Have you noticed since you put the word out that your home selling skills are good enough to sell your own home, and it’s simple to become a real estate expert? From your aunt Martha (who last sold a home in 1954) to your next-door neighbor, everyone has advice.
Read on for some of the biggest home selling myths perpetrated by “experts,” and watch me bust them!
1. Online Estimates Of My Home’s Value Are Accurate
Nothing could be further from the truth. In fact, former Zillow CEO Spencer Rascoff once called their Zestimates merely “a good starting point,” according to the Los Angeles Times’ Kenneth R. Harney.
Rascoff went on to admit that Zestimates are off by about 8 percent, on average! But, in some parts of the country the site’s error rate is much higher.
The only reliable method of determining a home’s true market value, and if you have home selling skills to match, is by using local MLS statistics and only an appraiser or local real estate agent has access to these.
And, no, your home is not worth what you need to get out of it. As a matter of fact, what you “need” to get out of it is an idea, a conversation, that is best to strike from all thought patterns. The market could care less what you have into it, or what you want from it. The market will only concern itself for your home selling skills when in front of a prospective customer.
2. When Pricing Your Home, Price It Above Market
There’s a strange dichotomy in the real estate industry when it comes to overpricing a home: the seller often ends up netting a lower-than-hoped-for price.
Sellers that overprice their homes aren’t fooling anyone. Buyers and their agents are aware of the price points in various neighborhoods and won’t waste their time on a home that is overpriced.
What happens to these homes? They languish on the market. The listing becomes “stale,” and by the time the seller becomes realistic… it’s too late.
Pricing your home for the market at the outset is critical to getting the home sold for the amount you want. Think about…
The entire universe has access to real estate data just as you do. There’s no way to hide from miss pricing your home. This is not 1970, and pulling the wool over anyone’s eye’s is a strategy for yester-year.
Home selling strategies need to be current. Today’s ideas. Upfront and transparent. For the sake of my time and fingers typing effortlessly on this keyboard… home selling strategies work when the data you present is accurate and relevant. That’s it.
3. You Don’t Need A Real Estate Agent To Help You Sell Your Home
Funny. This is partially true. You may have home selling skills that blow away anyone. But, why would you want to go solo?
If you think you’ll save money, think again. In 2020, the average national sales price for a For-Sale-by-Owner (FSBO) home was $217,900, according to the National Association of Realtors (NAR).
The average sales price for a home sold with a real estate agent’s assistance sold for $242,300.
In other words, a Realtor generates $24,400 more than owners who sell themselves.
Also, home selling requires marketing skills. More importantly, a marketing budget attached to a sound marketing plan. It requires an understanding of contracts and the ability to negotiate. Plus, it will take a lot of your time. Think about it – how much is that worth to you?
Old myths die hard, but I’m, doing my best to help them along. Feel free to reach out to me with any questions about selling your home and the home selling skills needed to maximize your profit.
Give yourself the opportunity to make the best decision for the biggest asset you may ever own.
I’ve spent decade fine-tuning my home selling skills. Let me help you.
