Selling your house can be emotional, exhausting, and nerve wracking, especially if you don’t have much experience with the housing market. With all of the advice from friends, books, and articles you’re bound to receive when you’re thinking about moving, you’re sure to come across some advice that might be rooted in more fiction than fact!
When you’re thinking about listing, make sure you’ve separated the seller’s facts from the myths! Check out these 5 common myths below!
Myth #1: I shouldn’t sell in the winter – Long ago, it was believed that the best time to list was in the spring because families wanted to move during the warmer months while the kids were out of school. Now, however, that’s not really the case. Fewer and fewer people are being restricted by traditional school schedules and are looking to move throughout the year. While spring and summer may be the most common times to buy, the warmer seasons certainly don’t rule the market like they used to.
Myth #2: If I ask for more, I’ll definitely get more – When people first list their house, they might think that they need to ask for more than they really want so there’s room for negotiation. In reality, houses that are priced to sell in 30 days are generally bought for about 97% of the asking price. If you do decide to raise the price to squeeze out more money, you could be hurting yourself. For every month your house stays on the market, you’re likely to lose another 3% of your asking price, so think carefully!
Myth #3: I shouldn’t sell my home until I find my new home – People often worry that they’ll wind up homeless if they put their house on the market before they find their next house. What will they do if the house sells before they choose their new home? While this concern might have held water in the past, it’s not something to worry about as much today. In the current market, selling a house is much more of a challenge than finding a house you want to buy.
Myth #4: I need to make repairs and updates before I list – It’s a common misconception that costly updates and home repairs will add to your house’s value. In fact, an additional bathroom will likely only earn you about 53 cents to each dollar you spend on the bathroom. If you want to do some updates, stick to painting, de-cluttering, and taking care of any serious eyesores or unpleasant odors. Bad marks in these areas are more likely to send potential buyers running than updates are to bring them in!
Myth #5: Whom I choose as my real estate agent doesn’t really matter – Many sellers don’t put enough thought into whom they choose as their real estate agent. Sellers often go with friends or relatives who happen to be real estate agents, or they just don’t do enough research! Make sure you ask any real estate agents you’re considering what percentage of the original asking price they generally get and how long you can expect your house to sit on the market with them. Additionally, make sure you’re certain of your decision when you choose your real estate agents. Sellers who relist their house with a new agent take a serious punch – possibly losing 20-40% of their asking price.
As you start feeling more confident and prepare to list your house, make sure you’ve chosen the best real estate agent you can – the Massey Team at Berkshire Hathaway HomeServices Elite Properties! For your own home or your future home, find everything you need at http://www.dianamasseyhomes.com/ or call us at (618) 791-5024 or (618) 791-9298.