When you decide to sell your home you will likely receive an onslaught of advice and tips from friends and family members. These tips will most often seem very familiar to you because they are widely believed and carefully cultivated ideas about how the market works. Some of these things might very well be true but more often than not they won’t be completely true if not wholly untrue altogether. A great article explains why a bunch of these constantly repeated real estate tips aren’t actually true.
“’For Sale by Owner’ saves you money”
This is something a well-meaning aunt or uncle might tell you because they want you to save as much money as you can. Prospective sellers, of course, know that hiring an agent will cost them a small part of the selling price of the house. However, in the end it is well beyond worth it. Studies have shown that homes sold by the owner sell for around 15 % less than those sold with the help of an agent. Agents know how to price your house and save you so many work hours that you would spend on your own. My personal advice would be opposite: ‘For Sale by Owner’ loses you money.
“You must fully renovate the kitchen to attract buyers”
Even though it is true that the kitchen is one of the most important rooms for potential buyers, a full remodel is hardly necessary. When a seller does a full remodel of their kitchen, the extra money made in the selling price of the house usually only brings in about 84 % of the costs spent on the remodel. Go for the smaller changes instead.
“Price your home high so there’s room to negotiate”
Price your home correctly and with precision. Today’s technological advances mean that buyers are increasingly well-informed which means that they will know if your home is over-priced. If buyers know your home is over-priced, they will pass right over your home for other more reasonably priced comparable homes.
Check out the other six tips you should ignore here: