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Top 6 Home Selling Myths

February 20, 2020
Home Selling

No matter the industry you are in, there is a high chance that you have come across several individuals who think they are experts just because they know a few things. What many of them don’t know is that some of the things they hold dear are just myths.

Real estate is one industry that has many myths, especially when it comes to home selling. Some myths are hyped too much to the extent that they are regarded as hardcore truth. In this write-up, we highlight some of the typical home selling myths.

  • Valuing your property at a higher price leaves a leeway for you to negotiate and make a great deal. Most sellers have a notion that by overpricing their properties, they get a chance to negotiate for higher offers. Actually, the opposite of this is the truth. Overpricing your home means that you discourage potential buyers from making offers. You also make the buyer's agent wary of working with you and your representative since they understand that your property is priced way above its market value.
  • Getting an agent who charges a lower commission will help you make a quick sale. This is absolutely untrue. If an agent is charging less, it means that they don’t have an adequate budget to conduct thorough marketing for the property. It may also be a sign that they won’t work hard or don’t have the necessary experience to negotiate an excellent deal.
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  • If the offer comes faster, the house was under priced. This is another myth that needs to be shunned at all costs. Selling a home more quickly means that a buyer was waiting for a property that falls in such a category to show up in the market.  When a real estate agent makes effective and well-coordinated marketing plans and prices the house correctly, it will invite attention from home buyers.
  • Online home valuations and estimates are accurate and can be relied upon. Although online estimates and valuations give the seller a good starting point, they do not represent the actual value of the home. Therefore,sellers should give real estate agents the chance to help them set the correct prices for their properties. Most of the websites that do valuation don’t put into account a myriad of factors.
  • Sellers are the ones who set the price. While you may be the rightful owner of a home, the selling price has nothing to do with your research or experience in real estate. The value of your property is determined by its current location, market conditions, size, and amenities, among other things. So, stop beating your chest that you know how much your house is worth. Liaise with your real estate agent to come up with a better selling price.
  • The longer a property stays in the market, the better the offers. There is a myth perpetrated in the real estate industry that you have to wait for the right if you want to get the best offers. This is something that makes sellers leave their homes for a longer time in the market. What most sellers don't know is that if a property stays for long in the market without being bought, it starts to arouse suspicion. People start thinking that there must be a reason why nobody wants to purchase the property.

If you have any questions please do not hesitate to reach out to one of our expert loan originators.

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LFL NewsDesk
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