Similarly to everything else in life, real estate changes. You may purchase a house once, twice, maybe three times in your life, and every time you do there will be some adjustments to make. Technology has greatly changed the real estate business by allowing perspective buyers and sellers to view and list homes online. No one necessarily needs to work through an agent, although that is still highly recommended.
We have heard a number of myths about the current real estate market. Here are some uncovered myths you may want to consider in a new way.
Aim high and set your home price higher than you expect to receive. History has shown setting your price too high may actually net you a lower income than you originally intended. Many agents and shoppers don’t look at homes which are priced above market value, and who can blame them? While you can always lower prices if no one is biting after a few weeks, some people won’t look at homes that have been on the market for more than a few weeks. This can damage your ability to sell quickly and at market value. Buyers are suspicious of homes that have been on the market too long.
“For Sale By Owner” It saves you money to sell your own home. There are people who do successfully sell their own homes. These are people who have all the necessary skills: listing their home online, marketing the home to prospective buyers, negotiating the contracts, and dealing with any issues during the inspection phase. It really can be a complicated process and for most, it might not be worth the hassle. Prospective buyers may even expect a discount when you do sell your own home because you’re not paying real estate commission.
The market is only going up. Prices go up, and then they go down again. The recent financial recession reminded everyone that prices can drastically fall, but they are now working their way up again. The one thing you can be sure of is that prices will change. The best time to sell your home is when the time is right for you.
You should renovate before you list your home. We have all seen the TV shows that renovate homes and supposedly drastically change the home’s value. While that may be true, you can increase your home’s value, you will most likely only gain 60%-70% of your investment back after selling in some cases. If your kitchen and bathroom need work, those are the rooms to start with. You may not recoup all of your investment, though in some cases you will if the kitchen and bath are extremely outdated. Either way, renovations should help you accomplish a faster sale.
Open houses are the way to go. This is really based on personal choice. Homes rarely sell during open houses. In fact, some agents use open houses to meet new clients who are in the market for a new home. If you or your agent choose to have an open house be creative and treat it like a family gathering – the more comfortable your guests feel, the more inviting and possibilities they recognize in your home.
Happy Home Selling! Please let us know if we can help.