Unfortunately, many home sellers fall prey to one or some of the many myths floating around out there concerning selling a house. These myths can make it much harder for you to sell. The typical result is that it takes you longer to sell and often at a lower price. There’s a ton of information about selling a house available both online and among friends and family – but the problem is that much of it is inaccurate. To help out, then, we offer these 5 common myths people believe about selling a house in Kauai.
1. You Need an Open House
Maybe they used to work, but open houses just aren’t very effective anymore. Holding an open house for selling a house in Kauai is now usually just a huge waste of time and effort.
The problem with an open house is that most of the people who attend aren’t really interested in buying or aren’t in a position to buy. Very often, many of the people who come to an open house are just curious neighbors looking to fill an afternoon. And the few legitimate buyers in attendance usually need to sell their current home before they can make an offer on yours.
Also, there’s the chance that a few people at your open house are criminals just there to case your house before coming back later to steal your valuables. Basically, an open house can make you vulnerable to theft. And, besides, serious buyers don’t need the open house – they would just schedule a showing.
2. Online Home Values Are Accurate
Another myth that many people succumb to when selling a house is that the home values listed online are accurate. But this is usually pretty far from the truth.
“With just a single Google search, you can easily find tools that can calculate your home’s value. Similarly, there are online listings of houses in the same neighborhood that can give you an estimate of how much your house will go for. But that is all they are, estimates.”
These online valuation tools don’t take into account factors that are hard to pin down such as the attention you’ve given your home and the neighborhood. Pricing accurately and in line with fair market value involves a host of factors and variables. Some of these are . . .
- Condition of the home
- Renovations/improvements made
- Nearby amenities
- Value of other properties in the neighborhood
- Neighborhood traffic
- Quality of schools
Your best bet in assessing the value of your home and how you should price it is to have a Kauai agent perform a comparative market analysis. To discover more about this, just call 808-634-4518.
3. You Should Price as High as Possible
You’ll also hear from many directions that you price your home as high as possible. This may be the myth that harms sellers the most.
Certainly, you want to sell for as much as possible, and that’s understandable. But pricing too high is counter-productive because homes priced too high just don’t sell most of the time. Buyers tend to avoid them and just move to homes that are more reasonably priced.
The chief problem with overpriced homes is that they sit on the market too long. If a home languishes on the market for any length of time, buyers will begin to think there is something wrong with it – which makes it sit unsold on the market even longer.
Yes, pricing a little high can be a good strategy because it gives you a little wiggle room during negotiations. The trick lies in knowing just where the limit is. It’s best, then, to work closely with a Kauai to the pricing sweet spot.
4. Extensive Renovations are Needed for a Good Price
This myth has cost a lot of sellers a lot of money that they didn’t recoup on the sale. When selling a house in Kauai you don’t have to (and probably shouldn’t) make extensive renovations and improvements.
“Beautiful kitchens and bathrooms are the keys to selling a house, but that doesn’t make them the only key. Getting a good price isn’t dependent on what type or how long it’s been since you renovate a house: it’s also about many other factors . . . A lot of money and effort goes into renovating a house, be it a change of flooring, kitchen cabinets, roof, lawn, or the basement. You might end up spending more on your extensive renovation plans that you’ll get, thus being unable to recoup your investment.”
In addition, you also run the risk of “over-personalizing your house, turning it into something that buyers won’t be interested in.” So experts recommend that make only the most necessary renovations/improvement. “While low-cost repairs and renovation such as replacing old bathroom vanity or kitchen cabinets are welcome, overdoing it isn’t always a very good idea.”
5. Selling on Your Own Saves Money
When selling a house, it’s only natural to want to save as much money on the sales process as possible in order to wind up with a greater profit. To accomplish some sellers resort to selling on their own without the assistance of an agent. Unfortunately, though, they usually wind up with less money than they would have made working with an agent.
“Some people do successfully sell homes on their own, but they need the skills to get the home listed online, market the home to prospective buyers, negotiate the contract, and then deal with any issues that arise during the inspection or loan application phases. It’s not impossible to sell a home on your own, but you’ll find that buyers expect a substantial discount when you do, so what you save on a real estate commission may end up meaning a lower price.”
Avoid the Myths When Selling a House
These are the top 5 myths people believe about selling a house in Kauai, but there are many more. And just about any one of them could, at the very least, make selling much more difficult. Get the professional guidance you need to avoid these myths with one of our experienced Kauai agents. When selling a house in Kauai is your goal, be sure to contact us at 808-634-4518.