Since the real estate industry has been around for a long time, it’s shrouded with plenty of myths. Here are some of the most common myths as given by seller’s agent:
Myth #1: The seller determines the selling price
Many sellers say that they know the prices of their houses and go ahead and set them, only to find that no one is interested in the house. While you own the house, you don’t get to say how much you sell it.
This is because the value of the house is determined by its location, size, the presence of social amenities, among many other factors.
Many house sellers are carried away by the statements given by their family members and friends. When the loved ones say that the house is great looking, they believe it and end up setting a price is too high than the market prices.
For you to increase the chances of selling your house fast, you should hire a professional to give you an approximate of the maximum amount of money that you should ask for the house.
Myth #2: Overpricing a house leads to higher prices
You might have heard that by overpricing a house you end up selling it at a higher price. There is nothing that is further from the truth than this. You should note that nowadays most of the purchases are made online. This means that buyers have access to plenty of houses to compare from.
When you put a high price on your house, you end up putting off serious buyers as they aren’t ready to buy an overpriced house while there are plenty of others with even better features going at lower prices.
Some people argue that by overpricing their houses, they give enough room for negotiations. This is wrong as you won’t get a person who is interested in making an offer on the house in the first place.
When you have your house on the listing for a long time, you are bound to give it a bad look as people will have the impression that there is something wrong with it.
What is the end result of this? The listing of the house gets stale and you end up lowering the cost of the house so that you can attract a sale. In most cases, you end up selling it for a much lower price than the market price.
For you to avoid this, you should do your research prior to setting the price of the house and set a price that makes sense and is within the current market prices.
Myth #3: You should reject a fast offer
Many people are skeptical when they get an interested buyer within a few days or weeks. Most of the sellers have the impression that they have priced the house too low. While this might be true, in most cases, it’s not the case.
One of the primary reasons why you might have had a fast offer is if there are buyers in your area that have already seen all the listed houses in the area. When you post a new house, they might be interested to see how good it is.
Some people ignore a fast offer and start researching afresh to determine whether they have listed their houses appropriately. When you get an offer, regardless of how fast, never ignore it as you don’t know when you will get another one.
Myth #4: You don’t need a real estate agent
Due to the fees attached to the real estate agents, many people take pictures of their houses and post them online with the hope of selling the houses by themselves. While some get lucky and get buyers, most don’t.
You should note that house selling is a process that involves the promotion of the house, screening of potential buyers, handling the viewings, among many other things.
Unless you are experienced enough, you should avoid trying to sell the house by yourself—let a professional real estate agent handle it.Read More »