If you’re considering selling your property, you’ve probably heard all sorts of things from your friends, family and co-workers. Some may be true. Others are definitely not.
Before you get too worried, take note of these common real estate myths.
Myth #1: You need to spend money to make money.
We’ve all seen it, and many of us have done it. We want to get the best price for our property, so we start doing all the things we always dreamed of doing… renovating the kitchen, updating the bathroom, etc. Some improvements can make your property more attractive and may boost the asking price a bit, but that doesn’t mean you’ll make back the money you’ve spent. Plus major renovations almost always cost more than expected, so stick to small improvements like a fresh coat of paint or some new fixtures. Leave the major renovations — and the potential headache — to the new owners.
Myth #2: You need to wait for the right season to sell your property.
You’ve probably heard that it’s easier or you’ll make more money if you sell your Mammoth Lakes home in a certain season. I’ve been helping buyers and sellers in Mammoth Lakes since 2011, and I’ve seen that there is no “selling season.” We’re a year-round resort that draws buyers in all the seasons. Don’t wait around — get your property on the market as soon as you want to sell it.
Myth #3: Pass on the first offer and wait for something better.
When your first offer comes in, especially if it’s below the asking price, many sellers pass in hopes of getting a better offer later. If your property stays on the market for a month or two, buyers will be wary, especially since properties move so fast in Mammoth Lakes. Take every offer seriously, and don’t assume a better offer will come the longer you wait.
Myth #4: You can move your home with an open house.
An open house sounds like a dream solution, right? Buyers will flood in the door eager to see and then buy your property. Unfortunately that’s not the reality I usually see. Open houses attract window shoppers who may already own a similar property or be dreaming of a someday-purchase. With one-on-one sales, your real estate agent can weed out anyone without a pre-approval letter. Don’t waste your time trying to sell to someone who can’t get a mortgage. One-on-one sales also give more time for the agent to share what’s great about your property with the potential buyer.
Learn more in my Ultimate Home Seller’s Guide. If you’d like to talk, call me at (760) 914-4664.