Why Real Estate Investing Makes (Dollars and) SenseINTRODUCTIONTurn on the television or scroll through Facebook, and chances are youâ€™ll see at least one advertisement for a
6 Home Selling Myths You Need To Stop Believing Immediately
When you get ready to sell your home, you might very well have a false sense of security. After all, you got through the hard part of buying. Now all you have to do is call a Realtor, put your home on the market, and wait for the buyers to line up. Selling will be a breeze, right?
Of course not! Selling a home is as much a science as buying one is. And lots of people whoâ€™ve been there before will want to tell you how itâ€™s done. Beware of these (well-meaning) storytellers, and donâ€™t fall for some of the most common misconceptions about selling your home.
Myth No. 1: You can do it solo
We knowâ€”youâ€™re cringing at the idea of paying those seller fees. But thereâ€™s more to this process than putting a sign in the front yard and an ad on Craigslist.
If you try to sell on your own, you have to do all the hustleâ€”and thereâ€™s a lot of hustle to marketing a home. Plus, whoâ€™s going to weed out the creeps and the nonserious buyers? A RealtorÂ® does the heavy liftingâ€”to attract the right kind of buyer, sift out the ones you would never want to do business with, and negotiate the heck out of potential offers to get you the best possible deal.
â€śItâ€™s about establishing relationships, trust, and facilitating communication to keep the deal alive until it closes,â€ť says Deborah Stewart, a sales associate for Jan Scholtz Realty in Louisville, KY.
Myth No. 2: You know best what your home is really worth
Who understands what your home is worth better than you? After all, you know all the sweat and money youâ€™ve poured into it over the yearsâ€”plus a few tiny flaws here and there.
But stop right there. Home valuations are always better left to the pros.
Sellers â€śarenâ€™t always the best judges of value,â€ť Stewart says. â€śItâ€™s an intensely personal thing to put your home on the market.â€ť
In fact, sales by owners tend to be overpriced because of the emotional factor, she saysâ€”and that can make it harder to attract buyers. Your agent will know the neighborhood and has access to comps in order to suss out the best price for your home.
Myth No. 3: Itâ€™s fine to sell your home as is
Weâ€™re reiterating this one because we simply canâ€™t emphasize it enough. You might think your home is in great shape (or at least adequate enough to sell), but youâ€™re probably overlooking some necessary changes that could boost your profits. What are some of the home improvements that will get you the best ROI? Walls and floors, doors, and kitchens.
Myth No. 4: Upgrades should be drastic
But you donâ€™t have to do a gut reno in order to get your home in selling condition. Maybe you need to freshen up the kitchen instead of getting a whole new one. Maybe you have to do a bit of front-yard landscaping to boost curb appeal. No matter what, sellers should be judicious about improvements, Stewart says.
â€śSimple things make a big difference. When I walk through, I advise sellers to remove most personal items,â€ť she says. â€śWhen people come to look, if thereâ€™s a lot of memorabilia, they feel like theyâ€™re intruding, not shopping. Get pros to help clean it up.â€ť
When you make too many improvements, you might be wasting money, because your taste and style might not appeal to prospective buyers. They might want to rip out your upgrades, or be turned off altogether.
Myth No. 5: Spring is the best time to sell a home
Spring and summer have long received all the real estate glory as the best (and busiest) time to buy and sell a home. But the truth is that any season can be the best. It just depends on the market.
â€śIn Louisville, spring used to be a strong time, but not anymore,â€ť Stewart says. â€śI think houses sell pretty well all year long.â€ť
Kristen Riffle, co-partner of the Schilling Group at Urban Nest Realty in Las Vegas, says the hot season to sell homes is when itâ€™s, well, hot.
â€śSummer or school break is a busy time, and slow time is generally mid-November to early January, due to holidays and family,â€ť she says. But she still sees plenty of buyers, even if there isnâ€™t a lot of inventory.
â€śItâ€™s a great time to get a good price if you list your home during the holidays,â€ť she says.
Bottom line: Know whatâ€™s going on in your local housing market and donâ€™t wait for the â€śbestâ€ť time to list. With the services of a savvy Realtor, youâ€™ll make out OK no matter when you decide to make a move.
Myth No. 6: You can rely entirely on online home value estimates
Although online home value estimates (like the ones on realtor.comÂ®!) are a good starting point, theyâ€™re no substitute for the expertise of a Realtor.
â€śThere are all kinds of variables. You canâ€™t plug in a standard formula and expect it to give you accurate results,â€ť Stewart says. â€śThereâ€™s no substitute for a real person.â€ť
Riffle agrees. â€śMost professionals have no problem giving someone a comparative marketing analysis,â€ť she says. â€śIf a neighborhood is all over the place as far as prices go, not only do I run a CMA, I [also] go through last sales, what the photos look like, and everything listed in the area to compare. I also go to the home to see upgrades to add value.â€ť
Tony Landaverde, Realtor with eXp Realty in San Antonio, Texas says "Consult your local Realtor and get the facts of how they market your property. Don't try to do it on your own."
Dori Zinn writes about home buying, selling, and finance for realtor.com. Her work has appeared in Money Talks News, Debt.com, Quartz, and other outlets.
Thank you for this great article entitled "6 Home Selling Myths You Need To Stop Believing Immediately" by Dory Zinn.
Presented by Tony Landaverde, Realtor
San Antonio, TX Realtor with eXp Realty
A Texas Licensed RealtorÂ® License #607299
For information on careers with eXp Realty click on the link: Tony Landaverde eXp Careers
Latest Blog Posts
We have some great news for you if you are dreaming of owning a home but think you might not qualify or have the cash you need.This is a really great time to buy. Interest rates are still low and