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Misleading Beliefs From Home Sellers

Guide to Selling A Home in Houston - The Loken Group - Your ...


We have some news, and we're going to say it bluntly. It's for your sake, we promise. Those pre-covid marketing strategies are becoming obsolete, and going against the flow to make them work, as opposed to looking for the next wave, is going to leave a lot of Realtors drowning in the undertow. Let's look at some expired thinkings and dig in.


Buyers will come despite the property's high asking price...

Many sellers believe buyers will show up despite their hiked price. The idea is with a high price, buyers will offer below asking, which will better reflect that actual worth of the property. This goes even further by fostering good faith between the buyer and seller, as it will seem like the seller lowered the price for the buyer.

This concept is not reliable, and sellers runs the risk of losing buyers and having a listing up for way too long. Maybe they didn't even see your listing because their search filter was below your price, or maybe they saw the price and didn't want to play the game. It's indeed a game, and to anyone privy to the game, this move shows a lack of sportsmanship and integrity; it's like a cheap parlor trick. Whatever the case, we're seeing that this strategy doesn't work anymore.


Only potential and eligible buyers are drawn to showings and open houses...

Truth is, open houses bring more curious neighbors than buyers. It depends on your market, location, etc., but even during the pandemic people are still going to show up to open houses because "they're remodeling and are looking for inspiration." You live on Pintrest, Karen, you didn't need to show up to this open house.

One thing we recommend is scheduling only private showings. This will add some layer of vetting to the process, and will keep neighbors from wandering over (or at least keep them from coming inside.) You can even go a step further and require buyers get pre-approval letters to schedule a tour. Assess your property and decide what how high the barrier to entry has to get. There are a list of factors like price, condition, marketing, and location that all play into how many people will show up. A $300k home in the middle of nowhere has nothing to worry about, but a $2M home in Newton will attract half the city. A competent agent, like the mighty Realtors of Castles Unlimited, will know how to handle this.

 I don't really need to improve my house in order to sell it...

Some sellers still believe that having things fixed before putting their home on the market is a waste of energy, time, and effort, despite real estate agent's suggestions. What is discouraging to a seller could be the thought of a buyer rearranging the place according to their taste, and after all, appliances are working perfectly fine, so what's the point in making any repairs? 

First impressions can tell a story, for instance, if potential buyers notice an outdated kitchen or worn flooring, you'll find yourself in a pickle since the sale can fall out. Perhaps a buyer could think that this particular home might need other repairs and expenses will rise. 

It is no secret that when a house first hits the market is when it receives more attention and interest, therefore, a poor first impression can work against the seller's intentions.

On the other hand, after preparing a home for a sale, many sellers think they can raise the asking price to recover their latest inversion. However, the market won't pay more for maintenance or new fixtures but this exercise will result in stronger offers.  


Doing more repairs during the inspection period is not necessary... 

Sometimes after inspections, buyers might request repairs, and many sellers still argue that they should buy a new property instead. If sellers refuse to work with a buyer on repairs, chances are they can lose the potential sale during the inspection contingency period. In addition, sellers should consider that when a home returns to the market after inspections, buyers and agents tends to think that something definitely went wrong.

Unless these repairs are addressed by the seller, the home may never sell at the original sales price as it could be reduced or the buyer would have to be given a credit for the closing cost in lieu of the repairs.


Flooring allowance at closing is another option...

Many sellers believe that giving an allowance at closing to replace or repair something in their home is an acceptable offer, however, if the buyer is getting a loan, a lender will not approve it. Instead, it's considered best for the seller to reduce the selling price accordantly.


More marketing will result in a quick sale...

Sometimes homes don't sell as fast as expected by the seller, and their immediate thought is that more marketing needs to be happening. What is going on is that the property can be overpriced, looks unattractive in photos and videos, or needs lots of repairs and upgrades. Also, agents need to be clear with sellers in explaining that online views don't translate into potential buyers.




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