by its cover' doesn't seem to help in real estate. Though true you shouldn't judge a home by how it looks, a cluttered house or one that doesn't flow correctly will be less likely to be shown. If your pictures don't come back looking great, or your home is just miss organized, people won't like it and it will make it difficult to sell. No matter how beautiful or up-to-date it is, stage it, clean it, and make it look nice.
Myth #5: Renovations will get you more money when you sell your home
Renovations are costly and there is no guarantee that you will make as much on the home as you spent on the renovation or remodel when you finally do sell it. It is more than likely that you will end up losing money on the remodel or renovation so it is just best to not worry about working in a last minute fix up.
If your home needs a renovation or if makes sense to do the renovation than sure, do it. However, do not expect to make more money on the home. The most likely scenario would be that you sell the home faster than if you hadn't done the renovations.
Now, these are not the only myths about real estate that are floating around out there, so be sure to talk everything over with a qualified real estate agent like one from the Hughes Group. Agents from the Hughes Group will be able to help you sell your home fast, they even have a 59 day guarantee program, and help you navigate through the selling process so you can get the most bang for your buck. So give them a call today and you'll be amazed what they can do for you.