Six Selling Myths Uncovered
February 25th, 2009 Posted in Real Estate
Myth #1: Once a potential buyer sees the inside of your home, curb appeal won’t matter.
Truth: If you do not have nice curb appeal, the buyers may never see the inside of your home. Often, buyers and their agents do drive-bys before deciding whether a home is worth previewing. Remember, there’s no second chance at a first impression. Always keep the lawn mowed, shrubs and trees trimmed, remove weeds and put toys and clutter away.
Myth #2: Minor repairs can wait until later.
Truth: Most buyers are looking for homes that are move-in ready. If your home does need numerous repairs, the prospective buyers will probably offer less money or ask for allowances to make the repairs. Usually, the cost for you to make the repairs yourselves will be much less than the buyers will ask for in order to hire a professional. Buyers are comparing your home to other homes on the market. Except for bank-owned properties and sometimes short sales, most homes listed for sale are in pristine condition and many times staged.
Myth #3: You should always price your home high and negotiate down.
Truth: You may not receive offers because either the buyers are scared off by the price or their agent realizes that the home is overpriced and won’t preview it with their buyers. Also, if your home is priced at $405,000 rather than $399,000, you may miss out on buyers who are looking in the under $400,000 range. By the time your home is at its fair market value, you will have missed the window of opportunity when your home draws the most attention from buyers and agents which is the first 30 days that your home is on the market.
Myth #4: Your home must be every home buyer’s dream home.
Truth: Consult with your REALTOR(R) before making expensive home improvements. Compare your home to competing homes in your market. You will not realize a 100% benefit on some improvements such as a built-in swimming pool. Other improvements may make more sense such as kitchen and bathroom remodels. A coat of paint, new draperies and new carpet can go a long way toward making your home competitive in the market.
Myth #5: When you receive an offer, you should make the buyer wait for your response. This gives you more negotiating power.
Truth: You should reply immediately to an offer! When a buyer makes an offer, at that moment in time they are ready and willing to purchase your home. They are emotionally invested. You do not want to lose a sale because you made the buyers wait for your response.
Myth #6: You are better off saving money on the commission by marketing your home by yourself.
Truth: Homeowners who do sell their home For Sale by Owner usually net less than if they were represented by a REALTOR(R). The National Association of Realtors(R) surveys For Sale By Owner listings, including homeowners who succeed in selling their home without an agent, and over 70% say they would never do it again. Remember, this is a serious legal transaction, and there are a myriad of forms that need to be filled out and signed by all parties to protect yourself in the sale. Statistically, most For Sale by Owner home owners start by trying to sell their home themselves only to end up utilizing the expertise of a REALTOR(R) at some time during the process.
If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.
It starts with a dream…
Tags: agent commissions, curb appeal, deram home, fair market value, first impression, For sale by owner, paso robles