When it comes to selling your home, there’s a lot of overwhelming information and old wives tales out there, and it can sometimes be difficult separating the fact from the fiction.
Advice often comes from well-meaning friends or family members who are just trying to be helpful, but in reality, they are not property experts!
Our team at New Oak Estates are all experienced property professionals with many years of experience between us. So, to ensure you are in possession of the correct information, here are seven home selling myths you’re likely to hear and why they’re not to be believed.
- Overpricing Your Home Will Lead to Better Offers
Unfortunately, many sellers believe that by overpricing their house to start with, it leaves more room for negotiation and ultimately a better offer. That’s why we often see sellers marketing their properties with the agent who has simply come in with the highest valuation!
However, this is entirely false.
When buyers are looking at properties, they’ll search within their price range. If your property price has been inflated, then it’s going to be competing against other properties that appear to be far better value for money, rather than sitting in the price bracket it should be in! This potentially means it will sit on the market for longer.
Buyers whose budget doesn’t stretch to the higher price range will miss out on seeing your property altogether as they’re not even looking in that price bracket.
You’ll attract more offers and sell your property more quickly if it’s been priced fairly. It gives it a chance to stand out among other properties in its price range, rather than being a poor relation in the higher price category. And you’re more likely to see interested parties competing upwards rather than knocking you down.
- Getting an Immediate Offer Means it’s Priced Too Low
If you’ve resisted the urge to overprice your home and an offer comes in straight away, it’s tempting to think that you’ve missed a trick by not marketing it at a higher price. After all, if you had done, then you’d be a few thousand pounds better off surely.
Again, this is false. Most buyers scour the market for a couple of months, waiting for the perfect property to come up, and there’s a good chance that they’ve jumped in immediately to avoid missing out.
Remember too that if you’d overpriced it, there’s a chance they wouldn’t have found it in the first place.
- A Better Offer Will Come Along if You Wait
This is another all too familiar trap that sellers fall into. After all, if you’ve had an offer on the very same day your home has gone on sale, then surely there’s likely to be a whole queue of buyers lining up for it?
No, not necessarily. You might just have been lucky enough to have the right buyer come along at the right time. If you receive a fair offer, then it’s usually best to accept it whether your property has been on the market for hours, days , weeks or months.
- The Estate Agent With the Lowest Commission is the Best Option
While you’ll naturally want to earn as much money from your property sale as possible, it doesn’t mean you should sign a contract with the estate agent who offers the cheapest fees.
Selling a property can be a very stressful process. A good estate agent will help make it run as smoothly as possible while communicating effectively and providing outstanding service, so it’s crucial you weigh up what’s included in their fee.
Although it’s tempting to cut costs as much as possible in the short term, you might come to regret it over the longer term, especially if your property isn’t selling.
- Major Renovations Will Offer the Biggest Return on Investment
Many homeowners are under the impression that if they spend a few thousand pounds on a conservatory, a swimming pool or a landscaped garden, they’ll just be able to add the cost of it to the house when they come to sell.
Sadly, it’s not quite as simple as this. Not all buyers will want to maintain a pool or require the space that a conservatory ultimately takes away from their garden, for example. Many buyers prefer to start with a blank canvas too, so they can add their own renovations.
That’s not to say that a major renovation is a bad idea, but if you’re only doing it to see a return when you come to sell, then it might be worth considering the type of renovation or extension that will bring you the best returns.
- It’s Not Worth Fixing the House up at all
If you’ve decided to sell your property, it’s understandable that you won’t be thinking about spending even more money on it. After all, it won’t be you seeing the benefits long-term.
This logic is flawed, though, and it could cost you when it comes to getting the full asking price. A property that’s well maintained and looked after is far more appealing to buyers. Fixing broken fences and gates, tidying the garden, replacing broken windows or doors and giving any tired rooms a fresh lick of paint will go a long way towards selling your property for its true value.
- Online Valuations are 100% Accurate
Online valuations are a fantastic tool and we are most definitely in favour! However, a quick online valuation of your property should be used as a guide. Online tools don’t always take into account the condition of a property or the extra value you may have added. They’re simply using other similar sized and types of properties in your area as a guideline.
The best way to get your property valued is always to contact an experienced, local estate agent who will come and value your property in person.