When someone mentions they are thinking about selling their home, it seems like everyone has an opinion on the subject, which has led to some myths that sellers should be aware of. Let’s debunk those so that when you’re ready to sell, you know the facts!
MYTH #1: Automated Home Evaluations are Always Accurate
Have you ever seen an ad on Facebook to click and find out your home’s value? Or looked up your home on a popular home search website to see what the value is? If the answer is yes – you are not alone! The problem with these automated home valuations is that it is impossible for them to consider every factor that goes into determining your home’s value because they aren’t able to physically see inside your home. This can give you false information, either making you believe your home is worth more or less than it actually is.
The most accurate home valuation tool is going to be one where a LOCAL real estate agent conducts a personalized market analysis after gathering important details about your home & is able to do a walkthrough. Listing consultations do not cost you anything and you have no obligation to sign anything afterwards, but doing this will give you a much more realistic idea of what you could possibly sell your home for.
MYTH #2: If You Don’t Have an Open House, Your Home Won’t Sell
According to a 2017 survey by the National Association of REALTORS, only 7% of buyers find the home that they buy through an open house. This isn’t to say that you shouldn’t have one when you list your home for sale, but it also isn’t the most effective marketing strategy. Holding an open house will definitely help to increase exposure when your home first hits the market, so it’s recommended to have your agent hold one the first week that your home is on the market to drive as much traffic as possible to your listing. However, you’ll want to make sure that your agent has other marketing strategies that they use, too!
MYTH #3: If You Price Your Home on the High End, You’ll Have More Room to Negotiate
Many sellers have the belief that they should price their house high so that they’ll end up at the price they actually want after negotiations. The problem with this, though, is that you’ll be decreasing the number of interested buyers when you first list your home, which will create a mindset that your home is priced too high.
When your home first hits the market, you want to make sure that you are drawing from the biggest pool of buyers to get as much exposure as possible. Pricing your home on the high end will eliminate the buyers who can afford the price you actually want because their budget may not go up that high. Instead, the goal is to price your home at, or even slightly below, market value to increase demand, competition, and ultimately more money in your pocket!
If you’re thinking of listing your home in the near future, you’re already in a better position by knowing the truth about these common seller myths! To be even more prepared, schedule a listing consultation with a REALTOR® to find out what else you should know before you put that “For Sale” sign in the yard.