There are many home owners that fall for myths about home selling. It may make sense at first, but if you don’t do your research, you’re going to miss out on the real facts.
Here are 5 home selling myths:
- Property selling price is set by the seller
Yes, it’s true that the home seller will make the final decision as to what level the house will sell for. However, contrary to public beliefs, the actual selling price will be subject to market conditions, the property’s location, and its size! Don’t believe the home selling myth that if you overprice your property you will receive higher biddings, but in fact it’s the opposite – you’re going to see lower prices if you decide to do that.
- More marketing time = better offers
You might assume that waiting for the “perfect buyer” that will give you the best offer is the right way to go. WRONG. The reality of the matter is that the longer a property sits on the market, the more likely lower offers will come in! Also, potential buyers might have questions about what’s wrong with the house because they notice it’s taking so long to sell.
- Open houses will easily sell your home
According to the National Association of Realtors (NAR), only 2% of homes were sold due to an open house. Don’t assume that the open house is your only way to selling your home. Remember this statistic when your home is on the market. While open houses are a great way to introduce your home to potential buyers, there are other factors that home buyers will consider that you should address, too.
- The best time to sell a house is during the summer
Yes, the spring and summer periods tend to be the most popular times to put your property on the market, but statistics indicate that you can sell your home fine during any season. Each season may have its pros and cons, but your agent will know the particulars of your market and adjust the marketing plan depending on the current season. Winter or holiday periods might be slower, however, depending on the market, that reduced number in inventory is likely to help you keep your price level for your home. Less competition = higher prices you can sell for.
- Home improvements pay for themselves
According to Remodeling magazine’s 2016 Remodeling Cost vs. Value Report, you’ll only recoup an average of 64% of the cost of the renovations made to your home.
It’s said that only a very few home improvement projects will result in a getting you more money than it cost you. Be careful before you start your home renovations and make sure its worth the investment.