Putting your home on the market isn’t a decision that one casually makes over weekend brunch. It’s a calculated move that involves a lot of moving pieces, and we’re not talking about carting furniture from one address to another. Still, you’ve invested so much time and money into upgrading your home that you’re certain a real estate windfall is in your future.
Or is it?
Before you fall victim to real estate misinformation, take a moment to brush up on these common pricing myths:
- Renovations Equal Instant Profit. Yes, updating your shag carpeting will make your home more attractive to prospects, but that doesn’t mean that you’re going to get back every penny that you’ve invested. On average, you can realistically expect to get back 64% of every dollar you spend on renovations.
- Price It High and Adjust Later. Setting your asking price too high will detract interested buyers, especially if there are comparable properties with lower price tags in your neighborhood. And house-hunters might assume there’s something wrong with your home if you keep lowering the price after it’s been on the market for a lengthy amount of time.
- You’re Going to Make a Profit. This is, of course, the goal…but there are a lot of factors that go into whether or not your real estate investment will turn a profit. What are homes going for in your area? What does the market look like at the moment? If waterfront condos are selling quickly, then your single-family home may not be of interest.
- If You Price Your Home Too Low, You’ll Lose Money. An experienced real estate agent will help determine the market value of your home, and a fair price will entice qualified leads. And the more interested buyers you have, the better chance you have of starting a bidding war, which could work to your favor.
The bottom line? Navigating the everchanging landscape of residential real estate is far easier when you have an experienced real estate agent on your side. Debbie Shelton guides her clients through every phase of buying and selling a home, and has over twenty years of expertise in the Smith Mountain Lake market. To view current listings, visit www.DebbieShelton.com.