Whenever anyone mentions that they’re thinking of putting their house up for sale, it seems that everyone wants to give their opinions on the subject. Because of that, a lot of myths have developed that seem to go around like the old game of Telephone. Let’s debunk those myths 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 that says “CLICK HERE to automatically determine your home’s market value” or something similar to that? If the answer is yes, I promise you’re not alone. The problem with the automated home evaluations is that they are not taking every factor into consideration and can result in false information, causing you to believe that your home value is less than what it actually is or even higher than what is realistic.
The internet doesn’t know if you refinished your hardwood floors, updated all your landscaping, added a brand-new deck or any other update you’ve added. Most importantly, you may have put your hard earned money and possibly even your own valuable time in, to improve your home, and the internet does not know that.
What type of evaluation could give you an accurate answer? One where a LOCAL Real Estate Agent speaks to you, so they can conduct a personalized market analysis after asking you for more details about your home. Even better, schedule a consultation so that Agent can actually see your home in person and give you the MOST accurate answer. Listing Consultations cost you zero dollars and you have no obligation to order the for-sale sign and start signing afterwards.
MYTH #2: If You Don’t Have an Open House, Your Home Won’t Sell
Have you ever heard the actual stats on the success of an Open House? According to a 2017 survey by the National Association of REALTORS, only 7% of buyers find the home they buy through an Open House.
This isn’t to say that your home shouldn’t have an Open House when it’s for sale, but, it also isn’t the most effective marketing strategy. Holding an Open House will help 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 in order to drive as much traffic as possible to your listing. However, make sure your Agent has other marketing strategies they use other than standing around your house for a couple of hours every weekend.
MYTH #3: If You Price Your House on the High End, You’ll Have Room to Negotiate
Many sellers believe that if they price their house high, they’ll end up at the price they actually want. The problem with this is, that you’ll be decreasing the demand (number of interested buyers) when you first list your home which will automatically create a mindset that the home is priced too high.
When your home hits the market, you want to make sure you are drawing from the biggest pool of buyers to get as much exposure as possible. Pricing it on the high end will eliminate buyers who can afford the price you actually want because their budget might not go up to the price you’re starting with. Instead, price it at or slightly below the 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 knowing the truth about these common seller myths. To be even more prepared, make sure you schedule a listing consultation with a Real Estate Agent to find out what else you should know before listing your home for sale.