The Real Estate Encyclopedia
The Truth behind the Top 6 Myths about Selling Property
Category - Global Real Estate - Canada Real Estate

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As if you weren’t already finding it tough and confusing, that you had to be bombarded with myths about it too! Selling a home is a complex and sometimes, time consuming process. There are a zillion things to think of, say and do when you’re pitching the house to prospective buyers and at the end of the showing around, you still wonder if you said the right things for the buyer to call you back with an offer. Your friends and loved ones keep advising you as to what you should do or say to your buyers to close the deal, but nothing seems to be working. Should you be worried?

If, in spite of trying repeatedly, you still haven’t sealed the deal, then something is obviously wrong with the way you’ve been handling the situation. Before you start losing patience with the sale and end up selling your house at a lower price than it deserves, let us reassure you that debunking some of the myths about selling your home that you have heard from your family, friends, neighbors and colleagues might actually do the trick for you. Whether you buy property online directly, or through an agent or directly from the seller, you will always be advised about what you should and shouldn’t do to close a lucrative deal by these self-proclaimed experts.

In this post, we will expose the truth behind some of the most common myths surrounding real estate selling. Read on to know more.

Myth #1 You should start by pricing your property high so that there is scope for negotiation.

Truth – This is a common myth and in doing such a thing you might think that this way you can try and protect your own financial interests. You might quote a price that is much higher than the market value with the thought that you would trick the buyer into believing that you sold the house to him for a cheaper rate, when you would actually sell it at the market price. But do not forget that buyers are smart and real estate pricing information is easily accessible via the internet. So by pricing it higher and hoping for a negotiation, you might actually fall into your own trap. Plus, you will scare off the buyers who are actually looking to buy within the price range that your house should be in.

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Myth #2. You absolutely need a real estate agent to sell your house.

Truth – Although they can be helpful, they are not indispensable in the world of real estate. Many people assume that they need to engage the services of a real estate agent/broker to be able to sell off their house at the best price. This is not true. Real estate agents can help you find customers, show them around the place and arrange meetings between you and the customer and even help in negotiating the deal. But they are not required. You could find buyers on your own using online platforms where sellers meet buyers directly, without involving any middlemen. Or you could also sell your house to a real estate investment scheme.

Myth #3 Once the buyer sees the interior of your home, the unkempt exterior won’t make a difference to him.

Truth – Chances are that if the exterior of your house is off-putting, the buyer won’t bother checking it from the inside. Remember that first impression is often the last impression. The entrance of your house needs to be inviting and appealing for the buyer to feel compelled to take a look inside it. Achieving a beautiful curb side is not as difficult as you think it is. Just mow your law, trim the shrubs and clean the dried leaves and weeds and lo, it’s a sight to behold!

Myth #4 Your dream home is other people’s dream home too.

Truth - We get that you love your house and can’t seem to find any fault with it. No wonder you think that you’ve priced it too low! Your dream home may have fulfilled your requirements but might not be able to do so for another person. And they will not agree to pay a price that they do not find it worthy of. Hence, you will do good to set a realistic sale price for your property.

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Myth #5 All renovations will increase the value of your property.

Truth – This depends from buyer to buyer in keeping with his end needs. It is true that some improvements may add value to your property, while others may actually prevent potential buyers from striking a deal. For example, if you have converted a huge open space, say like a balcony into an additional bedroom and the buyer would prefer to have a large balcony instead of an extra bedroom, they wouldn’t be too impressed with this supposed improvement. Hence, keep in mind that renovations may not always add value. Instead of making such huge changes, it would be better to take care of minor repairs and the general wear and tear of the house as that is certain to make a difference to all the buyers.

Myth #6 You should make the buyer wait after he makes an offer to get the upper hand during negotiations.

Truth – If you think testing the buyer’s patience will do you any good, then you too have fallen prey to this misconception. When a buyer makes an offer, you must take advantage of the timing and focus on closing the deal on mutually agreeable terms. If you make him wait, the buyer might think that you’re not serious about selling your house, or land a better deal in the meantime, or simply get annoyed and reject your offer later. Wouldn’t it be a shame if you lost out on a buyer just because you unnecessarily played the keep-’em-waiting game before replying?

In Conclusion

Myths have a way of not letting things work out or making them work out with doubts and fear. Bust them and watch your plans materialize with confidence and minimum effort. Keep the above mentioned home selling truths in mind the next time you pitch your home and you’re sure to snap up a lucrative deal.

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Global Real Estate - Canada Real Estate
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