When it comes to selling your home, there are a lot of myths floating around out there. Some people might tell you that you have to renovate your entire home before putting it on the market. Others might say that you need to hire a real estate agent in order to get the best price for your property.
Whether you’re a first-time homebuyer or an experienced homeowner, there are plenty of myths out there about what it takes to sell your house. We compiled the four most common myths and debunked them here so that you can make informed decisions about how best to prepare for selling your property.
Real Estate Agents Will Always Work For The Sellers Benefit
There is a lot of debate these days about the role of the real estate agent. While some people seem to think that agents will always work for the seller’s benefit, others believe that agents are now more likely to work in the best interests of the buyer. So which is it? Will real estate agents always work for the seller’s benefit, or has this changed in recent years?
For starters, an agent is trying to make money for themselves like anyone throughout any profession. For example, they may evaluate the property at a much higher price in the beginning so that it will just stay on the market, but when it eventually sells for a lower price, they will still get the prior commission.
They might even use that extra time to find new clients through the property listing. On the flip side, they may also underprice the property in order to make themselves look better when they ultimately sell for a better price. As far as the actual commission, that will vary between agents and their local market. Agents in large cities like NYC may charge 2-5% of the sale price whereas an agent in a small town might only charge 0.5%-1% or $2,000-$4,000 for example.
You Will See A Full Return On Investment On Home Improvements
It’s no secret that home sellers often make renovations and improvements to their homes before putting them on the market. These updates can help to boost the home’s value and attract buyers. But will home sellers see a full return on investment on their home improvements?
According to Remodeling magazine’s 2016 Remodeling Cost vs. Value Report, you’ll only recoup an average of 64% of the cost of the renovations made to the house. Some places might recommend doing bigger renovations right before selling to increase the total value of the property, which most of the time will not be worth the money or hassle.
You Will Not Have To Do Additional Work In Order To Sell The Property
It’s been a little more than a year since the real estate market started bouncing back and it seems that things are only getting better. Home prices have increased, foreclosure rates are down and more people are buying homes. So what does this mean for home sellers? According to a recent study, many will have to do some additional work in order to get their homes sold.
It has been said that home sellers will have to do some additional work in order to get their homes sold. This is because the market is favoring the buyers right now. Home sellers need to be aware of this and make sure they are doing what they can to set their homes apart from all of the others out there. By doing a little bit of extra work, they may be able to snag a buyer and get their home sold more quickly and for a higher price.
The bottom line is that unless the property is sold as-is, the house must be cleaned and ready for sale. Selling a house with obvious issues and even cosmetic problems will possibly result in a lower buying price. Plus, the majority of buyers prefer to buy a home that’s move-in ready.
If the property is not clean, it will likely be on the market longer than other homes. While this doesn’t seem to be a big deal, keep in mind that the average time on the market for January 2020 is about six months. If your home is unsellable for another two or three months, you may also see a decrease in the selling price.
The Value Of The Property Is Mirrored In Its Time On The Market
Some people believe that if the property gets sold very fast that means it has been underpriced. This will tempt sellers to refuse the first offer. However, the longer the property stays on the market, the smaller the chances of its selling get.
When looking to purchase a property, the value of that property is one of the most important factors to consider. How long it has been on the market can be indicative of its current value. If a property has been listed for a long time, it may indicate that either the asking price is too high or that there is something wrong with the property that prospective buyers are aware of. In some cases, a long-time listing may be a good thing – it could mean that the seller is motivated and willing to negotiate.
The longer a property sits on the market, the more likely lower offers will come in.
Summary
When you’re ready to sell your home, you’ll quickly realize that the process is time-consuming and expensive. There are many steps that need to be taken in order to get your home ready for sale, and you’ll likely have to spend money on repairs and improvements.
There are a lot of myths out there about selling your home. Some people think that it’s easy to do, and all you have to do is put up a sign and wait for the offers to roll in. Others believe that you need to spend a fortune on renovations and marketing in order to get your home sold quickly. In reality, the process of selling your home can be complicated and challenging – but it doesn’t have to be expensive or overwhelming. Especially now that there are simpler options to selling your home.
Many homeowners are now looking into selling their homes to cash buyers. Cash buyers are people or companies that are willing to buy your home for cash without having to go through the process of a traditional sale. This is a great option in many situations, including when you want to sell your house quickly and avoid having to come up with a down payment if you’re planning on buying another house soon. It’s also a good choice when you have an older house that needs renovations in order for it to be more profitable.
We know, selling a home is a difficult and stressful procedure. Simple Sell Home Buyers is the business to contact if you’re seeking a quick and easy solution. We buy homes for cash and don’t require any repairs or renovations in order to close the deal. If you are interested in getting into contact with us or to schedule a home tour, give us a call at (+)1-516 603 5748.
Image Credits
Montchanin Builders / Google Stock Images
Deccan Herald / Google Stock Images
DNA India / Google Stock Images
Fix Business / Google Stock Images
The Business Journals / Google Stock Images
RISMedia / Google Stock Images
