If you are a homeowner who has decided that it’s time to sell your home, then there’s a good chance that you have already started seeking tips for a successful sale. Not every piece of advice about home selling is true, however, because some of them are actually myths. To help you figure out which advice is good and which is not, let us debunk some of the most common myths about selling a home.
MYTH 1: You should always price your home high and gradually lower it if it doesn’t sell
You may think that setting a high asking price is okay as long as you can accept a lower offer later, but by doing so you actually miss out on the buyers who are looking within the price range where your house should be. An intimidating price can scare interested buyers away, which will eventually reduce your chances of a quick and successful sale. Instead of pricing your home high, you should price it right, keeping a good margin for possible negotiations.
MYTH 2: Minor home repairs are not so important and can wait until later
Minor home repairs do matter a lot and can sometimes make all the difference in finalizing a sale. In general, all home buyers are looking for a property that they can move into immediately. If they see that they need to tackle simple but urgent repairs after moving in, they will subtract the cost needed for the fix-ups from their offer. Minor repairs make your home more marketable, and will help minimize your losses.
MYTH 3: Buyers usually go for the home with the cheapest price
Pricing your home too low may appear as a red flag to many potential buyers. A bargain price will often leave an impression that there is something wrong with your property. The best way to price your home right it to research the market and find the average pricing for houses similar to yours. By doing so, you get to quote a price that isn’t too low or too high.
MYTH 4: Buyers are swayed by price, not creative financing options
Many think that price is the only thing that matters in a sale, but offering creative financing options will actually lure in more potential buyers. You can consider seller financing and pay some of the buyer’s closing costs, or other incentives. Remember that not all of your prospective buyers have cold, hard cash on their hands. If you provide a couple of options, you will get the best offers for your home.
MYTH 5: Your home has to be every buyer’s dream home
While it is important to have some home repairs done, going overboard with upgrades and renovations is also not a good idea. You might end up over-improving the house and create a huge dent on your pocket. As a rule of thumb, if your upgrades increase your home’s value by more than 20% in comparison to the other houses in your area, do not expect that you will recoup all that you spent on the upgrades.
With these myths debunked, you can start planning your home sale and start receiving offers for your property!
If you are looking for a faster and easier way to sell your Jacksonville, NC home, check out Blue Hen Homebuyers. You won’t need to do repairs or upgrades, because we buy homes as is! Get in touch with us and we will provide you with an offer within 24 hours.