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10 Biggest Myths About Selling Your Home You Should Never Believe

23 February 2017,
 0

 

What is the secret to selling a house successfully? Chances are that if you ask 5 people who have sold a home in the past, you’ll get 5 different responses.

When selling your home, you will hear varied advice from co-workers, friends, or relatives.  They may be well-meaning, and some of their advice may be true, but you are bound to hear untruths and myths that could actually put your real estate project in jeopardy.

Do you want to become a more informed home seller? Below are 10 of the biggest myths about selling your home you should never believe.

 

# 1- You don’t need a real estate agent to sell a house in Canada.

Truth be told, there is no law or regulation in Canada that mandates hiring a real estate agent to sell or buy a piece of property. But why is it a myth then?

Majority of Canadians still prefer to get the services of a realtor for selling or buying a property.

While there is no legal requirement to work with an agent, statistics show that properties sell more quickly and for a higher price when handled by professionals.

If you are considering doing your own selling, it is entirely possible to do so for as long as you are certain you can market the property efficiently and be able to negotiate the price with potential buyers.  The only benefit to “For Sale by Owner” real estate is that you can save on commission costs.  But it also has its drawbacks and is not entirely “free”.

 

# 2- Real Estate agents’ commissions are too expensive.

Many home sellers take on the burden of selling a house to avoid paying real estate agent commissions.  They are led to believe that the commission is too expensive to pay and will take a huge chunk off the sale price.  This is actually a myth because even without a real estate agent, you will need to spend on marketing and other fees. But by hiring a real estate agent, you can be sure of selling a property more quickly and at a better price.

Even after deducting an agent’s commission, a home seller can have more money in his pocket.

 

# 3 – Price your Home High and reduce your price if it doesn’t sell.

Professional real estate agents know that the price of a house is critical to its successful sale.  Priced too high, it could stay on the market a long time.  Some owners think that by listing high they can still accept a lower offer.  The truth is that you could miss many buyers who look for houses based on price range.  You could scare off potential buyers with a too expensive asking price.

Real estate professionals can offer clients with a comparable market analysis that compares similar homes in the neighborhood to set the price more accurately.

 

# 4 – Home sellers add a personal touch by being around the property during house inspections and showings.

Many home buyers feel uncomfortable when the owners are around.  Buyers need to be able to visualize what they can do with the property.  Sellers who hover while buyers are viewing the house can actually do more damage than good.

 

# 5 – Open House signs are the most effective selling tools for selling a house.

This may have been true in the 70s but today, most home buyers search for homes for sale online.  Based on statistics from real estate associations both in America and Canada disclose that over 90% of buyers start a property search on the internet.  A real estate project that doesn’t include online visibility fails to reach a major segment of the buyers’ market.

In Canada, you must pay a flat fee or hire a real estate agent to take advantage of a Multiple Listing Service (MLS) which is a proprietary system for all properties for sale to the public.

 

# 6 – Your house needs to be perfect to sell.

You might hear from friends that they sold their home because of a new kitchen or bathroom.  More often than not, you may not recover what you spend on renovations.

It is important, however, that you rectify problems which could put off buyers.  Fresh paint, a clean yard, and signs of good maintenance can increase the value of your home. You just need to be careful about spending too much on improvements. For instance, putting in a new outdoor pool could increase your home value by just a few thousands but could cost you so much more.  The best thing to do is to get expert opinion from your real estate agent on what to fix and how.

 

# 7 – It’s alright to wait for a buyer that can meet my price.

Unfortunately, houses are not like wine that gets better with age. The longer a house sits on the market, the higher the possibility that it will sell for much less.

In a hot market, a house can sell from 10 to 30 days, depending on the neighborhood and type of home.  But when buyers see a house that hasn’t sold for some time, they begin to get suspicious and wonder that could be wrong with it.  In this kind of situation, the seller might attract low-ballers and other not so desirable buyers because they think the seller is getting desperate.

When a property hits the market, the seller has a unique opportunity to make a great impression with potential buyers. It is important to consider offers with an open mind.

 

# 8 – Hire a real estate agent that gives you the highest estimate for your home.

Unfortunately, this is a trick that some realtors resort to in order to get you to list with them.  For instance, Agent X will take a quick look at your house and say it could sell for $350,000.  Agent Y will show you a list of market comparables and say the house could sell for $300,000 with aggressive marketing.

Don’t hire Agent X just because he seemed to have a higher appreciation for your property.  It is important to ask the agent how he came up with that figure and how he intends to get a buyer for that price.

Agents don’t dictate prices, buyers do.  To get top dollar for your property, you need to hire a real estate agent who is experienced in marketing, invests time and effort into finding the right buyers,  understands the market, and will be truthful with you at all times.

When you are trying to sell a house, don’t be sidetracked by misleading myths and half-truths.  Do your own research and get professional help with selling your property and handling legal issues.

 

# 9 – Never accept the first offer as something better will come along.

8 out of 10 times, the first offer may be the best offer.  Real estate agents first work on getting their best buyers to view the house.

The first week of a listing could produce showing requests and multiple offers and this could be a reason to stay pat on the price.  But this is not always the case. Sellers should never turn down a good offer hoping for a better one to come along.

 

#10 – Your House will sell itself.

This is, by far, the most dangerous myth of all when it comes to selling a house.  If you believe in it, you could decide not to hire a good real estate agent, not to spend on marketing, not to fix problems, or be flexible with price.

A home that isn’t selling can cost you a lot of time and money and increase your stress level.  Before putting your home on the selling block, prepare to understand what it would take to sell your house successfully and go the extra mile.

Selling a house is stressful and difficult. By getting rid of these myths about selling a house, you can make your real estate transaction work more successfully.

The first step is to talk to an experienced real estate agent with a proven track record for selling homes in your area. You can compare 3 real estate agents from our network of qualified real estate professionals and choose which one can help you sell your house for the best price.

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