Debunking some common home selling misconceptions

The procedure of selling a property can be a complicated process even with all the advice given from well-intentioned family and friends. 

Receiving advice and information from so many different sources can lead to uncertainty about certain key aspects of the sale transaction, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.

“There is a great deal of information available to consumers through a number of resources. Sometimes with all the conflicting views, it may be difficult to determine which information to take note of and which to ignore. As a result, several misconceptions regarding the home-selling process have become commonplace in today’s property market,” says Goslett.

He provides a few truths and facts to expose the misconceptions and steer sellers in the right direction:

Misconception: You should wait for the right season to sell your home

Truth: While there are generally more buyer foot traffic during the warmer months, if the home is situated in a sought-after area, it will attract potential buyers during all seasons of the year. It is more important to understand the phases of the property market, than to consider the season in which the home goes onto the market. Sell the home when you are ready.

Misconception: Online estimates for pricing a home are accurate

Truth: Although it is possible to get a rough estimate of a property’s value through an online portal, these estimates take only a few factors into consideration. Often other aspects can be overlooked, such as the potential growth of an area or the demand for property there. The best way to ensure an accurate evaluation of the property is to employ the services of a real estate agent who has a working knowledge of the area in which the home is situated. The real estate professional will be able to put the online estimate into perspective and determine the most competitive listing price for the home.

Misconception: Listing the home at a higher price will leave room for negotiating

Truth: In reality, all that a higher asking price will do is scare off prospective buyers. An elevated price could delay the sale of the home, leaving the property on the market for longer than it should be. A property that has been on the market for some time and has seen multiple price reductions will give buyers the wrong impression. They are likely to think that the home is not selling because it has some major defects. A correctly priced home will be attractive to buyers and will sell for the best possible price, within the best possible time frame.

Misconception: The interior is more important than the exterior

Truth: The first impression of a home is based on the exterior, so curb appeal is critical. If the buyer is already turned off by the exterior look of a home, they are unlikely to even make it to the front door. A good impression starts with a well-maintained exterior.

Misconception: You don’t need a real estate agent

Truth: There are certain things that are best left to the professionals. A home is the largest asset that most people will ever own, so why take the risk of going it alone when it comes to buying or selling a property? A property sales transaction is a complicated process and there is a lot at risk, such as the money you risk losing by listing at the wrong price, ineffective negotiations, the pitfalls of incomplete or inaccurate paperwork and legal issues involved in a home sale.

“Having the facts about selling will help homeowners to get the most out of their property transaction. If ever in doubt, sellers can seek the advice of a reputable real estate agent who will be able to guide them in the right direction,” Goslett concludes.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 17 Jan 2018
      While the current property market may still favour buyers, it doesn’t mean that they shouldn’t be well prepared before putting in an offer to purchase.
    • 17 Jan 2018
      Lightstone lists Blair Atholl as the most expensive suburb with an average house price of R11.2 million, followed by Westcliff (R10.5 million), Dunkeld (R9.3 million), Sandhurst (R9.1 million) and Inanda (R7.2 million).
    • 17 Jan 2018
      As it currently stands, there are four main ways in which a home can be bought in South Africa, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, who adds that deciding in which legal entity to purchase the property is not a decision that should be entered into lightly, as each has its pros and cons.
    • 16 Jan 2018
      The start of the new year is symbolic of new beginnings. A good time to take stock of one’s possessions as well as how necessary they actually are. However, seeing as the process may appear daunting – a plan goes a long way.
    • 16 Jan 2018
      The Western Cape is still in the throes of a severe drought and many households have to adjust the way they use and save water. It is a little more complicated in sectional title schemes, however, as it is not that easy to implement grey water systems for multiple users and it is also difficult to monitor water usage accurately if there are no separate water meters
    • 15 Jan 2018
      In ideal rental situations, when a lease is signed the tenant will stay for the full duration of his lease without any complications and the landlord will uphold his obligations, creating a win-win situation for tenant and landlord.
    • 15 Jan 2018
      The Atlantic Seaboard’s housing market has stoically withstood the brunt of the growing economic and political instability, consistently achieving double digit growth way above the national average, however, in 2017 South Africa’s most resilient market finally began to yield to the pressure.
    • 15 Jan 2018
      Sectional title insurance can be a little confusing and, as a new owner, you may be tempted to just assume your body corporate has you covered. While this may be the case, understanding the extent of your coverage and your personal liability is the only guaranteed way to protect yourself against potentially costly oversights.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us