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2 Myths About Selling a Home in Today’s Market
Dated: October 14 2021
Today’s seller’s market has without a doubt been more competitive than in years past, and homeowners who list their properties expect to see significant gains. But not every home fetches a hefty profit.
Take a look at these two schools of thought about selling a home in today’s market, and why they don’t always pan out.
You don’t have to renovate your home. Buyers will take it regardless of its condition.
Although it may be a seller’s market homebuyers are still looking for quality homes, so sellers shouldn’t list their properties without performing needed fixes and updates. Many house hunters expect homes to be move-in ready, for the most part, especially if they’re priced high. Buyers still want to fall in love with a property, and issues like poorly patched walls, toilets that don’t work, dented appliances, and broken doorknobs stand in the way of a love connection.
This doesn’t mean a house has to have a floor-to-ceiling makeover, either. But a well-maintained home with fresh paint that unifies spaces, a neat landscape, and a few updates can garner a solid return on investment.
Simply name your price, and you’ll get it.
Although home prices have been soaring, up 23 percent since last year—according to the National Association of Realtors (per June data), sellers can’t just price their homes unrealistically high and expect to get that amount. Homes should be priced according to what the market will support, and the type and condition of the home.
If a home is priced too high it could sit on the market longer, and in some markets unreasonably high prices are causing buyers to delay their home search—or not make offers at all—which can force some sellers to lower their asking price.
Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....