Home Selling Advice That Might Not Always Be Correct

3 December 2017
 Categories: Real Estate, Blog

If you are selling your home, prepare yourself for a plethora of well-meaning advice from friends and family. Unfortunately, some of the advice you will receive may not be helpful and may not even hurt your sales prospects because they are anchored on half-truths. Here are some of the pieces of advice that are not always true:

You Should Start High

Many people believe that the best way to sell a house at the highest price possible is to price it as high as possible. This may seem like a good idea on the surface given that home buyers like to negotiate, and starting high will give you a room for negotiation without hurting your eventual sale's price. This makes sense, but only if you see the price slightly high.

If you set the price too high, you may scare away potential buyers because they will believe they can't afford your home. Not only that but setting your price too high will make your home to stay too long in the market, which may make potential buyers think something is wrong with your house. In the long run, setting the price too high may even hurt your sales prospects.

Renovations Pay for Themselves during the Sale

There is also a belief that it's best to fix up your house before taking it to the market. Again, this isn't entirely wrong because trying to sell a derelict property is difficult; buyers want to see that your property looks good and is structurally sound. However, there are renovations you should make and renovations you shouldn't bother with at all.

Ideally, you should only make renovations whose investments you can recoup during the sale or those that you must make to sell the house. For example, you should focus on cosmetic improvements and fix malfunctioning systems such as heating, electrical and plumbing systems. Don't bother with expensive investments such as roof replacements or kitchen remodeling.

Bypassing the Agent Will Net More Money

The third myth that some people believe is that selling a property without an agent can fetch them more money. The rationale here is that since the agent takes a cut off the sale price, selling without an agent must be better because the seller gets to keep the entire sale amount.

This reasoning doesn't take into account the contribution of the agent in selling the house. It is the agent who markets the property, negotiates the sale, screens potential buyers, and ensures the sale contract is above board. If you don't have experience selling a house, then you are likely to lose more money (selling a house without an agent) than you can save by ignoring an agent.

Contact a local realtor for more information and assistance.