Don’t fall for the fake news out there in this seller’s market. While it’s true that it’s wildly competitive, which is good news for sellers and their profits, the market still needs to be navigated with expert care by an experienced listing agent – especially when it shows signs of slowing a bit because of fewer buyers and lower prices.
Here are four myths you should not believe, along with the truths you should, so you can honestly separate fact from fiction in today’s intense home-selling process.
Myth: Your house can be priced as high as you want and you’ll sell it for that amount.
Truth is, your home should be priced realistically with the market and comparable to others like yours. The price also depends on your type of home and its condition. It’s true that home prices are going up (2 percent more than the previous year), but it’s still all about supply and demand. Setting the listing price is a critical process: pricing too high could leave your house sitting on the market too long, which isn’t a good look to buyers and may force you to reduce the asking price.
Myth: Don’t bother renovating; buyers will take your home as is.
Truth: Even in this seller’s market, homeowners should not sell a home as is if they want to get top dollar. High-priced homes that need too many repairs or upgrades – even in a limited housing inventory – are still a turnoff to buyers. It doesn’t take much time or money for sellers to make their homes more move-in-ready with a fresh coat of paint, a clean-up of the curb appeal, a thorough cleaning of the interior, and replacing or repairing minor things if needed throughout the house.
Myth: Your home will sell without much marketing.
Some sellers think putting an effort into online marketing of their listing isn’t worth it because the home will sell regardless, but that’s not the truth. Buyers still want to be impressed and expect more than a listing photo taken with a smartphone; they’ll keep scrolling in their online home search. Professional photos, videos, floor plans, and 3D tours are a dealbreaker – especially in this market, where buyers are often not local to the area and heavily rely on these visuals to get a good inside look into the house.
Myth: Just pick the highest offer in a bidding war.
If only it were that simple. Bidding wars are extremely common nowadays, with sellers receiving multiple offers that are over asking price, but picking the highest bid isn’t always the right answer. The terms of the offer also need to be carefully considered, which includes the pros and cons of an all-cash offer, the buyer’s finances, or other contingencies in the closing.
Are you ready to sell your home? Trust Paige Bird, the #1 South Carolina RE/MAX agent for the last eight years. In 2021 she: negotiated the sales price for her clients to get 1.27% more than the area’s MLS; sold 115 homes for a total of $33.9 million; sold 68 of those above sales price, with an average list to sales price of 99.08%; and sold listings ranging from $8500 to $1.495 million.
Contact Paige Bird today so she can sit down with you to get started in the home selling process at 843-450-4773.