Selling your house is not like selling your smartphone or laptop; it’s probably one of the most expensive and precious investments you could ever own. Therefore, whenever you consider selling your house, you want the best deal to ensure you don’t have to bear any loss. For this purpose, hiring a professional and expert mortgage advisor can help you with the real estate market research and link you up with an ideal buyer.
Moreover, right when you are about to start the selling process of your house, you will be getting loads of advice from your friends and family members. You may also feel the urge to look up online and read forums to help you sell your house quickly at a great price.
However, it’s essential to remember that most of these “advice” will be myths, as any research evidence does not back them up. They are based on what they have heard from their circle of friends.
Hence, we will list down the most common house selling myths that you don’t have to pay attention to and ignore if you want to prevent any loss or inconvenience down the line. Read on!
House Selling Myth #1: Major Renovations Will Get You a Higher Selling Price
Most homeowners believe that having a top-class kitchen, patio, or bathroom will help them get a higher selling price for their house, and therefore, they tend to spend thousands of dollars for this.
In reality, this is not the case. Only the simple and minor changes can help you get a better deal than spending a fortune on refurbishment. For instance, you can replace your garage door or opt for better-looking faucets and cabinet handles or knobs. You can also get a fresh coat of paint to renew the look and replace worn-out flooring to attract more buyers.
House Selling Myth #2: The Seller Entirely Decides the Price of the House
While it’s apparent that you, as a seller, can’t sell your house to a buyer for a price that you disagree with. However, the myth that you can decide your home’s selling price and set the rates as high as you want has been around for quite a while.
The selling price of your house is based on the conditions of the real estate market, the location of your home, and its size. You can’t establish the price on how “luxurious” your house looks or what your family and friends tell you about your house.
For this purpose, a real estate agent can always give you an estimate for the value of your property as they thoroughly research the market.
House Selling Myth #3: Overpriced Property Can Help You Negotiate Better
It’s a typical “belief” that when you overprice your house, you can allow a gap for negotiating, and therefore, secure a better price entirely above the average.
Nowadays, with a plethora of information readily available on the internet, buyers are pretty smart. They come well-prepared and well-researched whenever they have to invest in a property.
Therefore, you can’t fool them by listing the price of your house higher than the market rate. This will only result in buyers deviating from your home when they see a higher price tag and instead look for a property with average, better rates. This way, they won’t contact you at all. Let alone negotiating!
House Selling Myth #4: Quick Offers Means Your House Is Priced Too Low
Whenever a homeowner gets quick offers as soon as they put up their house for sale, they immediately think that their home is priced low, and this is why several buyers are getting attracted to their property.
However, this is not the case. Quick offers mean that you have priced your house according to the current market rates. Buyers who have been searching for a home for so long are well aware of the rates already. Hence, there’s no reason why they won’t bid for your house if it isn’t accurately priced.
House Selling Myth #5: It’s Better to wait for a Long Time to Get a Great Deal
Many homeowners miss out on amazing deals that come to them in the first few weeks because they tend to believe that the more they wait, the higher the selling price.
However, it’s vital to keep in mind that the longer your property is listed for sale, the more it can make the potential buyers wonder why this seller has still not been able to sell this property even after such a long period.
Therefore, this may make the buyers question the worth of your house, and you may lose them quickly. Remember that time on the real estate market may be your property’s enemy.