Don’t let yourself be fooled by these five myths when putting your home on the market.
With the number of properties that my team and I list, hearing the myths that circulate among sellers is an all-too-familiar occurrence. That said, here are five myths that sellers should be wary of:
1. “The best time to list is summer.” Sure, summertime is when everyone and their brother wants to list their home, so by going along with this line of thinking, you’re really just thinking like the competition. Deciding to follow the herd will only hurt your chances to sell and do so for top dollar. Alternatively, stay ahead of the competition and list before the arrival of the summer market. Think about it this way: The teams and agents who excel in this market are those that don’t list based on seasonality—they’re listing and selling at any and all points throughout the year.
2. “I should price high to prevent lowball offers.” Actually, most houses in our market are selling within $3,000 to $6,000 asking price. What some fail to understand is that when you list high, you run the risk of not getting any showings at all; in that case, you’ll go from worrying about low offers to having no offers. Price your home based on current market conditions and your agent’s opinion of what range you should be in. This way, your home won’t languish on the market and you won’t have to go through a series of price drops as a result. 3. “I’ll save money if I sell on my own.” If you’re under this impression, think again—just 2% of FSBO sellers successfully carry out a sale, so it follows that 98% of home sales are accomplished by enlisting the help of an agent. That begs the question: Why take the chance on going it alone when the odds are that lopsided? Of those who are successful going FSBO, most end up selling for less than they would with an agent. Why? A non-professional doesn’t know what’s common to the market and lacks the savvy to maximize their sale price.
"Just 2% of FSBO sellers successfully carry out a sale, so it follows that 98% of home sales are accomplished by enlisting the help of an agent."
4. “I can't list my home while it’s rented.” Contrary to popular belief, you can put your rental property on the market as early as 90 before the lease expires. Say in the second month you and your renter agree to an extension—in that event, you can pull it off the market and you’ll have another year of rent payments. Bear in mind that all showings must be coordinated between you and the tenant and you’ll have to honor the terms of the lease; all of this will be marketed by your Realtor.
5. “If my appraisal comes in higher, I can sell at that price.” This can’t be done without both parties agreeing to it, and more often than not, your buyer isn’t going to pay above the agreed-upon price. If the appraisal comes in lower, you and the buyer will have to renegotiate.
I hope that I helped to clear up some of the false beliefs around selling your home. If you have any further questions or would like to give us some ideas for future topics, please reach out to us. I look forward to hearing from you!