Dispelling the Top 3 Myths Regarding Selling Your Home

Are you considering selling your home? If so, chances are you’ve been inundated with well-intentioned information and advice. However, when it comes to selling what is likely your most valuable asset, how do you determine the truth versus widely-held misconceptions? As a longtime real estate agent, I often field questions from home owners embarking on the process of selling their homes. In an effort to separate fact from fiction, let’s dispel some of the most common myths regarding the real estate process surrounding selling your home:

MYTH #1: I have to find another house to buy, before I can put my house on the market.

The Truth:

You may need to use proceeds from the sale of your home to purchase your next house. Therefore listing and selling your current home, while you are searching for your next home is very realistic and doable. In Massachusetts a typical home sale takes three months. And keep in mind: The seller controls the sales cycle. So if you need to remain in your home for a specific period of time, say until the school year ends, you can sell your home with the option of leasing it back. Lease-back options offer significant flexibility.

With a lease-back option, Massachusetts state law permits sellers to lease their homes for two months after closing. So for example, if you listed your home on March 1, received and accepted a purchase and sales offer on March 15, with a closing date of May 1, you could include a lease-back option in the agreement. Doing so would enable you to lease your home from the buyers for up to two months from the closing date, allowing you to remain in your home, in this instance, until July 1.

Accepting a purchase and sales agreement for the sale of your home, prior to making an offer on your next home, also better positions you as a buyer. In addition to providing you with a more realistic sense of your budget, it also ensures prospective sellers will view you as a serious buyer who is less encumbered because your home is already under contract.

MYTH #2: Zillow estimates Accurately Reflect the Current Market Value of my Home.

Zillow estimates are not necessarily accurate and often times are not as accurate as an opinion of value from a well-versed real estate agent in your area. We frequently find that Zillow doesn’t include the current information regarding the condition and features of homes we tour, which can lead to the estimates being inaccurate.

Estimates’ are based on town assessments. So, for instance, if a building permit was not issued for a home improvement project, Zillow doesn’t always take that information into account when calculating the estimate From kitchen and bathroom upgrades, to a finished basement or a re-modeled garage, home improvements that may positively impact the value of a home, could be omitted from the estimate if the updates and improvements are not on record with the town. Applying for a building permit anytime you are making improvements to your home is crucial and will help streamline the sales process when you sell your home.

In many instances, experienced real estate agents in your area can offer a realistic opinion of the current market value for a home.

MYTH #3: All Real Estate Agents are the Same.

Not all real estate agents are the same. The best real estate agents have in-depth knowledge of the market(s) they serve, as well as experience overcoming hurdles with buyers and sellers. Evaluating an agent’s experience is key when choosing a real estate agent.

Some agents are only practicing real estate on a part-time basis. Choosing a full-time, knowledgable agent who serves the market you are selling or buying in is very important. Experienced agents are well-versed at overcoming issues that may arise. Be sure to choose an agent who is proactive, an expert negotiator and who knows to ask the right questions. Those essential qualities are among the hallmarks of a great agent.

Regardless of whether you are contemplating selling your home in the next few months, or the next year, we are always available to answer any questions you may have.

To learn more about the real estate services we offer, or to schedule a meeting, please contact us at 781-729-2329, sven@andersengrouprealty.com. We are always honored to assist with all of your real estate needs.