3 Misconceptions of a Seller’s Market to Keep in Mind
It’s no secret that the housing market is hot right now, no matter what season it is. Inventory is historically low, but plenty of people are ready to sell. However, even in the current climate, sellers should consider a few important misconceptions that come with a seller’s market.
It can be hard not to get excited about putting your house on the current market, especially since homes are going fast and at relatively high prices. However, here are three misconceptions about what a seller’s market is that those eager to move should keep in mind.
1. You Should Overprice Your Home Because of the Market
As realtor.com puts it, “Your home may be your pride and joy, but beauty is in the eye of the beholder.” Even in a strong seller’s market, it is best to take the advice of a real estate agent who can accurately measure the value and pricing of a home.
How you price your home will largely determine whether your home zooms off the market or sits without any offers at all. Pricing your home too high may result in missing out on buyer interest while your listing is fresh. It is still possible to overprice your home, which is why it’s essential to take advice and recommendations from a trusted real estate agent.
2. Your House Will Sell Right Away No Matter What
Of course, it isn’t uncommon for houses to sell after mere days or weeks on the market, but there are many reasons why that may be for specific homes. For instance, as realtor.com emphasized in that piece, real estate agents see this specific scenario occurring due to its excellent location, outstanding condition, and when houses are listed at an area’s median price point.
While you should have hope in your home selling, remember that every situation is different, and even if your house doesn’t sell in the first couple of days, there is still ample opportunity for it on the market.
3. You Don’t Need to Do Any Repairs or Upgrades Before Listing
While there may be investors looking for fixer-uppers, the average homebuyer is looking for a move-in-ready home. Buyers may be wary of a place that requires home repairs, driving them away from your house.
The best recommendation would be to make any repairs or upgrades ahead of listing your home on the market for the best results. Simple updates such as repainting interior walls and switching up/upgrading hardware on cabinets can make a world of difference.
All in all, a hot seller’s market is excellent news for anyone looking to put their home up for sale! By following some of these misconceptions and working closely with a real estate agent, you can avoid any out-of-reach expectations and feel the overall success of the current market.
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