March 1, 2024
Thank you to Bob Fornatto of Wintrust Mortgage (2122797) for reminding us that some seller myths are still alive and well! As real estate professionals, it is our job to help you navigate the listing and selling process. Continue reading for some reminders about why you need us on your side to help you determine fact vs. myth.
While most home sellers are ready to take our advice, there are still some myths about pricing and the sale process we may need to address. These are still going strong in today's market.
Never Accept the First Offer. While you may think that the first offer isn't the best, it probably is, and here's why. Today's buyers have done their homework. They know just what they want and are prepared to offer a fair price to close the deal. This is why new listings get the most views during their first week on the market.
If you decide to wait for a better offer, this often backfires. If your property remains on the market for weeks or months, many potential buyers will often assume there's something wrong with the property, or that it's overpriced.
"My home will sell itself." This may have been true during 2020 and 2021, but not anymore. Today's serious buyers are studying every new listing, so you need to understand that pre-sale preparation is especially important. We suggest that you view the transaction as similar to selling a vehicle online. You wouldn't post a single photograph of a car or truck that needs detailing, as you know this wouldn't draw as many buyers as a shiny vehicle with an immaculate interior.
Major renovations pay for themselves. While the sellers probably love their new kitchen or open-plan living area, these may not mean a lot to potential buyers. Every buyer has their own taste and may not be as impressed by updates as the seller expects. Minor exterior renovations are the few exceptions to this rule. For example, a new garage door or updated landscaping will probably pay for itself.
Continue following us for listing advice to help you prepare for any market!
