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5 Myths Of Selling Real Estate
Selling a home at the Lake of the Ozarks is not something most of us do every day. Despite the fact that most of us enter the world of real estate only rarely, many people believe they know how it works. But for everything we believe we know about the industry, there are a number of myths that circulate about how real estate actually works. Buying into those can hurt your chances of selling your home. This week, I’m shining light on 5 of those myths and sharing with you the truths of real estate.
1. List Your Home for a Price Higher than You Expect to Get
While it may seem like a great idea to list your home for more than you know it appraises for or that the market will bear, you’ll set yourself up for failure if you’re not realistic with your listing price. Buyers may pass your home right up if it seems to be overpriced, leaving your home sitting on the market for months. Since buyers can become suspicious of houses that have sat on the market for extended periods of time, it’s best to price your home right upfront to avoid this issue from occurring.
2. Receiving an Offer Quickly Means the Property is Priced too Low
Trust me when I say that if you get an offer on your home within just a few days of listing it, it doesn’t mean your home is underpriced. The reality is that there probably aren’t many homes like yours on the market and buyers and their agents have been looking daily for quite some time for a home like yours to become available! Serious buyers have probably seen everything in the area that’s listed and have been eagerly awaiting something new to come available. Keep in mind that with an effective marketing plan in place, a correctly-priced home will draw immediate attention and offers may come flowing in before you even expect it!
3. You Can Save Money by Foregoing the Help of a Real Estate Agent
You’re probably calculating the numbers in your head and thinking that by trying to sell your home on your own, you could save a bunch of money by not having to pay a commission to a real estate agent. While it may save you a little not having to pay commission, you could actually come out making less in the long run than you would have if you’d hired an agent. Why? Because a real estate agent’s job is to understand the current market and to list your home for the top dollar amount that the market can bear. It’s also their job to negotiate contract offers and look out for your best interest to ensure you’re getting the best deal during your sale. Their knowledge of selling real estate goes far beyond just pricing your home correctly, though. They can help to ensure that the contract covers your best interest and that there’s minimal chance of legal issues once the sale is final.
4. The Online Valuation of Your Home is the Most Accurate
We’ve all looked at online real estate sites such as Zillow to see what they value our home at. I’m here to tell you that those estimates are more than likely vastly inaccurate, especially for our region! Depending on the geographical area, those estimates can be off by as much as 40%. The reason is because these portals are run on algorithms that simply do not factor in the many special regional differences that the Lake of the Ozarks presents compared to other housing markets. An online valuation simply cannot take into consideration all the factors that play a role in our local market, therefore, cannot accurately provide you with a real estimate of value for your home. The best way to accurately determine the market value for your home is to have a real estate agent conduct a comparative market analysis or to have an appraisal done on your home.
5. Your Home Has to be in Pristine Condition Before Listing
Actually, there are many buyers out there that would prefer your home just the way it is! The reason is that not all buyers will have the same taste as you, but they may not want to remodel something that’s just been renovated. Plus, not all renovations will increase the value of your home enough to make up the difference in what you’ll spend making them. It’s best to save the major renovations for the buyer. Instead, focus on items that you know may show up on an inspection notice: fix a leaky roof, repair a malfunctioning HVAC system, replace any damaged doors and touch up paint, and address any electrical issues. These types of repairs will go a long way in showing a buyer that you take great care in maintaining the important things.
While there are many more real estate myths to be debunked, and I could go on and on, these are the top 5 that I find to be most crucial to homeowners when considering selling a home at the Lake of the Ozarks. There are many factors that go into selling a house. Luckily, with the help of the best real estate agent at the Lake of the Ozarks, the selling process can go smoothly. If you are thinking about listing your home for sale, let Dianne Stewart eXp Realty help you get your home sold!
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Like any investment, investing in real estate has it's pros and cons. Where your investment property is located can play a significant role in whether or not it's a successful investment or not.