Over the years, I’ve had the dubious experience of becoming a myth collector. Specifically, regarding the myths around why a home has not Sold. As I talk with agents around the country, it has become clear that these myths are actually very widespread and have developed a life of their own…sometimes with variations which are location specific.
As a public service, I am going to do a mini-series regarding these myths and give some insights regarding why they ought to be dismissed and rejected.
1. Myth #1…My home is Special. It is much nicer than the home down the street.
FACT: Every home is special to the owner. It is where we live and experience the personal moments of our lives. However, special has nothing to do with market value. Market value is set by the forces which dictate the reaction of the market to any product including a home.
Market value is affected by things like: the perceived value of a product in comparison to other similar offerings, the cost of acquiring the product as in available finance options and the competition for the purchase of the item.
TRANSLATION: If there are many homes of similar type and within nearby locations, buyers will make a choice based on their valuation not on the basis of the experience of the current home owner.
2. Myth #2… When Buyers get inside my home they will LOVE it!
FACT: It used to be that buyers would drive by a home and curb appeal would make or break the deal. Today, curb appeal starts with a ‘click’…the click of a mouse that is. If your home does not show well online, OR worse yet does not have any pictures online, the likelihood that potential buyers will actually get into the house to see it and fall in love with it diminishes by quantums.
FACT: Today’s buyer is utilizing the tools of technology to save time and money. Do you know how your home looks online? Have you checked on how your listing is being marketed across various portals?
3. Myth #3…I’ll negotiate that issue IF they make an offer!
FACT: Most buyers today PREFER a home in move-in condition. With busy schedules and limited resources, most buyers would prefer to not have to fork over additional money to deal with home repair issues. If your home is in competition with other homes…and if you’re living in the Grand Rapids, Mi area, it certainly is…then it is a logical conclusion that you will be impacted negatively if a buyer has a choice of a home in which the repairs have already been attended too. In fact, some buyers will even rationalize paying MOREfor a home that they don’t have to make major adjustments to. Why take this chance?
I hope that this post has shed some light about WHY a misunderstanding about the nature of the market can adversely impact the sale of your home. I will be sharing more Myths in upcoming blog posts, so stay tuned! Wishing you a Happy New Year in advance and the joy of a successful home sale. If we can be of help to you in this endeavor, please do not hesitate to contact Audu Real Estate