Selling a house can be daunting. There are so many opinions and chatter about how challenging and exhausting it is. And with the increasing prevalence of the real estate industry, buyers, and sellers on the Internet, these scary warnings are amplified. These myths and misconceptions can hurt you even if you know they’re not true, because your seller or buyer counterpart could have these misconceptions in mind, not knowing that things aren’t always as they seem. But you can empower yourself by doing your own research and busting these myths, so you can feel comforted knowing that you have factual information driving all your decision making process. So buckle up, we’re here to bust the most common home selling myths! Prepare to have your mind blown.
6 Home Selling Myths You Shouldn’t Believe In
Myth 1: Reality TV is NOT real life real estate
All of those reality TV shows centered around buying and selling houses may be fun to watch, but in fact this is one of the reasons why they’re not as realistic as they seem. The focus for these shows is to make real estate interesting. And reality (and we mean REAL reality) is not as exciting. No one wants to see the buyers sitting down and making their budget, negotiating, or completing paperwork. They don’t want to see the hard parts, the parts that can make some people want to tear at their hair and scream. Viewers of these programs just want to see a bunch of cool homes and become invested only in which ones the prospective home buyers will choose, or see the final result of a massive renovation. As fun as these TV shows are, nothing is ever like it is in the real world. In reality, the home selling and buying process can’t be perfectly wrapped and fit into a one hour television segment. In the real world, it takes time, blood, sweat, and tears. But there’s also another thing that reality TV doesn’t quite capture: the true, genuine, authentic joy that you feel when you finally make that sale or you at long last get your dream house.
Myth 2: It is acceptable to have dual agency
Any seller in their right mind should not allow a real estate agent to be a dual agent. What does being a dual agent mean? This means that the agent you have employed works with you and the buyer. When you are selling or in the process of selling your home, you must hire an agent who will protect your interests as a seller or buyer, and in order to be completely secure in this, they can’t be working for the other team too.
In case you have allowed dual agency and you don’t want to find a new agent, the agent you have hired should be a neutral party between you and the buyer. He or she must neither represent solely you or your buyer’s interest, but rather act as the middle man of the transaction to push through the proceedings. It is the hope that in this case, the agent will uphold the National Association of Real Estate’s Code of Ethics and be able to remain completely neutral.
Myth 3: A real estate agent that isn’t busy is your best bet
This is probably one of the most common myths that you have heard about: A real estate agent that doesn’t have many clients that they are working with is the better choice. There are so many cases wherein a seller doesn’t hire a busy agent because they think that they will get neglected. But this isn’t the case in all situations. Often times, busy real estate agents are among the top producing agents. They are successful because they have a foolproof system that they follow, and they’re busy because they draw in a lot of clients through this success. Agents who lack clients may be able to appear to you as though they can dedicate more time to you, but they can give you all the time in the world and it won’t mean anything if they cannot get results. A truly good agent will be able to juggle multiple clients without choking, because they are able to get the job done well, and get it done quickly. There’s a reason why some agents have tons of clients and some are unsuccessful in drawing people in.
Myth 4: Open house is needed to sell a home
So you’ve listed your home. You have to hold open houses on the weekends now… right? This is one of the more common myths. Sure, having a revolving door of prospective buyers can help you sell your house quicker, but it also has its downsides. The truth is, most people who are visit open houses are not really going to buy it. They might not even have the intention of considering buying it. Sometimes, it’s just plain curiosity, and if you are unlucky, there might be even thieves among your visitors who are just looking for a score. So do you want to hold an open house? It’s up to you. Just know that you can get the same results by scheduling home tours through real estate agents. An open house is great if you are determined to sell your house as quickly as possible, just take the necessary precautions before opening your doors to the entire neighborhood.
Myth 5: There should be a fixed price for your house
Your home means a lot to you. After all, you’ve spent years within its walls, living out your life and building memories. You probably have preconceived notions of your home’s value, and it’s likely your idea of its worth is higher than its true value. You may feel inclined to set a price that you feel is right, and refusing to budge for anyone because, after all, you’re one who has the best idea of your home’s value… Yeah, unfortunately this isn’t reality. Truth is, it’s not you or your agent who should set the price, but the market! And the market can only set the price depending on the demands of the buyers. Plus, the market is unpredictable and dependent on so many factors. If you struggle to accept the price that the market puts on your house, then you will not make that sale. Keep in mind that buyers will come in with an informed point of view from their agent, and they’ll immediately be able to tell if your asking price is way too high. Sometimes they won’t even bother making an offer because they’ll write you off as stubborn and delusional. It’s best to study the market, consult with your agent, and make your best effort to step back and look at things objectively. This way you can sell your house for a good, but competitive price.
Myth 6: Setting the highest price for your property is good
Obviously, it is every sellers goal to get the most money out of the sale of their property. But the best way to do this is not to set an exorbitantly high price and hope someone will be crazy enough to pay it. There’s nothing that will turn buyers away faster than an overpriced home. And the more you lower the price, the more its perceived value will fall in the eyes of potential buyers. Your house will also likely sit on the market for longer, adding to the undesirability. So what you need to do is to price your house reasonably from the start. Don’t be the homeowner who believes that putting a high price on their house will actually work well for them.
Don’t let yourself be frightened by all of the warnings and cautionary tales of the myths out there. While, yes, selling a house can come with its pitfalls, they aren’t usually disastrous if you go into the process well-informed and ideally with a real estate agent at your side. The best thing you can do is put in the extra time to do your own research so you can go into the process feeling empowered instead of confused and a little scared. There’s a wealth of information online and that your agent can provide, so don’t be afraid to take advantage of that.
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