If you’ve made mention of your plans to sell your home, you’ve almost certainly started to receive advice and guidance from friends, family, work colleagues, and more. From “renovate the bathrooms!” to “price high to test the market!”, there’s all sorts of myths around home selling that are typically perpetuated by those who have little-to-no home sales experience.
Below we’ll take a look at some of the more popular home sales myths that travel around the Internet and among social networks. When you’re ready to get the facts about selling your Madison area home, contact the Nicole Charles & Associates team at your convenience at (608) 622-SOLD.
Myth #1: You’re Better off Handling the Sale Yourself
One of the most popular home sales myths is that you’re better off selling your home without using an agent – known as ‘For Sale By Owner’ or FSBO – in order to save on costs. While this might seem tempting, numerous studies show that FSBO selling is an excellent way to leave tens of thousands of dollars on the table. In 2012, FSBOs were just 9% of the market and on average sold for about $41,000 less than properties sold by licensed real estate agents. Going it alone can end up costing you dearly.
Myth #2: You Should Price High Initially to ‘Test the Market’
Setting the asking price for your home is one of the most important parts of the sale and shouldn’t be taken lightly. By pricing high from the start you will immediately limit buyer interest. Those who are too savvy will avoid your listing as they don’t believe you’re serious. Agents representing buyers will know that you’re overpriced for whatever Madison neighborhood you’re in and will advise their clients to wait as they know you will be forced to drop your price. Our team will assist you with setting a fair, competitive asking price; contact us to learn more.
Myth #3: Every Renovation Adds “Sellable” Value
There are renovations that have impact – those that increase ‘curb appeal’, for example – and many that won’t add enough value to cover their costs. If you’re going to upgrade prior to the sale, stick to high-impact-low-cost upgrades like a new paint job, new bathroom and kitchen fixtures, and landscaping.
Myth #4: Buyers Always Expect a Counteroffer or Negotiation
While selling your home can certainly involve a bit of negotiation, it’s downright silly to believe that every buyer is submitting a price with the hopes that you counter with a higher one. Many buyers – especially those that are working with professional real estate agents – know that submitting a ‘low ball’ offer can cause them to lose the opportunity entirely. If you receive a fair offer for your home, it’s worth serious consideration before countering.
These are just a few of the home sales myths that are worth busting – and there are plenty more out there. Our professional team of real estate agents are ready to help you sell your Madison home the right way, so give us a call at (608) 622-SOLD and we’ll get things started. For some additional information you can download our definitive guide to selling your home by clicking on the button below. Thanks for visiting!