If you’re currently in the process of selling a home, you’ve probably received plenty of conflicting advice.
There is a good chance that much of it is based on outdated real estate notions that have been carried on through generations.
Despite being widely circulated, many of these points and beliefs are entirely baseless, especially in 2021.
In this guide, we take a look at four common home selling myths and the facts you need to know to sell your home with ease.
Myth 1: You Can’t Sell Your Home Without a Realtor
Oftentimes, we think that if we want something done right, we need to leave it to the experts.
While this is a good general rule of thumb, it isn’t applicable in all scenarios, and real estate is a prime example.
For example, many people believe that they need to hire professional realtors in order to sell their properties.
In actuality, you can sell a house without a realtor. To do so, you simply need to research the home selling process as well as your options (i.e., what kinds of buyers you will consider, and market value of your property) Be sure to keep an open mind to all types of buyers, including property investors and cash buyers, as this will ease the process.
Myth 2: Overpricing Your Home Will Score You More Profits
You may think that pricing your home on the higher side of its value scale is a wise move.
You might believe that doing so will increase your odds of landing a higher sale price and more money in your pocket.
However, the reality is the complete opposite. It’s extremely common for overpriced homes to have detrimental effects on the home-selling process.
Firstly, if you price your property too high, you jeopardize your chances of selling your house quickly.
Overpriced houses tend to stay on the market much longer because homebuyers are scared off by the hefty price tag.
With few buyers willing to put in offers, you may grow so desperate as a seller that you eventually lower the price down much further, perhaps even lower than its actual value.
Do your research into the market value of your property and integrate these findings into your house pricing strategy.
Myth 3: There Is No Point Investing Money in Repairs and Upgrades
You may be thinking that since you’re moving out, there’s little point in fixing your leaky faucet, upgrading your appliances or landscaping the front yard.
However, putting money and effort into certain repairs and upgrades for your existing home is not a fruitless pursuit. On the contrary, it can help you reap a host of rewards.
For instance, depending on what kind of upgrade you make, you could be looking at an incredible return on investment (ROI).
A minor kitchen remodel can boost your home’s value by roughly $18,000, while simply replacing the garage door can add more than $3,000.
Not to mention, when a home is fully finished and move-in ready, home buyers usually have an easier time picturing themselves in the space.
This often incentivizes them to make an offer. Completing simple repairs and upgrades is a home selling secret that works, and should definitely be put to use.
Myth 4: You Should Never Accept the First Offer
You might think that the first offer you receive will be among the lowest. On the contrary, the first offer is almost always the best offer you’ll get (as long as it’s in relatively close proximity to your asking price).
This is because your listing is most appealing to buyers when it is first listed, specifically in the first week on the market. After that, inquiries and interest levels tend to diminish significantly.
Rather than playing hardball and waiting for better offers, make sure you seriously consider your first few offers.
Even if the price isn’t exactly what you were hoping for, you don’t have to accept it right off the bat.
Remember that there is always room for negotiation when it comes to property sales.
In an industry like real estate, misinformation is extremely easy to come by.
It is also extremely easy to make costly mistakes as a direct result of blindly believing these falsities.
However, by reading this guide, you’ll have a better chance at spotting myths and debunking them to get to the truth of the matter.
With increased knowledge, you will have increased confidence navigating the housing market and brokering the deals you deserve.