Selling property is a big deal, and because of that, there are tons of resources out there offering to help you make the process easier and more successful.
However, know that because of all this talk about selling property, there are lots of instances where pure myths are propagated as truth, and taking these bits of advice will cause your property to take longer to sell, or worse, it will drive down the price you’re able to get from the market.
To prevent this from happening, consider the following five myths about selling property:
Myth #1: Overpricing Drives up the Value of Your Home
It’s easy to spot a property that’s been overpriced, and the market will respond by ignoring you. Obviously, you want to get the best price you can, but this doesn’t mean you should be trying to get the highest price. You need to be realistic about what your home is worth not only to you but also to the market, as this will ensure you can sell your home for a good price in a timely manner.
Myth #2: Building and Pest Inspections are the Buyer’s Responsibility
It’s quite possible a buyer will want to do this stuff on their own, but to make sure your home sells for the best price in the fastest amount of time, do these inspections yourself. Potential buyers will be scared off when they find out they haven’t been done, for they will have no way to know if the property is in good condition. No one wants to get excited about a house just to find out it’s damaged or has a pest problem. So, do this stuff first and your property will sell more quickly.
Myth #3: More Open Inspections Improves Your Chances of Selling
Doing lots and lots of open homes is going to make you look desperate, and then people will begin to wonder what’s wrong with your property. In truth, running open houses is a science. You must carefully choose when you’re going to do them, and then you must make sure to market it properly so that people can come. Also, by scheduling more strategically, you can increase the number of serious buyers who come to your open houses. Frequent showings tend to attract those who are just “looking around,” but you want those who are “looking to buy.”
Myth #4: Always Hold Out When the Price Isn’t Right
Don’t assume there will always be a better offer. If someone comes along and makes you an offer that’s in line with your investment goals and market expectations, don’t be afraid to act. Of course, you don’t want to sell for less than what you think the property is worth on the market, but waiting around for a “better deal” could leave you in a state of perennial limbo where you never act because you’re always waiting for something else to come along.
Myth #5: Spending More on Improvements Always Raises the Price
The first improvement you should make is to tidy the place up. Then, brighten things up with fresh paint and some general repairs. You do not need to spend a fortune redoing kitchens and bathrooms. It’s true people look for this stuff, but they will also have their own tastes. If you spend a bunch of money on something new and people don’t like it, you could be in worse shape than ever. Instead, clean things up and make them look good, and then allow people the freedom to dream how they could transform the space.