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Top 10 Selling Myths - De-bunked
Myth: Price your home high at the beginning and you’ll net more $$.
A strategy that involves pricing your home high with the intention of accepting a lower offer later – or doing some price reductions - can be detrimental to receiving the highest price for your home.
Buyers are searching online by many factors – and the primary one is price. If your listing price is outside their parameters – your home will not appear in their search.
Once you start reducing the price – you may have already lost the perfect buyer – or your home may appear “stale” and have buyers wondering why it hasn’t sold yet.
Price your home correctly from the start – and you will have a faster sale that often nets more than pricing it too high in the beginning.
Myth: I’ll fix that later – let’s see if they buyer notices.
Most buyers are looking for homes in MOVE-IN condition. If there are repairs necessary to the home, it may make the buyer wonder why they haven’t been completed and question whether there are other items that have been neglected.
Present your home in the best possible light from the very beginning. That first showing may result in a sale.
Myth: The inside of my home is nice – so the curb appeal doesn’t matter.
Most buyers will do a drive-by (or two) before they narrow down the properties that interest them. If the exterior of your home has peeling paint, neglected landscaping or seems cluttered from the outside – they, most likely, will just drive by and your home will never make it to the “Must-See” list.
You only have one chance to make a good first impression. Make sure the street number is visible, the driveway and walkways are clear of leaves/debris and have a few planters/flowers out front. It WILL make a difference.
Myth: If a buyer falls in love with the exterior of your home, the interior improvements will not matter as much.
Remember, most buyers are looking for the entire package and that includes a home in move-in condition. Make sure that the house is sparkling clean, looks well maintained and has decent carpet, paint and isn’t cluttered. Bold and bright colors may be very appealing to you; however, nice neutral colors (that are easy to paint over) will go further to impress the potential buyers than that HOT PINK bathroom.
Spending a few thousand dollars sprucing up the interior of your home will often result in a quicker sale at a higher price and make up for any money you spent getting the home ready for sale.
Myth: I have the nicest home in the neighborhood – it will sell quickly.
The nicest home in the neighborhood can often be the hardest to sell. By over improving your home – you may out price your neighborhood.
When selling your home, buyers and appraisers will look at comparable sales in your neighborhood to determine a fair market price for your home. If they can not locate properties with similar amenities and improvements – this can lead to problems with the offer price and the appraisal - which can ultimately affect the amount a lender is willing to finance for properties in your area. Keeping your home in good order is essential – adding another 2000 sq ft with that addition is probably not advised if you want to recoup your investment.
Myth: Buyers are not interested in special incentives to buy your home.
Often buyers are low on cash when searching for a home and may not be able to qualify for a mortgage without a substantial down payment.
Offering seller financing, paying the buyer's closing costs, and including a one-year home warranty, or other buyer incentives may open your home to a larger pool of buyers and provide a “win-win” situation for yourself and your buyer.
**If you do plan to offer seller financing – please consult a Real Estate Attorney
Myth: If I don’t hire a Real Estate agent – I can save the commission and net more money.
Most statistics that are available on the REALTOR® vs FSBO debate show that utilizing a REALTOR® to sell your home will net you more money. Of course, most of this data has been compiled by the National Association of REALTORS®.
Here are the facts. REALTORS® are professionals and set up showings, negotiate contracts and provide valuable market advice everyday. You can have success by going alone – but ALWAYS use a Real Estate attorney if you decide to tackle the sale of your home on your own.
There is MUCH more to selling your home than placing a sign in the yard. If you are dedicated to the process – you may succeed. It often becomes a choice of time vs. money and ultimately the decision is yours.
Myth: Sellers should stay at home when prospective buyers are touring the property to answer ALL their questions.
Having the homeowners present while their home is being previewed can make buyers feel like intruders. The ultimate goal is to make the buyers as comfortable as possible in your home so they can visualize it as theirs. Having a homeowner in the residence definitely detracts from a buyers comfort level.
Any questions the potential buyers may have about the home can be addressed by their agent at a later time.
Myth: Successful sellers should always dictate the terms of the deal.
Adversarial relationships between buyer and sellers are NEVER good. The goal for both parties is the same – a successful and stress free closing.
Always approach negotiations in a positive state of mind – this will often result in a win-win situation and perhaps form a friendship that lasts a lifetime.
Besides, you never know when the buyer needs to know EXACTLY what that one light switch operates.
Myth: When receiving an offer, make the buyer wait for your answer. This gives you POWER in the negotiating process.
When you receive an offer on your home – A LOT of consideration has gone into the price, the choice and they probably have a 2nd, 3rd and perhaps 4th choice.
Responding to the offer on your home - quickly and professionally – regardless of the offer - will keep the negotiations moving forward. Often times, the first offer you receive on your home will be the best offer you EVER get. You don’t want to sour the negotiations by a useless power play that might cost you time and money.
Author: Todd Burghardt - Broker/Owner of Team Advantage Plus Realty - ALL rights reserved.
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