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When you decide to sell your home, you may expect it to be fast and easy, but selling a house can be a complex process, and it's important to do your due diligence. Here are four common misconceptions that can lead to home selling mistakes:
Myth 1: You Determine the Price
Homeowners may believe their homes are worth more or less than they actually are. But a house's value is based primarily on the value of comparable houses in the area. A real estate agent will have access to comps and can determine an appropriate listing price for your home.
Myth 2: You Should Set the Price as High as Possible
It's natural you'd want to set the price for your house as high as you can. After all, you want to receive as much money as possible from the sale. Many homeowners also reason that if they list their homes for a high price, there's more room to negotiate. The problem with this approach is homes do not sell if they're priced too high. The majority of buyers won't see the high price and decide to negotiate; they will simply move on to another more reasonably priced home. It's best to set a competitive price from the beginning.
Myth 3: Online Valuations Are Always Correct
The home pricing estimates you find online are fine as a starting point, but they should not be considered definitive. Online estimates are not always accurate or reliable. They can often give you the wrong impression of what your home is worth.
Myth 4: You'll Make More Money Selling Your Home Yourself
This idea sounds logical—by selling your home yourself, you'll avoid paying an agent a commission. However, selling a house isn't as easy as it sounds. It requires extensive marketing knowledge, a talent for sales, and robust negotiation skills. You'll also need to understand the closing process and the paperwork involved.
By using a real estate agent, you increase the chances of your home selling for a higher price. In 2018, the median selling price of homes "For Sale by Owner" was $200,000, while the median price of agent-assisted home sales was $264,900. Many homeowners find hiring a real estate agent is a worthwhile investment.
Ready to sell? Contact me today to help you get your home listed and sold.