Top 3 Home Seller Myths Debunked

A potential home seller should know the difference between a home selling myth and fact. Many people out there give well-meaning advice that just isn't true. And, if a home seller follows that advice, they could be jeopardizing their odds of selling their home fast and for top dollar. 

Myth #1: The Home Seller Sets the Price When Selling a Home

It is your house. You can list it at whatever price you like (though we don't suggest that.) However, the final purchase price of your home is not set by you, the buyer, or the agents. The real estate market sets that price. 

This can be confusing to a home seller but remember, any home that is purchased with a mortgage loan will require an appraisal to protect the lender's interest in the home. An appraiser will conduct an in-depth market analysis and report his/her findings. If the appraiser cannot find enough sold, comparable homes to support the purchase price, it will not appraise. Consequently, the lender will not lend the agreed upon purchase price to the buyer and the transaction goes back to negotiations between parties. 

An Evelo Team agent will tour your home, talk with you and then conduct their own research (CMA) into the hyper-local housing market to arrive at a suggested listing price or range. That doesn't guarantee it will sell for that price. However, if you accept their recommendation, you will be in a better position to actually sell than if you trust an online home evaluation or just what you think your home is worth. 

Pricing a home is a science in data interpretation. Accept nothing less! Ask your agent what homes they compared yours to when coming up with their suggested listing price. They should be happy to share that with you. If not, it's a red flag. The agent may just be a "yes" person trying to get your listing figuring they can get you to lower the price later. The problem with that is your home becomes market worn and agents and buyers alike wonder what's wrong with it. The results are longer days on market and usually a lower purchase price than if you'd priced it right to start with. Don't fall into this trap! 

Myth #2: Dual Agency is Fine

When you are selling your home, you do not want your listing agent to bring the buyer to the transaction. When one agent is representing both parties, it is called Dual Agency. 

You want and deserve an agent whose sole purpose is to represent and watch out for your best interests. A Dual Agent essentially becomes a paper-pusher and a neutral party. That means they cannot exclusively represent or give either party advice about anything to do with the home or the transaction. 

Some unprofessional agents fail to explain this to the buyers and sellers before they enter into a dual agency. Some states have even outlawed dual agency because it does not protect the consumer to give up their exclusive representation. 

That is one great benefit of working with the Evelo Team. We have many agents and can ensure both buyer and seller always have their own representation and agent. 

Myth #3: HGTV is How Real Estate Works

Many of us love watching shows and reruns of shows like Flip or Flop, House Hunters, Property Brothers and more. However, we need to keep in mind that television is entertainment. They don't show all the steps, speed bumps or time delays that can happen during a real estate transaction. 

For instance, a lot of times it takes more than visiting three homes to find the one that works for the buyers. Homes don't usually sell on the day of an Open House. And, not all buyers have cash to purchase your home. It is much more likely they will be using a mortgage. 

These shows are a lot of fun to watch because they skip the boring parts. However, in real life, those boring parts make up a large portion of the purchase transaction.

Know the Facts

An Evelo Team Agent will do their due diligence to find out what the local market will bear with pricing your home for sale. They will also represent you and put your best interests first, always. 

Reality TV does not always represent the reality of being a home seller in today's market. It's fun to watch but far from reality. 

Give the Evelo Team a call today to get started with the steps to sell your home and move on to your next adventure!