Selling your home is not like selling your bike. You can’t just put a “for sale” sign by the road, set an asking price, and hope for the best. While most people know that selling real estate is a little more complex than selling other types of property, there are still many myths and misconceptions surrounding the home selling process.
Unfortunately, these myths can be costly. Believing certain falsehoods about selling your home can prolong the process, lower your final closing price, and even prevent buyers from considering your home in the first place. To save time and money when selling your home, don’t put stock in these three myths:
Myth #1: You Can’t Sell a Home if You Still Have a Mortgage
When young shoppers buy their first home, many worry that a mortgage is a binding contract. Since fixed-rate mortgages come in varying loan terms, commonly 15 years or 30 years fixed, some buyers fear that they will be stuck with the same home for decades.
However, Homelight points out that this is not the case at all, and writes that most home sellers still have a mortgage when they close a deal. When you sell your home, just be sure that the selling price covers the remaining amount due on your mortgage.
Myth #2: My Home’s Exterior Doesn’t Matter
Many sellers spend months remodeling bathrooms and updating kitchens to increase their home’s market value. While these efforts can raise the value of your home, forgetting to update the home’s exterior features is another common mistake. Many shoppers search for homes based on curb appeal alone, and a bad first impression lowers buyer interest.
Make sure that your siding and roofing are as functional as they are attractive — no homebuyer wants to deal with an expensive roofing project right after buying a home. In fact, roofing problems are one of the most common red flags for home buyers. If you need to update your exterior on a budget, try vinyl siding, which costs 11% less than cedar and 26% less than aluminum.
Myth #3: You Can Rely on Online Home Value Estimates
Though Realtor.com offers many estimator tools to help sellers price their property, the site itself warns against relying solely on such calculations. A formula works for very basic, general estimates, but only a professional Realtor or real estate agent can help sellers accurately determine a good selling price. A variety of factors influence a home’s value, including small details like the time of year, other homes for sale in the area, and perhaps even the address number! A real-life real estate agent can evaluate hundreds of influencing elements to help sellers get the best price for their home.
In the U.S., the average person moves about 12 times in their life. If this is the first time you’re moving and selling property simultaneously, avoid stress, wasted hours, and lost money by disregarding three myths. The next time you move and sell, you’ll be prepared with the facts, so you can quickly sell your property for a decent profit.