The top three seller misconceptions about our market and how to avoid them.
What are the three biggest misconceptions sellers have about today’s real estate market?
1. You can list your home without preparing it. Since homes are selling quickly, many sellers believe they can simply list their house as is and not put in the effort to prepare it for the market. Whether they’re moving up or downsizing, purchasing a home is an emotional decision. As buyers walk through your house, their emotions, senses, and everything else are reacting to the experience. Take a bit of time upfront to prepare your property for the best showing experience; that way you’re getting the most out of this seller’s market. You get to be in control of negotiations, timing, terms, and getting the best possible price, so the buyer has to be in love with your home to go ahead with the process.
2. You can overprice your home. With multiple offers and bidding wars happening, some sellers think they can list their house’s price higher and cut to the chase. Buyers respond and react when they feel the value is right. If they’re excited about the property and feel the value is appropriate, they’re much more likely to engage in a bidding war, which means you may receive offers over asking price. However, if the starting price is above where they feel the value is, then they won’t be hooked enough to make an initial offer. The key is to price it correctly, even in a seller’s market, and let the buyers drive the price up.
3. For-sale-by-owner listings and discount brokers are ideal options. The crucial thing about a seller’s market is that you have advantages in pricing and terms in the contract. You still need a full-time, fantastic professional in your corner to ensure you’re accurately taking advantage of the market and not making mistakes. The two biggest errors we see FSBOs making are underpricing the home because they don’t understand how to price correctly in this market, and allowing themselves to be taken advantage of because, in multiple-offer situations, they don’t know what terms are in their best interest. A real estate professional will ensure you’re protected during the frenzy of activity that surrounds selling your house.
“Take a bit of time upfront to prepare your property
for the best showing experience.”
This is a fast-moving, intense market, so now more than ever you should be reaching out to a professional agent immediately to ask any questions you have and get started with the best plan of action for your situation.
Give us a call or send an email if you have questions about selling or real estate in general. We’re here to be a resource for you.