Age-Old Real Estate Selling Tips to Ignore

Homeowners planning to sell their home tend to get unsolicited advice from every direction. “Do this,” “don’t do that”; it can be difficult to decipher the good from the bad advice. As homebuyers become more informed and market-savvy, knowing which age-old advice to
ignore can be important. Here are some adages which should be retired immediately.

• ?Spring is the best time to sell – While spring is traditionally when home sales tick upward, the real key to selling is inventory levels. Low inventory means more chances your home will be more desirable, and this can occur any time of the year.
• ?The first offer is always the best – While all offers should be considered, don’t feel pressured to take a sub-par offer just because it was the first.
• ?Open houses sell houses – Not necessarily. Only 2% of homes sell as the direct result of an open house, according to the National Association of Realtors®. People are more attracted to virtual tours and online photos during these times. Consider a “Virtual Open House,” or scheduled showings on a specific weekend giving a certain end date that all offers must be in by. This will still generate the “buzz” around your property and create some urgency for perspective buyers.
• ?Price high so there is room to negotiate – Homebuyers are more sophisticated about pricing and will not bother with overpriced homes.
• ?If you don’t want to make repairs then lower your price – Unless you market your home as a fixer-upper, buyers expect the home to be in reasonable condition and a low price might not be enough to encourage an offer. Have your Broker or Real Estate Agent pull a Comparable Market Analysis, considering items such as condition of the property, square footage, amount of rooms, and area the home is located when considering how to price. Most agents have a list of trusted vendors they can suggest for you to make the needed repairs. Small repairs can make a big difference in the final price.
• ?You must update your kitchen to sell – Buyers do love renovated kitchens, but keep in mind that you typically recover only 81% of the cost of a remodel when selling. Try these simple ideas instead: Keep it clean and uncluttered, possibly a coat of paint or new hardware on the cabinets or an updated backsplash can make a big difference. This will leave the buyer to update to their preferences, which most prefer to do when making a home purchase.

Selling a home is a major life decision. Before you begin the process of listing your home, do your research and make sure the advice you rely on is valid in today’s changing environment and you pair up with an agent you can trust.