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5 Real Estate Myths for Home Sellers—Fact or Fiction?

There are many real estate myths out there, especially in today’s seller’s market. Both home buyers and home sellers are making certain assumptions that could be costing them time and/or money. Some of these misconceptions might even be preventing someone from making any type of move in this market.

Today, we want to focus on 5 of the most common real estate myths we see sellers believing. There is some truth to most of these statements, but there is also a lot more fiction than you might think. We’re here to expose what you really need to know as a home seller.

I Can Sell My House without Preparing It

This is perhaps the biggest home selling myth that we see in the current market conditions. Yes, it is a strong seller’s market right now and homes are selling quickly at higher prices than ever. Even houses that aren’t in great shape or properly marketed will probably sell faster than they should. However, this does not mean you shouldn’t invest some time and money to get your property ready for the market. A better-prepared home will attract more buyers and generate higher offers. The closing process should also go smoother with cleaner home inspections and fewer potential complications.

We’re not saying you need to completely renovate your home before selling it. Take care of the necessary repairs, or at least be prepared to legally disclose any known problems. Clean it, declutter the living spaces, put some fresh paint on the walls and utilize some smart home staging techniques to increase buyer interest. Maximize the property’s curb appeal from the outside, as well. A few simple things upfront can net you more profit in the end!

I Should Price My Home Higher

Naturally, you want to get the highest possible selling price. This is very achievable in today’s market with heavy buyer demand. Unfortunately, you will be making a mistake if you price the listing too high. You will limit the amount of buyers who are interested in the property. Most buyers these days are trained to expect that they will end up paying above asking price. Don’t set the asking price so high that fewer buyers will see it.

When it comes to home pricing, you want to set a happy medium in the middle of your overall projected price range. You don’t want to go too low and attract the wrong type of buyers. Find the sweet spot and attract offers. Remember, you only need one! If you get more, then you’ll have a choice.

I Should Accept the Highest Offer

This is another common misconception. Home sellers tend to only look at the sales price when considering offers. However, it’s not always that simple. You have to consider the buyer’s financial circumstances, such as how much they are putting down, how they are financing the purchase (cash vs. mortgage), home inspection requirements and other contingencies that may be attached. There may be a lower offer that provides more attractive terms and presents fewer risks for you as a seller. A buyer with shaky financing may be offering more, but there could be other red flags you may want to avoid if you want a smooth and fast closing.

I Can Sell My House on My Own

Naturally, we’re a bit biased on this one since we know the value we bring to our real estate clients. Again, home sellers are often short-sided on this topic, especially in this hot seller’s market. They think they can save a lot of money by not hiring a Realtor® and going “for sale by owner.” Yes, you won’t be paying the agent/broker commissions, but you could be costing yourself in other ways. You may make mistakes with the contract and your listing might not generate as much exposure when you are marketing it yourself. A good real estate agent will pay for themselves with expert guidance, negotiation skills and buyer-focused marketing services.

If I Sell Now, I Have Less Buying Power

This one is kind of a catch-22. Many homeowners have decided not to sell in recent years because they know it’s a “seller’s market.” Logically speaking, that means you have less power as a buyer when you are looking for your new home. There is some truth to this concept. However, it is all relative. Sellers now are benefitting from high selling prices. This means more equity that you can apply toward your next home purchase. If you wait until it’s a buyer’s market (meaning listing inventory is up, buyer demand is down and prices are plateauing or going down), then your current house may not sell as easily.

It is very difficult to find the exact perfect time to sell and buy real estate. Don’t wait until the market conditions are perfect because they might not ever be. You also have consider rising mortgage rates that could offset any equity gains you earn after waiting to sell. Make a move when it is right for you. If selling and buying a new home is the best decision for you right now, then don’t wait. You’ll benefit from the current home selling conditions and you will have more buying power than you think.

Stay tuned to The Cyr Team Real Estate Blog next week for 5 Real Estate Myths for Home Buyers. We’ll look at some of the misconceptions facing today’s home buyers.

If you are ready to buy or sell a home in Southeastern Pennsylvania or Northern Delaware, contact The Cyr Team today and we’ll be glad to help you decide if it’s the right time to make your move.

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