Hey guys, [JOE AGENT] with Berkshire Hathaway HomeServices PenFed Realty Texas here. You’ve heard the stories: Maybe your neighbors sold their fixer upper as-is for $100,000 over asking price or your friends were swarmed with crazed homebuyers engaged in a bidding war within 24 hours of putting their house on the market.
It’s no secret that today’s housing market is more competitive than it’s been in years; fueling sellers’ hopes of major profits if they list their own home. To help sellers’ separate fact from fiction, I’m going to tell you four home selling myths you’ve probably heard about recently, and why they might not be true for you.
#1. ‘You don’t need to renovate—buyers will take anything’
In such a hyperactive market, sellers may expect to get a high price for their homes without making any repairs or upgrades. Despite the limited housing inventory, high-priced homes that need too much work are a turnoff since many of today’s buyers expect homes to be mostly move-in ready. The truth of the matter is this: A fresh coat of paint, tidying up the landscaping, and a good scrub-down are inexpensive upgrades that can yield a great return on investment when you sell.
#2. ‘You can price your house sky high, and people will buy’
It’s true that home prices have been going up, but homes need to be priced realistically in line with what the market is asking, the type of home it is, and its condition. Pricing too high also means the home could sit on the market for a while. Plus, I’m seeing buyers push back on high home prices by delaying their home search or not making offers at all, forcing some sellers to reduce their asking price.
#3. ‘Sellers don’t need to market their listing much—it will sell’
Some sellers think putting a lot of effort into online marketing is pointless, since the home is bound to sell quickly regardless of what they do. But consider this: Most homebuyers start their search online—so if your listing falls short, your home might not get much attention. Photos, videos, floor plans, and other details help homebuyers decide if a home is right for them and if they want to see it in person.
#4. ‘In a bidding war, it’s a no-brainer to just pick the highest offer’
Bidding wars are common these days, with sellers receiving multiple offers with some offering over the asking price. Accepting the highest offer might be tempting, but it’s not always the best move. A lower offer that’s all cash for instance, may be more attractive, since it eliminates the financing hurdle and could mean a quick closing. Many home sellers have other motivators that could sway them toward choosing an offer and these might include longer occupancy, more flexible closing terms, or other outside-of-the-box offerings.
I help sellers examine all factors of every offer. If you’re contemplating selling, I’ve got tips and strategies on the realities of today’s market so you can up the odds. Who knows, maybe your home will become the next success story on the block.
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