4 Lies You Are Told In A Sellers Market.

While we are still in a sellers market, it has already softened quite a bit here in the Houston area. I have heard the following 4 things from my sellers. These are untruths they have heard from friends , neighbors, their mailman, even other Realtors.

1. You don’t need to do anything—buyers will take whatever. If you want top dollar, a fresh coat of paint, tidying up the landscaping, and a good scrub-down are inexpensive upgrades that bring a return on investment of thousands of dollars when you sell. Don’t neglect minor things like replacing lightbulbs and fixing broken doorknobs. Despite the limited housing inventory, high-priced homes that need too much work are a turnoff, since many of today’s buyers expect homes to be mostly move-in ready.

2. You can just name your price and get it. Even though prices have increased you still need to price you home realistically for the current market, neighborhood and condition. Even in a hot market a ridiculously overpriced home will just sit there without any offers. If an offer does come in, appraisal is usually a problem and you risk losing your sale. A lost sale, or worse having several buyers back out, sends future buyer a red flag. In this way, overpricing can backfire resulting in sellers getting less than market value.

3. Sellers don’t need to market their home, it will sell. Since most homebuyers now start their search online, you really need a realtor to get your home on mls and provide professional photography. Bad cellphone photos can actually drive potential buyers away. Never underestimate the value of advertising, in the right places and providing the most pertinent info. You need someone who has access to the best marketing tools.

4. Its super easy, just take highest offer. While receiving multiple offers has become the norm. Home that are not move in ready and/or are overpriced are still not seeing this phenomena. If you do get more than one offer, accepting the highest offer may be tempting, but it’s not always the best move. You may take a little bit lower price to get much better terms. Its helpful to have advice! A lower offer that’s all cash, for instance, may be more attractive, since it eliminates the financing hurdle, the all important appraisal and could mean a quick closing. Or you may need extra time to stay in the home until you find somewhere to move. You will want to consider all factors of every offer, including a buyer’s finances, and not focus solely on price.