There is a lot of advice out there concerning selling your home – and a lot of that advice you would do best to ignore. You want to sell your home for the best possible price, in a reasonable amount of time. To accomplish your goals you need to do what works, and avoid doing the things that will make selling your home harder.
Below you will find some of the biggest myths about selling real estate. These are myths that somehow some homeowners have come to believe are true. When you follow the worst home selling advice, you often end up with worst possible results. A home that didn’t sell and caused you a lot of stress in the process!
Don’t make any of these top home selling mistakes!
On the surface for sale by owner appears to be a cheaper alternative to using a real estate agent. You avoid paying the agent’s commission, so why wouldn’t you get more money from your sale? In reality, the final price paid for a home can vary considerably based on numerous factors.
A good real estate agent will be doing everything possible to boost the price of the home, but on your own, you may not be able to achieve the same goal.
Practice makes perfect, and a great agent typically has a lot of experience. It is unlikely that you can hit all the right notes. And even if you can market to the right buyers, determine what improvements give the most bang for the buck and negotiate effectively to drive the price higher, doing so will be much, much more work for you than it will be for a practiced agent.
I understand that it is exciting to think about the possibility of saving thousands of dollars. If you are going to give selling on your own a shot, at least put the odds in your favor.
If you must sell FSBO due to financial circumstances, at least understand how to sell a home without a Realtor. Take the advice to heart. Do what is needed to get your home sold as a for sale by owner. The tips mentioned in the article will go a long way to increasing your odds of success.
Price estimates from sites like Zillow are great for a general overview of what your home might be worth, but they are inadequate to price a home for sale. Part of what makes an experienced agent so desirable is his or her ability to compare one home to numerous other homes, based on years of experience, and use both data and instinct to price a home for sale.
Price too high, the home won’t sell and may wind up selling for less than it could have, months later. Price too low and you lose money. There is too much at stake to trust a free calculator on a website.
Zillow is a valuable site for looking at and researching homes. Far too many believe, however, that the Zillow Zestimates are accurate. Using this as a means to price your home can cause your asking price to be way off the mark. Quite often selling as a for sale by owner and pricing a home using an inaccurate Zillow estimate of value go hand in hand.
Never rely on an online valuation tool to give you an accurate estimate of your home’s value. Instead, seek out a top local real estate agent or an appraiser.
You will dramatically increase your odds of pricing your home correctly. Keep in mind that the wrong asking price is the number one cause of home sale failure!
Selling in spring is the most popular choice, but the other seasons offer opportunities as well. Different types of buyers come out in different seasons, buyers that may be primed for buying and willing to pay what you are asking.
There is no need to wait for the perfect season if you are ready to sell. There are also some types of properties that might do better in one season or another. Selling a waterfront home in the summer would be a prime example. If you live on a lake or ocean, this season offers one of the best times to showcase what makes your property special!
See some of the best home selling tips for every season of the year below. Without a doubt you can sell your home in other seasons! Use these tips to make it happen.
By avoiding any improvements to your home before you put it on the market, you may be missing out on easy money. You don’t want just to start renovating randomly, though. Certain improvements are ideal for getting more money back or improving the odds of making a sale. The best way to determine what will help your specific sale is to talk to a local real estate agent who knows your area and is experienced in selling your type of home.
Some sellers are in the position to make changes financially but don’t for various reasons. Often this can cause the seller to lose thousand of dollars they could have put in their pocket by just making a few sensible changes.
All real estate agents are not equal. Sure, they may all be happy to try and sell your home. They may all put your property on the MLS and be glad to collect a commission if somebody buys it. But if you want to get the best possible price for your property, it’s going to take a lot more than creating a listing and collecting a check. Knowing how to pick a real estate agent is vital to your success.
A good agent will have an extensive plan primed for marketing your home. You need to attract the right buyer, and you need to convince that buyer that your home is worth what you are asking. Doing so requires experience, marketing savvy, negotiating skills, extensive market knowledge, the ability to price the home right the first time, and much, much more.
Do your research and interview multiple agents before you choose someone. Find a professional that has a documented history of recent sales, sales that demonstrate an ability to sell homes for near the original asking price.
When selling a home one of the most important aspects, any homeowner should look for it accurate pricing. Who wants to list their home for sale only to find out what they were expecting to sell it for was totally unrealistic?
Having been a real estate agent for the past thirty years, one of the first things I do every day is checking the local market update. It is quite shocking to see just how many price reductions there are on a daily basis.
When there is a price reduction it says one thing – the home was not priced correctly! Not pricing your home accurately coming out of the gate is a sure fire way to sell it less than if it was priced appropriately. Don’t make the mistake of choosing a real estate agent based on an unrealistic sales price. Folks this happens all the time!
Realtors pumping up the necessity of an open house is also one of the biggest lies in the real estate industry! Open houses are not needed to sell a home and come with significant downsides. Any real estate agent who tells you otherwise is concerned with one thing – their ability to prospect for future business.
While open houses may be one of the most recognizable activities in a real estate agent’s toolbox, the fact is that an open house may do nothing to sell your home. Open houses attract all sorts of people, but not necessarily the people you want coming through your door. Curious window shoppers, nosy neighbors, people without the income to buy, and even potential burglars and other criminals – open houses invite everyone in the door. There is no screening.
Your agent’s time would be better spent finding real buyers with the resources and the desire to buy your home. A serious buyer looking to find a home will always schedule a showing. More often than not a buyer scheduling a showing will be pre-approved for a mortgage. The odds of everyone coming through an open house being qualified is laughable. Listening to an agent telling you an open house is necessary is some of the worst home selling advice.
Though #7 here in this list of the worst home selling advice, requiring accompanied showings on your home is sure to be one of the leading causes of hindering your sale. Unfortunately, some sellers have the mistaken belief that having the listing agent in attendance somehow increases the odds of success. Sorry, that is not the case! In fact, accompanied showings can hinder a home sale! It is not necessary for your agent to be at the showing.
Real Estate agents do not talk people into buying a home. Buying a home is an emotional decision. Usually, within five minutes of walking through the door, a person can tell if they are interested in buying or not. Many owners are under the false assumption that if the real estate agent is there pointing out some feature like a security system, central vacuum, or something else, it will make a difference. Fat chance!
Many buyers and their agents detest the listing being around for a showing. For one they can’t speak freely with the listing agent hanging over them. Have you ever walked into a store only to be attacked by a salesman asking if you need any help? Was it a turn-off? Of course, it was!
The only time an accompanied showing should be necessary is when you are selling a luxury home and have a significant amount of valuables that can’t be put away.
Part of why it is so important to take your time in choosing an agent is because you need someone representing you that you can trust. If you have made a decision you are happy with; then you can feel confident that your agent has your best interests in mind. Instead of coming to every showing, he or she may be better utilized in other ways.
If all real estate showings were accompanied, the productivity of every real estate agent would suffer. This is why we use lock boxes. Think about this – How would the agent be working on selling your home if he or she was accompanying the showings of every other property they were marketing? They wouldn’t be!
There is a lot of bad real estate advice out there that turns from a myth to reality in the minds of some people. If you fall into the trap of believing some of these falsehoods you’re only going to increase the likelihood of being disappointed. These are seven of the top home selling mistakes. Don’t make any of them!
Use these additional resources to make sound decisions when selling a home.