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Real Estate Selling Misconceptions

If you are a homeowner your goal is to maximize your profit when you are ready to sell your home. We completely understand, however, there are a lot of misconceptions online when it comes to the best way to achieve that result. Below we are going to highlight the most common misconceptions and why they are not in your best interest.

Myth #1: Zillow’s Zestimate is Accurate

This is by far the most common myth that we tend to receive on a daily basis. This is no fault to the seller as this is one of the few tools available to get an estimate of the value of their home. There are many factors to figure out a home’s value, which is why hiring a Property Appraiser is your best bet to get an accurate value based on comparable homes. Zillow, unfortunately, uses an imperfect algorithm to calculate the value of your home. This is by no means accurate due to many variables it cannot calculate, such as recent renovations, functional upgrades, or lack of inventory in your local area to name a few.

Myth #2: Selling By Owner Will Save Me Money

For Sale By Owner (FSBO) listings accounted for 7% of the total home sales in 2018. Often times homeowners believe if they sell their home by owner it will save them significant money from having to pay commissions. According to the National Association of Realtors, the average FSBO home sold for $200,000, while the average home sold by a Realtor sold for $265,500. There are many benefits to hiring a professional Realtor to represent your best interests. They will help you determine an accurate listing price to sell your home. Homeowners are personally vested and may overestimate the value of their home, and it will sit on the market with no bites. They may underestimate the value of their home and lose money by selling it for much less than their home is worth.

Another misconception is that if they sell the home by owner, they will not have to pay commissions. If a buyer’s agent brings you a buyer, you will have to pay their commissions more than likely. You will need to market your property so that potential buyers can find your listing and hopefully call you for a showing. The other thing most homeowners don’t think about is that you have to make yourself available for phone calls, showings, questions, negotiations, and paperwork if you get an interested buyer. All of this is well worth the value of a Realtor who will handle all of this for you.

Myth #3: Staging and Professional Photos are A Waste of Time

Selling a home is all about aesthetics. Staging your home is extremely important to capture interest and get potential buyers through your door. A buyer wants to see a home that is beautiful, clean, organized, and well maintained. Though a seller might not think it is important, homes that are staged sell 73% faster than homes that are not staged, according to RESA. Also being able to properly display what a home looks like online with professional photographs will make a listing stand out, versus photos that are taken with your phone. A buyer’s first impression of your home will more than likely be through an online site like Zillow, Realtor.com, or Trulia. So, making that extra effort to declutter your home, and pay a professional photographer will go a long way in properly displaying your home to buyers.

Myth #4: Why Should I Make Improvements if I am Selling

Buyers today have gotten spoiled with move-in-ready homes. A buyer would prefer to purchase a home that does not need to be renovated or repaired. If a home is not up to the buyer’s standards, they will want to negotiate the price down based on the amount of money they feel they will need to spend on upgrades or repairs. It is amazing what a little paint, new carpet, and minor fixes will do to a home’s value. The best thing about these fixes is that they will not break the bank. It will almost certainly assist you in getting a higher offer for your home.

Realtor in Fernandina Beach

If you are in the market to sell your home or have been trying to sell your home with no luck, contact Summer House Realty today. We are one of the top Real Estate Agencies in Fernandina Beach, FL. We have the team, experience, and resources to help your home stand out to potential buyers. We consult with every seller, research comparable listings, assist you in staging and photographing your home, and aggressively market your property to buyers in the local market. If you would like a free home evaluation call us today at (904) 557-3020.

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