Selling your property can be a stressful time for anyone, and it can be even more stressful if it’s your first time going through the process. The last thing you want whilst you are looking for information on selling is a load of misleading facts or myths, therefore in this blog, we’ve highlighted a number of common myths which are often thought of as facts regarding the sale of a property.
Myth #1: You will receive an offer immediately
Many people assume that their home will be an instant hit with all prospective buyers, however, this isn’t always the case. It’s normal to carry some sentiment regarding the house you’re trying to sell, particularly if you’ve been living there a long time, but this doesn’t necessarily mean it will have the same appeal to people looking to buy. On average, houses in the UK spend around 50 days on the market before they are sold – so don’t be disheartened if offers don’t flood in straight away.
Myth #2: Never accept the first offer
It’s often assumed that turning down the first offer on your property is safe as better offers are more likely to come in. This can be a dangerous assumption however, as better offers don’t always come up. Properties for sale often tend to get the most attention during the first week or so that they are listed, and properties that are listed for longer may be less likely to receive interest. You shouldn’t necessarily immediately accept the first offer but consider it seriously and try to negotiate if needs be.
Myth #3: It’s cheaper to sell your home yourself
While handling the entire process of selling your home yourself might seem like the most cost-effective option, it can be incredibly time consuming and there is no room for error. Selling the property, yourself requires you to handle all inquiries, negotiations, and viewings, which can take up a significant amount of time. You will also lack the contacts and marketing expertise that a quality estate agent can provide you with, causing you to lose value on your property. Considering all this, selling the property yourself can pose a huge risk.
Myth #4: Renovation increases the value of your home
Many owners feel they need to renovate or redesign certain aspects of their home before they sell the property. However, it can often be the case that renovations don’t increase the value of your home enough to be able to make the money back.
On the contrary, smaller cosmetic changes to your property and improving its ‘kerb appeal‘ can help to make it more appealing to potential buyers. People often overlook smaller issues with their homes, however, fixing these flaws can sway buyers and make them more inclined to make an offer for your property.
Myth #5: Pricing your property higher will make you more money
A common mistake first time sellers make is to overvalue their properties, and list them for a higher price. This can often have a detrimental effect on the value of the house however, as buyers may be put off and the house will stay listed for longer. Properties that have been on the market for a long time may become more difficult to sell, as buyers might start to wonder why they have been listed for so long and assume there are issues with the house.
It’s important to remember that buyers have access to a lot of information regarding the value of properties, with previous sales in the area being a matter of public record. If you are trying to list a property way over the amount that previous similar properties have sold for, you will likely have a difficult time selling your house.
Myth #6: You should always sell during ‘property season’
The spring months are regularly referred to as ‘property season’ and are known for being the best time of the year for those looking to sell their properties. Whilst this does tend to be a busier time in the market, it doesn’t necessarily mean it’s essential you sell your property during this period. The best time to sell is when the time is right for you. There are people looking to move house all year round, so don’t worry too much about catching property season when it comes to selling, as you are best off just waiting until you are definitely ready.
Now you should be aware that this ‘advice’ can be misleading, and you should be wary of following it. Of course, everyone wants a smooth sale and wants the best price possible, so it’s important to do your research, however, beware of misinformation and if you need help or advice, turn to professional sources.