Homeowners planning to sell their home tend to get unsolicited advice from every direction. “Do this,” “don’t do that”; it can be difficult to decipher the good from the bad advice. As homebuyers become more informed and market-savvy, knowing which age-old advice to ignore can be important. Here are some adages which should be retired immediately.
• Spring is the best time to sell – While spring is traditionally when home sales tick upward, the real key to selling & achieving top dollar is to sell when inventory is low, which typically occur other times of the year.
• The first offer is always the best – While all offers should be considered, don’t feel pressured to take a sub-par offer just because it was the first. Your real guide should be your timeline. If you have more time to market your home, you can definitely be more selective about the offers you receive.
• Open houses sell houses – Not anymore. Only 2% of homes sell as the direct result of an open house, according to the National Association of Realtors®. Virtual tours and online photos will attract more interest than foot traffic. Only in a SUPER competitive market, with substantially low inventory levels, might houses sell during an Open House.
• Price high so there is room to negotiate – Homebuyers are more sophisticated about pricing and will not bother with overpriced homes. • If you don’t want to make repairs then lower your price – Unless you market your home as a fixer-upper, buyers expect the home to be in reasonable condition and a low price might not be enough to encourage an offer.
• You must update your kitchen to sell – Buyers do love renovated kitchens, and if you have the time, it might make sense to do some renovations that will yield the most returns. Decisions such as these are never “absolute must-dos”. You should strategize about which updates, if any, you should make with consideration for your pricing strategy and ultimately, your timeline.
Selling a home is a major life decision. Before you begin the process of listing your home, do your research and make sure the advice you rely on is valid in today’s changing environment.
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