“Fake news” has become one of the trendiest terms of the decade—even when it comes to real estate. Homeowners are often bombarded with selling advice that promises to get their home sold quickly and for top dollar…but more often than not, these “tips” are nothing more than misleading—and can throw you off-track.
As we end the year, we want to set the record straight. Here’s our list of the top four home selling myths, debunked.
Myth #1: It’s Just like Reality TV
If HGTV is your guilty pleasure, you’ve probably watched hundreds of buyers and sellers navigate the real estate process on camera. Although the shows do get some things right, they’re often scripted and don’t provide an accurate idea of what it takes to sell your property.
One of the biggest misconceptions created by these programs is the length of the selling process. Don’t fall for the TV magic—it actually takes a lot more than a showing and a phone call to close a deal. In reality, homes can sit on the market for 60 to 100 days or more, and the closing process might last for up to 45 days. Instead of expecting instant gratification, it’s best to talk with your agent to create a realistic timeline before listing.
Myth #2: Selling Without an Agent is Cheaper
Many sellers are tempted to list their home as “for sale by owner” because they want to avoid a commission fee. However, the risks involved definitely outweigh the savings. Real estate agents have to wear a lot of hats—they act as everything from property value analyzers to professional marketers to legal negotiators, all of which require years of experience. When you opt to sell on your own, all of that responsibility falls onto your shoulders, and it’s a lot to handle at once.
Although it might seem like you’re saving money by doing it all yourself, an agent can protect you from scams, guide you through paperwork, and even sell your home for up to 75% more. In fact, a recent assessment by the National Association of Realtors notes that the average FSBO home price was $185,000, while homes sold by a Realtor went for $245,000. That’s a $60,000 price difference, which is much more than what you’d pay in commission!
Myth #3: You Can Only Sell in Spring or Summer
It’s no secret that spring and summer are prime seasons for real estate, but that doesn’t mean you should only list during those months. In fact, there are some hidden benefits to selling during the fall and winter that you might not have considered.
Many people buying in the second half of the year are often more motivated to make a deal, whether they’re relocating or adapting to a change in their personal life. That means they’ll likely have their paperwork and finances in order well beforehand, which speeds up the closing process. You’ll also deal with less competition, which will make your home stand out more and give you extra negotiating power.
Myth #4: You Can Price Your Home by Yourself
There are countless mistakes to avoid when it comes to pricing your property, especially if you’re a first-time seller. Many homeowners believe they know their home best and can set their own price, but this isn’t necessarily the case. Oftentimes, sellers put more value into their home than it’s actually worth due to personal feelings—after all, it’s hard to see your own home without an unbiased eye! The right agent will know the ins and outs of the local market and won’t be so biased, which makes them qualified to give you a more accurate estimate.
It’s also crucial to be wary of online home estimators that promise instant results. Believe it or not, they won’t take into account any recent upgrades or repairs you’ve made on your home. A website also lacks the same personal touch as a real person. An agent will do thorough research into real estate trends in your area, as well as other properties that have sold nearby. Their hyper-local analysis paints a better picture of what your home can actually sell for.
Looking for More Selling Advice?
Whether you’re selling your first home or your fifth, it’s always a good idea to brush up on your real estate knowledge. If you have questions or are ready to list, feel free to reach out to us at The Bouma Group for more information. We can’t wait to team up and tackle the selling process together! 734761-3060 or info@bouma.com.