In my last post, I discussed three of the most pervasive real estate fallacies out there—and shared the truths behind the lies. Well, I’m back with three more falsehoods. Maybe I’ll get my own TV show like those guys on the Discovery channel! Until then, I’ll just keep my myth busting to the blog.
MYTH: A higher offer is out there; it’s best to wait for it.
The truth: I understand the temptation to hold out for a “better” offer, and maybe you aren’t in a big hurry to sell. But the statistics say waiting too long isn’t a good idea. In fact, the data clearly shows that the longer a property sits on the market, the lower the offers are from potential buyers. They might ask themselves what’s wrong with the house that it hasn’t sold, and lowball in an effort to save money for the potential repairs they’re imagining. Of course, that doesn’t mean you have to accept the first offer you receive, or that you can’t counteroffer so that both you and the buyer walk away happy. Talk through the offers that come in with your agent, who knows the current selling climate and can give sound advice. In general, the first three weeks after a home is listed will be its most active time for showings and offers. Beyond that, interest begins to fade.
MYTH: A fast offer means the home was priced too low.
The truth: This myth lives in tandem with the one above; they’re both borne out of the fear that a quick sale means you’re somehow being cheated or giving your home away for nothing. But here’s the thing: An experienced REALTOR® does her research. She knows the market inside and out—she knows what homes are currently available to buyers and how comparable homes are priced and if they’re selling. (I know I do!) If you’ve found an agent you can trust, trust that a quick offer means your home was correctly priced. Correctly priced estates immediately draw the attention of potential buyers who know what they want. These serious shoppers are always scanning the listings, so when something new comes along that’s exactly what they’re looking for, and in their price range, they’ll act fast.
MYTH: The house sells itself.
The truth: I have no doubt that you have a lovely home, one that you’ve put lots of thought and effort into over the years when it comes to design and decorating. And although its beauty will most certainly draw prospective buyers to your house and excite them once there, its beauty won’t sell it outright. As the listing agent on a property, it’s my job to convey all the things a buyer can’t see that will ultimately help them decided to put in an offer—what is it about your home that makes it their dream home. This isn’t just its features and benefits, but also the lifestyle it offers. Via the showing experiences, online descriptions, and so forth, it’s my job to help a possible buyer truly imagine himself or herself in your home. If they think the property is gorgeous and can connect to it emotionally, consider the home sold.
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