Here are three seller’s market misconceptions sellers shouldn’t believe.
Here are the top three common misconceptions sellers have about a strong seller’s market and what the truth about them is:
1. A home’s condition doesn’t matter. That’s simply not true. You may be able to sell your home without preparing it for the market, but you won’t maximize your profits or sell in the shortest amount of time—and netting top dollar in the shortest time is what we want to accomplish. Sprucing up your home also makes the closing process easier because your home starts in a ready position.
2. Price doesn’t matter. In truth, buyers are concerned about overpaying and know what’s going on in the market. They’re doing their research, whether that means going out and looking at other properties or searching online. You could also have low appraisal issues if your price is too high and the buyer is purchasing with a loan—that can jeopardize the transaction. You can price your home aggressively in a seller’s market, but don’t price it out of the market.
3. A Realtor isn’t necessary. I laugh a bit at this one because I am a Realtor, but they are worth what you pay them for a few reasons. First, they’ll help you generate competition for your house; home values continue to increase, and they’re selling quickly because of Realtors’ marketing and drumming up as many buyers as possible. A Realtor’s proven process for that is much stronger than what an individual seller could do.
Second, a Realtor will help you review offers and choose the best one; it’s not always about the highest amount of money—it could be about the terms. A Realtor can ensure you get what you need such as staying in the home for a while after closing or getting an extended closing. Third, a Realtor will help you navigate the closing process; it’s an arduous process at best from contract to close, and many things need to happen such as general inspections, wood infestation inspections, coordinating with attorneys, and much more. If those things aren’t handled correctly, your deal may not close.
If you have thoughts or questions about these misconceptions or the real estate market, don’t hesitate to reach out to me via phone or email. It would be my pleasure to help you.