BUSTING THE 4 MOST COMMON HOUSE-SELLING MYTHS
If this is your first time selling, you’re probably overwhelmed by the complexity of the process. These days there is no shortage of information, and of course, we have our family and friends who are eager to give advice. However, receiving input from too many sources can lead to more confusion, uncertainty, and stress. With these information sources available, some home-selling myths have become commonplace in the property market.
For those struggling to decipher the myths from the truths, below are a few facts that bust the most common selling myths wide open and will help steer you in the right direction:
#1 Myth – The selling price is determined by sellers
Truth – While it is the seller who decides whether they agree to the selling price, other factors come into play such as the property’s location, size, condition, and the market. If buyers do not perceive the home to be priced at fair market value, they will not be interested in purchasing it. Buyers in the market will have a large influence on the selling price of a property. If the home is in demand, it will fetch a higher price. Sellers should keep in mind that the initial asking price of the home can vary greatly from the actual selling price.
#2 Myth – Overpricing leaves room to negotiate
Truth – Instead of leaving room for negotiation, overpricing drives buyers away. Inflating the home’s price will alienate buyer pools, in that buyers who could afford the home at its true market value will overlook it because it falls outside of their budget. Equally, those who can afford the inflated price will soon realise that the home does not compare to others in the same price bracket. The home could stagnate and sell for far less than what it may have sold for if listed at the correct price from the start.
#3 Myth – It’s not necessary to make repairs and prepare the home for sale
Truth – There is a market for buyers who are looking for a property they can renovate themselves; however, most are looking for a home that is ready for them to move into. A home in ill-repair will be far less attractive to buyers than a home in pristine condition. Although dependent on budget and time frame, it’s recommended that all major repairs are seen to before the home is listed. If any defaults are found during an inspection, the seller can then discuss options with the buyer regarding additional repairs or dropping their asking price.
#4 Myth – All renovations and home improvements pay for themselves
Truth – While certain renovations and home improvements will increase the home’s value, property values in the area might not allow the seller to recoup all the money they have invested in the project when they later decide to sell. Before deciding on any project, it is best to get expert opinions on what should be fixed or changed and what kind of return can be expected as a result.
Reach out to a property market myth buster
If you’re thinking about selling your home but you’re not entirely sure where or how to get the job done, remember that you don’t have to sell solo. Reach out to a property market expert who can guide you in the right direction and ease your stress and uncertainties about the process.