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Homeowners planning to sell their home tend to get unsolicited advice from every direction. “Do this,” “don’t do that”; it can be difficult to decipher the good from the bad advice. As homebuyers become more informed and market-savvy, knowing which age-old advice to ignore can be important. Here are some adages which should be retired immediately.
• Spring is the best time to sell – While spring is traditionally when home sales tick upward, the real key to selling is inventory levels, which typically occur other times of the year.
• The first offer is always the best – While all offers should be considered, don’t feel pressured to take a sub-par offer just because it was the first.
• Open houses sell houses – Not anymore. Only 2% of homes sell as the direct result of an open house, according to the National Association of Realtors®. Virtual tours and online photos will attract more interest than foot traffic.
• Price high so there is room to negotiate – Homebuyers are more sophisticated about pricing and will not bother with overpriced homes.
• If you don’t want to make repairs then lower your price – Unless you market your home as a fixer-upper, buyers expect the home to be in reasonable condition and a low price might not be enough to encourage an offer.
• You must update your kitchen to sell – Buyers do love renovated kitchens, but keep in mind that you typically recover only 81% of the cost of a remodel when selling.
Selling a home is a major life decision. Before you begin the process of listing your home, do your research and make sure the advice you rely on is valid in today’s changing environment.