4 Misconceptions Sellers Shouldn’t Buy Into
Don’t believe these four misconceptions about our seller’s market.
If you’ve been following my video blog, you'll know by now that we’re in one of the best seller’s markets that have ever existed. This obviously means sellers are in the driver’s seat, but there are four common misconceptions some sellers still believe that can negatively affect you if you believe them.
1. You should be more concerned about where to move to next. I know this sounds like belittling something that’s a really big deal, but sellers can dictate sale terms right now. I’m not saying you shouldn’t have an idea of where you’ll move to after selling, but you don’t need to find a specific house to buy because that house will be gone by the time your sale is complete. Instead, look at what your options are as far as buyers coming in. For example, if you need more time to find your next home, you can ask for a longer closing period or a shorter closing period with a leaseback agreement. The leaseback agreement doesn’t even have to cost you money (outside of the cost of legitimizing the agreement).
2. The condition of the home doesn’t matter. The condition of your home is actually very important. Some sellers think they can list their homes in any condition. While you can do this, the home’s photos and video won’t be as good. Therefore, you won’t get as much buyer traffic. Without that extra traffic, your offers won’t be as high price-wise and won’t include the same favorable terms. So have your home in good condition before listing it—it has to smell good, look good, have clean surface areas, etc.
3. Price doesn’t matter. Just like with No. 2 in this list, price is actually very important. We have incredibly low inventory right now, and I’ve seen some astounding things as far as homes selling above what I thought they would. That said, I’ve also seen properties sit on the market, even vacant properties that were in good condition and priced remotely correctly. If you price your home too high, it will drive buyers away. If you price it properly, it’ll probably sell above your asking price anyway.
4. You don’t need a Realtor. I beg to differ on a number of levels regarding this misconception. You need a Realtor to sift through your offers, call the other agents, talk to the mortgage brokers, and find out who really wants to buy your house and who’s just playing around. Not only do you need a Realtor to help you navigate a multiple-offer situation, but you also need them as an advocate throughout the rest of the home-selling process.
As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’m happy to help.