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5 Misconceptions About Selling Property

There are a lot of things to consider when selling your property, but many of those things are huge misconceptions.

When researching dos and don’ts, the best strategy is to pay attention to advice that keeps being repeated and that you know has been around for a long time. Here are some common misconceptions vendors come across when putting their property on the market.

1. You can drive up the value of your home by overpricing it.

There is only one thing worse than selling under your goal price and that is not selling at all! An overpriced property has a much greater chance of sitting on the market for longer, especially if it’s priced above other similar properties in the local area. You need to choose a price range that is in context with the current market, leaves room for negotiation but also encourages people’s interest to come and see it.

2. Getting building and pest inspections is an extra expense that buyers can take care of.

Getting all the relevant building and pest inspections before you put your house on the market is essential if you want to get the best price possible for your property. A professional inspection will reveal any issues and give you the chance to take care of them swiftly and thoroughly, before a buyer gets even a hint of trouble.

3. The more open inspections you have the better your chance of selling.

Not only does this make you look desperate and wastes time, but it also decreases the perceived value of your property to the market. Strategic scheduling gives you a better chance of attracting more genuine buyers and it also minimises the number of ‘tyre kickers’ who turn up – those non buyers who like to take a voyeuristic look into how their neighbours live.

4. If the price isn’t what you want, you should hold out for a better offer.

Your goal is to sell your house and if someone offers to buy it, at a price that works for you, then why would you say no? If the price is in line with your future investment goals, there is no reason at all to hesitate. Never take it for granted that there will be other offers, or better offers, or offers from people you like better. There rarely are. 

 

5. The more you spend on fixing up the property before selling it, the better price you’ll get

It is true that you should spend some time and money on making improvements to prepare your house for sale. Tidying is the first step, then you can brighten things up with fresh coats of paint, repairs and just some general spit and polish. Attention to the overall appearance of your property will help to encourage buyer interest and to hopefully achieve your desired sale price. However, it’s not necessary to spend a fortune to do so. You’ll be surprised how much difference a few simple improvements can make. 
 

by Dale Harris