4 Residential Real Estate Selling Myths Debunked

For most people, selling a home is an unusual event in their lives, and there are a lot of beliefs and myths around it that rather than improving your chances of getting the best deal possible, actually could set you back on your objectives.

We are going to explore four residential real estate selling myths to help you navigate the foggy waters and get to shore in one piece.

Myth #1: Sell your home in the spring or summer

While it is true that homes, on average, sell faster in spring and summer, each home, especially your home, is different, and they should be treated as such. On top of that, local market conditions, interest rates, and the economic climate are factors that impact when is the best time to sell your home

You should take into account that which season you sell your home could impact your bottom line if it is in the best conditions, in the best neighborhood, and during the best market conditions. 

Every home is perfectly imperfect. In the end, the best time to sell your home is when you are ready for it and when the market conditions are mostly in your favor. 

Myth #2: You should price your home high to leave room for negotiation

Although it is common sense and practice to set a higher price to leave room for negotiations, you should carefully research and compare against other properties sold in the area, as it could very well turn off potential buyers and make your home sit on the market for longer than it is usual in your neighborhood, leading to believe that there is something wrong with the property.

Instead, price your property competitively to attract more buyers. As we said, each home is unique, but homes in the same area aren't usually that different from each other, so justifying a higher-than-average price can be a tough sell. Also, a correctly priced home could lead to multiple offers and bidding wars, which can drive up the sale price.

Myth #3: You should make major renovations before selling your home

Major renovations are a huge investment in time, money, and stress. While some renovations can add value to your home, not all renovations do. Some renovations may not recoup their cost when you sell your home and sometimes even go against you when negotiating.

Before making any major renovations, you should do your research, not only regarding which renovations can positively impact your sale price, but also regarding current trends, materials, practices, and such. If a renovation can affect your final price, a bad renovation can set you back catastrophically.

A clean, functional, painted, and landscaped house is usually all that is needed to improve how your home is perceived by buyers.

Myth #4: You can't sell your home during a recession or economic downturn

While it may be difficult to sell your home during a recession or economic downturn, it is not impossible to get the best deal if you go with the right mindset.

The first thing you need to acknowledge is that the previous year's prices are in the past, and nobody knows when they are coming back or if they are coming back at all. So, the best time to sell is when you are ready to sell.

With that in mind, the second thing you need to do is set your expectations right by researching the market, knowing what to expect, and looking for ways to make the most of the situation. For example, maybe the price difference -after costs- between what you could get for listing your home or selling for cash as-is is not that big, so selling for cash can be a legitimate way of hedging the market.

No myths, just facts, with Simply Homes

Do you want to start your home-selling process on a strong foot? Just visit Simply Homes' website and enter your address to find out if we are interested in your property. If we are, you will receive the most market-accurate cash offer for your home as-is.

No renovations, no listings, no stress. At Simply Homes, we use state-of-the-art technology to offer you the fairest prices for your home in seconds. Selling your home doesn't have to be stressful, and with Simply Homes, it is not. Try it yourself now!