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Want to sell your house? Stop believing these 8 myths!

Tuesday, January 30, 2018   /   by Admin Prostead

Want to sell your house? Stop believing these 8 myths!


We all know pricing your home is hard. When you use a full-time, licensed Realtor, you have someone to guide you and educate you on the process, the market, and understanding the data we use.

Here are 8 myths you should not buy into:

1: You always make money when you sell a home. Let's face it, real estate prices and values fall and rise with the economy. Right now, we're in a time where we're seeing appreciation. But look back at some of the more turbulent economic times and you'll realize that isn't always the case.

2: Price your house high to make more money. While the payday may sound appealing to you, you're actually sacrificing your best marketing time in exchange for the remote possibility that someone will overpay for your home.

** Ready to sell? Let us tell you what your house is worth ** 

3: If your home is overpriced, it's no big deal to lower it later. False. Homes that are overpriced tend to linger on the market for months at a time or undergo price reductions. Guess what happens? Buyers often presume there is something wrong with it and stay away.

4: Pricing your home low means you won't make as much money. Not always the case. If you price your home competitively, it will often cause a bidding war that can drive your price much higher than you list it for.

5: You can add the cost of any renovations you have made. The reality is, your renovations may see some return on investment but you'll rarely recoup the whole amount. Depending on the improvement, you can expect to get approximately 64% of every dollar you've spent on home improvements back.

6: A past appraisal will help pinpoint the right price. False! An appraisal assigns your home a value based on market conditions on that specific date so it ages very quickly!

7: Your agent may overprice your home to make a bigger commission. While it's true that an agent's commission is based on the selling price of a home, the disparity is usually negligible. A listing agent is going to try and get their sellers the best price possible for their home. But they are going to use accurate and reliable data to make that determination so they can help sellers price their homes properly.

8. Zillow knows exactly what your house is worth. Wrong! Zillow's Zestimate is a "starting point" but absolutely can't be counted on to give you an exact valuation. Zillow doesn't pull comps, verify adjustments and add-ons, or even physically walk through the property.  When was the last time Zillow physically walked through a property, pulled relevant comparables, did specific adjustments and established an on-point range of value? According to real estate website Inman, even Zillow’s CEO, Spencer Rascoff, sold his home for 40 percent less than the Zestimate showed in 2016!

** Ready to sell? Let us tell you what your house is worth **  

Source: realtor.com

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