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Home Selling Myths......Busted (part 1) By Nichola Flower, Owner and Director of Stephens & Partners Estate Agents
When it comes to selling your home, there’s a lot of overwhelming information and old wives tales out there, and it can sometimes be difficult separating the fact from the fiction.
Advice oſten comes from well- meaning friends or family members who are just trying to be helpful, but in reality, they are not property experts!
Our team at Stephens & Partners Estate Agents are all experienced property professionals with many years of experience between us. So, to ensure you are in possession of the correct information, here are some home selling myths you’re likely to hear and why they’re not to be believed.
Overpricing Your Home Will Lead to Better Offers
Unfortunately, many sellers believe that by overpricing their house to start with, it leaves more room for negotiation and ultimately a better offer. Tat’s why we oſten see sellers marketing their properties with the agent who has simply come in with the highest valuation!
However, this is entirely false. When buyers are looking at properties, they’ll search within their price range. If your property price has been inflated, then it’s going to be competing against other properties that appear to be far better value for money, rather than sitting in the price bracket it should be in! Tis potentially means it will
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sit on the market for longer.
Buyers whose budget doesn’t stretch to the higher price range will miss out on seeing your property altogether as they’re not even looking in that price bracket.
You’ll attract more offers and sell your property more quickly if it’s been priced fairly. It gives it a chance to stand out among other properties in its price range, rather than being a poor relation in the higher price category. And you’re more likely to see interested parties competing upwards rather than knocking you down.
Again, this is false. Most buyers scour the market for a couple of months, waiting for the perfect property to come up, and there’s a good chance that they’ve jumped in immediately to avoid missing out.
Remember too that if you’d overpriced it, there’s a chance they wouldn’t have found it in the first place.
A Better Offer Will Come Along if You Wait
Getting an Immediate Offer Means it’s Priced Too Low
If you’ve resisted the urge to overprice your home and an offer comes in straight away, it’s tempting to think that you’ve missed a trick by not marketing it at a higher price. Aſter all, if you had done, then you’d be a few thousand pounds better off surely.
Tis is another all too familiar trap that sellers fall into. Aſter all, if you’ve had an offer on the very same day your home has gone on sale, then surely there’s likely to be a whole queue of buyers lining up for it? No, not necessarily. You might just have been lucky enough to have the right buyer come along at the right time. If you receive a fair offer, then it’s usually best to accept it whether your property has been on the market for hours, days , weeks or months.
Stephens & Partners Estate Agents are your local property experts. Call us on 029 2022 7603 or email info@
stephensandpartners.co.uk to chat with a member of our friendly and experienced team.
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