There are plenty of home selling myths out there that home sellers take as truths. Unfortunately, the Internet is filled to the brim with unsubstantiated information that many assume to be correct.
Come with us as we use our years of expertise to bust open some of the biggest home selling myths that exist today.
The Price Is Set By The Seller
While a home seller will make the final decision as to how much a home is sold for, the true selling price is set by the size, the location, and, of course, the market conditions. While your family and friends might tell you that you are sitting on a gold mine, they aren’t the ones buying your home.
It is important to discuss conditions with real estate pricing experts to better gauge how much you could likely get for your home.
Overpricing a Home Can Get You More Money On A Sale
If you were buying a home, would you buy the very first one you found online?
Probably not.
Many buyers comparison shop, looking at all of the different options in different neighborhoods to get the most bang for their buck.
Homes that are overpriced likely won’t make it onto the buyer’s shortlist and will probably get thrown in the mental trash in the long run. Homes that are priced too high sit on the market for too long and eventually get stale.
Overpricing a Home Can Provide More Negotiation Room
When it comes to negotiation, you need another party at the table. If you can’t get another party to the table because your home is priced too high, then guess what? You will not get to have ANY negotiation.
To believe this myth is to push serious buyers away who know how much homes in the area are going for. Homebuyers are better researched than they ever have been. They would likely walk away before trying to negotiate a lower price.
The Longer It’s On the Market, the More Offers You’ll Get
“We’re not in a rush. Eventually, a better offer will come our way.”
We’ve heard this sentiment way too often. In reality, however, the longer a property sits on the market, the lower offers will begin to seep in. The market is not a friend of the seller.
Any Quick Offers Say The Property Price Is Too Low
People often believe that any quick offers that come in right off the bat tell them that they priced their property too low. However, there are plenty of other reasons why offers like this come in fast.
For starters, there are hot buyers, agents, and reps, who have been scanning the market carefully for many weeks and months. Whenever they see something new pop up, they hop on it so that they are the first to view the property.
You also might just have a spectacular listing, which will draw in tons of potential buyers fast.
When selling your home, make sure to stay in touch with reality and don’t believe any “truths” you might hear online until you do your research.