If you’re considering selling, don’t believe these two common myths.

Our real estate market is very hot right now, so we’ve been speaking to many sellers who are interested in listing their homes. However, when talking to people, we’re having to debunk many myths. So today we’re explaining the two most common selling myths we hear:

1. Since the market is hot and inventory low, you can overprice your house. People believe in this type of market that buyers will pay anything for a house. In reality, everyone uses the internet and can learn a ton about real estate. Buyers are knowledgeable, have been on real estate websites, and know what properties are selling for. Sometimes they’ve been researching for a year before they get into the market. 

By overpricing your home, you’re eliminating many buyers who would otherwise be interested. However, if we price houses correctly, in this market, buyers are often willing to pay over list price. We’re seeing many bidding wars these days, but if a property is overpriced, it simply sits on the market. The truth: You should not overprice your home.

2. You do not need to prepare your home to sell it. Many sellers think that since inventory is so low they can just throw their house on the market. When sellers do this, buyers walk through the home and notice all the imperfections. They’ll see what needs to be repaired or cleaned and not want to take on the extra work. If buyers see a dirty house, they’ll think it hasn’t been taken care of and wonder what other skeletons are in these closets. They’ll wonder what other maintenance has been deferred that they can’t see.

“By overpricing your home, you’re eliminating many buyers who would otherwise be interested.”

The market has increased, so if buyers are already paying top dollar for a property, they don’t want to pay more for repairs and cleaning services. In their minds, buyers will frequently overestimate how much it’ll cost to make repairs. Prepping your home can make the difference between getting under or over the asking price. The truth: Put your best foot forward and prepare your house for sale.

Please let us know via phone or email if you have any questions or are interested in getting a home valuation. We would love to speak with you.