If you’ve let it out of the bag that you’re considering selling property, you’ve no doubt already received all kinds of well-meaning advice from family and friends. Some of that advice may be good, but, unfortunately, some of it will just be flat wrong.
You see them all the time on T.V., in the news and on the internet. And, you’re probably guilty of repeating them, too. (We all have been there.) Some of these myths and misconceptions are harmless, while others can cost you money. We want to help you be more informed so that you don’t fall prey to any of them. So read on to discover what you should know about 4 common myths about selling property in Effingham County and Savannah.
1. You Should Price High Out of the Gate
Pricing correctly is critical for selling property in Effingham County and Savannah or anywhere else. So this is one of the common myths that you should definitely be aware of – the myth that says you should set a high asking price so that you can negotiate down to a more realistic price later.
But such a pricing strategy is dangerous because you risk alienating potential buyers at the outset – before they even make an offer. The idea is to generate buyer interest the moment your property hits the market. But with a too-high asking price buyers will pass right by your listing. And then your property sits on the market unsold for some time causing buyers to assume something is wrong with it. And if you lower the price, buyers again assume something is wrong with the property.
The typical end result is that you sell at a lower price than you would have if you had priced correctly – in accordance with market value – from the beginning.
A subsidiary part of this myth is that when selling property you understand best what it is worth. But this, too, is usually a mistake because emotional attachment gets in the way of objective, rational pricing.
“Home valuations,” industry experts say, “are always better left to the pros. Sellers aren’t always the best judges of value . . . It’s an intensely personal thing to put your home on the market. . . . In fact, sales by owners tend to be overpriced because of the emotional factor . . . and that can make it harder to attract buyers.”
To get expert pricing assistance (in particular, a comparative market analysis), contact a Effingham County and Savannah agent at (912) 695-6932.
2. You Can Sell As-Is/You Have to Make Major Upgrades
Here are two related myths about selling property in Effingham County and Savannah, myths on opposite ends of the spectrum.
The first one says it’s just fine to sell your property as-is without making any upgrades. “You might think your home is in great shape (or at least adequate enough to sell), but you’re probably overlooking some necessary changes that could boost your profits.” This happens chiefly because sellers have lived in a home for a long time and have accustomed to things that will turn off buyers.
At the other end of the myth spectrum is the one that says for selling property you need to make major upgrades. This is usually wrong, too.
In most cases, you don’t have to do major renovations to get your property ready to sell because they typically won’t yield much of a return on the investment. “Maybe you [just] need to freshen up the kitchen instead of getting a whole new one. Maybe you have to do a bit of front-yard landscaping to boost curb appeal. No matter what, sellers should be judicious about improvements . . . Simple things make a big difference.”
3. You Must Sell in the Spring
Historically, spring and early summer have been the hottest seasons in real estate, the time for selling property. But the reality now is that just about any season can be a good time to sell a property.
According to one industry pro, “spring used to be a strong time, but not anymore . . . I think houses sell pretty well all year long. . . . Summer or school break is a busy time, and slow time is generally mid-November to early January, due to holidays and family.” But because inventory is lower at these times, they can be “a great time to get a good price.”
In addition, the best-selling season varies from local market to local market. To find out the best time to sell in your market, consult a Effingham County and Savannah agent at (912) 695-6932.
4. You Don’t Really Need an Agent
Here is persistent myth about selling property that is probably more mythical in today’s market conditions than it has ever been. And that is that you don’t need an agent – you can successfully go it alone.
Yes, you can avoid the agent commission by going solo, but should you? “If you try to sell on your own, you have to do all the hustle – and there’s a lot of hustle to marketing a home. Plus, who’s going to weed out the creeps and the non-serious buyers? [An agent] does the heavy lifting – to attract the right kind of buyer, sift out the ones you would never want to do business with, and negotiate the heck out of potential offers to get you the best possible deal. It’s about establishing relationships, trust, and facilitating communication to keep the deal alive until it closes.”
The fact of the matter is, that most sellers are better off working closely with an experienced Effingham County and Savannah agent who can guide them through the process and help them choose the right buyer. So do not fall prey to the trap of thinking you can do it yourself! Do all you can to work with a professional real estate agent to sell your house. If you’re thinking of selling property in Effingham County and Savannah, contact me today at (912) 695-6932.
