With all the information about selling your home available on the internet, it can be challenging to differentiate what is true vs. what is false. I've tackeled below some of the top misconceptions when it comes to selling your home.
1. My Home is Worth More
Nobody knows the value of your home like you do, after-all, you are the one that has lived there and knows everything from the newly paved driveway to the refinished basement, right? Wrong. This is the very reason you should outsource an expert Real Estate professional to help you evaluate your home. Owners are too emotionally connected and will tend to price their homes higher than market rate, which is a bad first impression to buyers. Found in this HGTV article, Gaye Atherton, sole proprietor of Atherton Appraisals says, "The first 10 days after you implement a listing into the MLS are the most important because that's when it's going to generate the most activity." When calculating the listing price, a Real Estate professional will consider multiple variables that determine the price: similar comps in the same area, supply vs. demand, search ability, which results in the best evaluation and thus more offers on the table.
2. Multiple Offers Means it's Priced Too Low
If you follow the advice in step one (getting an Real Estate agent to price your home accurately) then this misconception couldn't be further from the truth. If listing a home with the right price in the right market, it is common to receive multiple offers within a short period of time, especially when the supply in the area is low. Having multiple offers on your home at a time is a good thing as it is an opportunity for buyers bid against one another, which can result in a higher selling price.
3. Must Sell in Spring
Okay, San Diego and seasons - is that even a thing? We are lucky enough to enjoy gorgeous weather year round, so although we may not experience the drastic temperature changes like the rest of the country, the mentality of seasonality does still exist. From the bustling chaotic Holidays, to wanting a fresh start or deep cleaning in the Spring, we do sense changes that the weather may not bring. However, the idea of Spring or Summer being the best time to sell your home doesn't apply here or anywhere else. When you're ready to put your home on the market, the right time to do so is now. With unpredictable swings in the market, you don't want to hold off on waiting to list your home and miss potential earnings. Also, you never know the circumstances of a buyer and keep in mind that personal cash flow can come at any point in the year.
4. Any Agent Will Do
This may seem obvious, but I want to reiterate the importance of putting in the time and effort to find the right listing Real Estate agent. Not only is it crucial that they know the area, how to market your home and put your best interests first, but here are other things to consider: Are they trustworthy? How available are they? Are they professional, detail oriented and strong communicators? This is an emotional process and ensuring you're confident in the right real estate agent from the start, will help eliminate unwanted stress in the long run. Just like anything else, what works for others, may not work for you so make sure you request a consultation upfront to make sure you're confident you're making the right decision.
5. Staging is a Waste of Money
While you will pay more upfront for staging your home, the benefits can outweigh the costs as it allows your home to be differentiated from the competition, can result in increasing offers, higher sale price and decreases the amount of time listed on the market. In a survey done by Coldwell Banker Real Estate Corp., they found that staged homes sell for more than 6% above the asking price! Check out this article for more statistics and reasons why staging your home is worth the cost.