It’s no secret that today’s seller’s market is wilder and more competitive than in years. However, the market has started to show signs of softening.
This means that sellers may need to reset their expectations. Read more to learn the myths about selling a home today.
Renovating isn’t necessary – buyers will take anything
In a hyperactive market, sellers tend to get lazy and expect a high price for their homes without making any repairs or upgrades.
Having this mindset can set you up for failure. Despite the limited housing inventory, high-priced homes that need too much work are a turnoff for buyers.
Most of today’s buyers expect homes to be mostly move-in ready.
They want to walk into a clean home, that has excellent paint on the walls, that doesn’t have chipped-up countertops or banged-up refrigerators and toilets that aren’t working.
The overall truth is that a fresh coat of paint, tidying up the landscaping, and a good scrub-down are inexpensive upgrades that bring a return on investment when you sell.
You can get a sky-high price for your house
It’s no secret that home prices have increased over the last year.
According to the National Association of Realtors®, the average home price was $363,300 in June, 23% higher than a year earlier.
The market is hot, making sellers think they can ask for whatever price they want and get it. This is a myth because it’s all about supply and demand.
Homes need to be priced realistically in line with what the market asks, the type of home, and its condition.
Pricing a home too high can cause the house to sit on the market for a while.
You don’t have to market your listing for it to sell
Some sellers think putting a lot of effort into online marketing is pointless. This is because they believe the home will quickly sell no matter what they do.
But consider this: Most homebuyers start their search online. So, if your listing falls short, you won’t get much attention.
Another thing to remember is that you aren’t always selling to just local buyers. Some buyers won’t be able to catch the listing by just driving by.
Photos, videos, floor plans, 3D tours, and other details help homebuyers decide if a home is right for them and if they want to take the time to see it in person.
A home hitting the market without these could swat a buyer to choose a different property.
In a bidding war, pick the highest offer
Bidding wars in today’s market are a new normal. Sellers are receiving multiple offers, with some over the asking price.
Accepting the highest offer may be tempting, but it’s not always the best move. Think of it as terms versus price.
For example, a lower offer that’s all-cash may be more attractive. This eliminates the financing hurdle and could mean a quick closing.
Sellers should examine all factors of every offer, including a buyer’s financing.
Although the market is hot and favored toward sellers, there’s still work that goes into it. Consult with a professional before putting your home on the market.
