Myths About Selling In Today’s Housing Market
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You have heard the wild stories of houses selling for tens of thousands of dollars over the asking price and having received multiple offers within hours of listing. While these stories have happened, it’s important to temper expectations and take the necessary steps to make your listing stand out from the rest. Here are the myths about selling in today’s housing market, and the truth behind each of them.
1. Buyers Are Desperate And You Don’t Need To Renovate
It is important not to get too comfortable in the seller’s market and ensure that any necessary repairs are made. Even in a low-inventory market, seeing a property in disrepair can turn buyers off. Many people are looking for something that is move-in ready. If potential buyers will have to overpay anyways, then they’ll be more likely to pay more for a freshly renovated property rather than settling for a home that requires initial maintenance.
2. You Can Price Your House Super High And It Will Always Sell
Even in a market that favors the seller, supply and demand still exist. Sellers need to take into consideration the location, size, and condition of their home when preparing to list. Buyers may expect to pay more, but if your house has repairs that need to be done, or if the price is starting to be similar to those of larger houses, it could lead to your listing sitting on the market for longer than you expected. Be sure to take into account recent sales of comparable homes in your area for an idea of where to start.
3. Marketing Is No Big Deal – Buyers Are Looking Everywhere
It is important to remember that your home can only sell if people know it’s available. Gone are the days of people driving up and down
neighborhoods and seeing what is for sale. Most homebuyers these days start their search online, so be sure to use high-quality photos, videos, and perhaps even 3D tours to ensure that buyers understand everything that makes your listing stick out from the rest. Be sure to pick a real estate agent that knows how to expose your listing to as many potential clients as possible through a mix of online ads, physical media, and networking.
4. Just Pick Whoever is Offering The Most
When you are selling in a market with more buyers than sellers, you may receive multiple offers and at first, it may be tempting to just accept whoever has the bigger numbers. It is important to remember that there may be specific terms that come with each sale. The highest bid may be tied up in financing and cause a long closing period whereas the bid slightly under may be an all-cash that allows for a quick close. There may also be a situation where you need time to find your own next property before moving out of your current one, and some offers may not be willing to wait for that. Be mindful of your specific situation and get yourself the highest bid that matches your needs.
Myths about selling in today’s housing market have led many sellers to miss out on some great opportunities. Make sure you are doing it right to get the best offer.