Here are four common home-selling myths you should look out for.
Have you been watching the news at all? If you have, you know that we are in a strong seller’s market. Homes are selling way over asking price, and sellers are getting extremely high prices and excellent terms. As a home seller, how can you leverage this market to truly take advantage of the opportunities right in front of you? To help you, I’m sharing four misconceptions that are common in our current market that you shouldn’t believe:
Myth No. 1: You must buy your next home before you list your current one. This belief is stopping a lot of people from putting their homes on the market right now. They’re concerned about what’s next. One great thing about a seller’s market is that you don’t always need to know exactly what is next; instead, you can set very favorable terms to make the transition to the next home a little smoother.
Myth No. 2: Home condition doesn’t matter in a seller’s market. Since we are in a once-in-a-lifetime housing boom, doesn’t it make sense to maximize this opportunity? I always go through the house with my clients and talk about staging tips, potential repairs, and updates. Sometimes it’s best to sell a home as is, but most of the time, it isn’t.
Myth No. 3: You can overprice your home in a seller’s market. If you set a list price too high right out of the gate, buyers who have been looking for a while will be hesitant to put an offer on your home. They know it’s overpriced, but they expect someone will probably offer that or more anyways. If enough buyers think that way, you won’t get any offers. Overpriced homes may sit on the market for a long time, even in a hot market. At the end of the day, you might have to reduce your price just to sell.
Myth No. 4: Anyone can sell a home in this market. I know it’s tempting to try and sell your home yourself in this market, but it isn’t a wise decision. Realtors help you reach the most buyers possible and negotiate the best deal possible. They also understand how to shepherd a smooth sale so you don’t end up having hiccups in the middle of the process. There are many hurdles along the way, and it really helps to have an experienced professional navigating for you.
If you have questions about this topic, please contact me at any time at (901) 591-8100. I look forward to hearing from you.