Fact? Or fiction? The experts at Seeff debunk some selling myths
Sellers often think that they should hold out for a better price or that listing their property with multiple agents will bring them more buyers and offers. This could not be further from the truth. According to Seeff’s agents, there are a number of myths that should be debunked right off the bat when it comes to selling:
1. Multi listing will get more offers and a better price
– the first myth is that listing your property with as many agents as possible will bring you more buyers, offers and a better price. This could not be further from the truth. In reality, it is likely to scare off buyers as they will see it as desperate. With online listings, such a move also just adds to clutter, so your property is not going to stand out. If there are price differentials, it will further add to the confusion for the buyer. The end result will be that the buyer will simply move on to another property. Experience has shown time and again that you get the best results from a sole mandate.
2. Holding out for a better price
– while you should of course not accept an offer that is ridiculous, you should also take care not to just discard an offer because you believe that you can get a better price, especially if your expectation is out of line with the market. History has shown time and again, that the first offer is usually the best offer unless you are in a hot market where the demand is such that you can get a bidding war, but this is certainly not happening in the market right now.
3. Renovations and improvements will mean a better price
– there is a fine line between ensuring that your home is in excellent condition and doing too much and thus overcapitalising. Often, sellers undertake improvements to their home that suit their own taste and needs, but these do not necessarily add value. The price that your home will sell for is determined by a number of factors, for example the prices in the neighbourhood, but of course what a willing buyer will pay for it. Just because you have a huge house with high value finishes, does not mean that you will get millions for it, so be sure to not fall for the hype. Rather speak to a credible agent to check whether the improvements will add value.
4. A high price will attract better offers
– if your price is unrealistic, you are likely to deter rather than attract buyers. Setting your price at the right level is vital to ensuring that you attract offers. If you start too high, you are likely to scare off potential buyers and they will simply move on to the next property that is more in line with their price range. You may end up having to drop your price, clearly not a desired move as it is likely to still make buyers sceptic about your intentions.
5. Wait for the selling season
– this is another myth that needs debunking. There is no real selling season. It may well be that people are more inclined to visit show houses during the summer, but that does not mean that summer is the best time to sell. Plenty of sales take place over the winter months, in fact people are often less busy with other things and thus more focused on getting their dream house over the winter so that they can spend the summer in their new house.