Debunked: Property Selling Myths

  There are many myths and misconceptions when it comes to selling property and, while most of it is harmless, it can be frustrating for sellers when they experience the realities of the market. For that reason, it is always better to have real information that is credible and current in order to avoid these little mix-ups, both on and offline!  If you are selling your home or even just thinking about it, it is vital to have the right information. The property marketplace can be a difficult for many reasons; however, being armed with the right information and realistic expectations will make the process easier to manage. Here we discuss some of the common market myths and debunk them:

 

“There’s no such thing as market value!”

 

Contrary to the property selling myth, in addition to property’s location, size and condition, the eventual selling price will invariably be subject to market conditions.  While some vendors may hold the opinion that their home is worth  ‘X’ amount, they may be unfamiliar with local market conditions or unaware of current buyer trends that are likely to impact the value of their home. There is no magic involved in valuing properties and assessing local supply and demand, the only  expertise is experience.

 

“We have more experience selling homes in one week than most homeowners do in a lifetime and we use all that experience and expertise to  benefit you.”

 

Of course, we understand that every home is unique and a big part of our job to spot those special features so that we can then communicate them to potential buyers – the right buyers.

 

“Overpricing property works wonders!”

 

Let’s nip this one in the bud straight away, overpricing does not work.  Sellers often ask us to list their property well in excess of the valuation we provide on  the basis that they will accept a lower offer.  It is my job to point out that doing this will dramatically decrease the likelihood of having any offer at all! Typically, overpricing a property has the opposite effect.  It is much more likely to discourage would-be buyers from viewing your home. Estate agents can do a lot but even we cannot sell to a buyer who won’t view the property.

Even if you reduce the house a few months later, seasoned house-hunters will be familiar with it online and will have already ruled it out.  Offering a substantial reduction on your home within months of first listing will have prospective buyers wondering what is wrong with it. Home buyers today, even inexperienced first time buyers, are savvy and well-researched.

 

“Overpricing a property leads to negotiation!”

 

The fundamentals of negotiation are having two parties present to hopefully arrive at a mutually agreeable outcome. However, you are likely to struggle to get a 2nd party to that negotiation table if your property pricing is wrong. Overpricing will not lead to serious negotiation.

 

 “Don’t accept the first offer!”

 

This is a very old myth that assumes once you hang on or wait, a better offer will come along. Be wary of the friend who offers up this woeful advice.  With the property market as it is, a genuinely good offer could be overlooked while you try and hold out for a better one. In the meantime, your prospective buyer/current bidder is still viewing other properties and putting bids in, therefore, by the time you realise that offer was great, they may have moved on to another property and a vendor who recognised the opportunity.

 

“You have to speculate to accumulate!”

 

You may be told that new kitchens or stylish bathrooms will encourage selling but often, you won’t make back what you spent for the hassle incurred. As a general rule, stick to ensuring the property is clean, tidy and that everything is in working order. Everyone has their own personal preferences and remember to stage the property smartly.

 

Finally, use all the resources at your disposal, from family offers of storage to mortgage broker introductions, but be mindful of the advice you accept, especially when it is unsolicited.

 

For your FREE, no obligation, valuation in the South Wicklow and North Wexford area, call into one of our offices (located in Carnew and Gorey) and chat to any of our expert team or you can contact us online at kinsellaestates.ie. We are happy to facilitate overseas buyers and sellers via Skype or similar, outside of regular office hours.  Alternatively, email me directly on michael@kinsellaestates.ie or telephone: +353 53 94 21718