Thinking about putting your house on the market? There are a lot of myths floating around out there about selling a home—but by educating yourself, you can avoid falling for any of them. From there, you'll have an easier time selling your home quickly and for a fair price!
Myth #1: You'll Make More Money Selling Without an Agent
Yes, a real estate agent will collect a commission--typically around 5% and 6% of your home's final sale price. That commission is usually split with the buyer's real estate agent as well. On a $200,000 sale, that means these agents will pocket anywhere from $10,000 to $12,000. Wouldn't it be easier to just list your home for sale and go through the process without an agent?
Probably not. Not only does working with a real estate agency help you determine a competitive list price for your home, but he or she provides other valuable services that include creating and publishing your MLS listing, marketing your property, negotiating with potential buyers, and handling the majority of your closing paperwork. For-sale-by-owner transactions add a lot of stress to what is likely already a stressful time in your life, so working with a real estate agent is often worth the commission and then some!
Myth #2: You Should Always Have an Open House
Many homes sell successfully without the need to host an open house. In fact, one survey of 133 real estate agents found that 63% of respondents did not always recommend hosting an open house to sellers. While there may be situations where an open house would be recommended, you shouldn't be surprised if your real estate agent doesn't see the need for one. When the market is slow or the home doesn't sell right away, your agent may recommend an open house.
Myth #3 You Should Always List During the Spring or Summer
Nobody is looking to buy a home during the fall or winter months, right? In reality, there is really no "best" time of year to list a home for sale. There are usually more listings during the spring and summer, but this only means that there will be more competition if you list during this time. By listing during the fall or winter, you'll be putting your home up for sale when inventory is lower. As a result, you may have an easier time finding serious buyers who won't waste your time.
Don't fall for these common home-selling myths. Keep yourself informed and make the right decisions as you move forward with listing your home!