As leading estate agents in Halesowen, Stourbridge, Redditch, and Bromsgrove, we think we’ve heard nearly every myth there is when it comes to selling your home – gossip and misinformation can spread like wildfire, especially in an industry that deals with stressful transactions like selling your home. When homeowners ask friends and family for advice, they may hear things that are not entirely true, even if they’ve been spread by estate agents.
At AP Morgan, we’ve always prided ourselves on being open, honest, and transparent with our customers. The rest of this article features myths that we have debunked first-hand with our clients.
“You should make the buyers wait when you receive an offer.”
We would never advise simply making the buyer wait as a rule. If your buyer has made an offer that you are happy with, and you are aware and happy of their position, then there is no reason not to accept the offer right away.
If you are waiting on multiple offers from a few interested parties, we may advise to hold off until the other applicants have made their offer, also. However, it’s clear to communicate to all buyers where they currently stand – simply waiting without communicating that you are waiting for other offers may result in the buyer thinking you aren’t interested and moving on to another property. Thankfully, if you’re selling through AP Morgan, we will take care of this process of communication for you.
“Always offer under the asking price, and tell an agent your maximum budget”
As with above, we cannot stress the value of open and honest communication between buyers, sellers, and agents. Needlessly offering below the asking price often does not benefit the buyer at all, in fact it can often weaken their position if the seller has other offers on the table that are for a higher price.
Likewise, if you’re looking for property and are discussing your requirements with an agent, then it’s important for the agent to know exactly what your position is in order to find your ideal property. We need to know exactly what position you’re in and exactly what you can afford, otherwise you are limiting yourself and may not find the kind of properties you are in fact looking for.
“You should upgrade the kitchen/bathroom before selling”
Whilst it’s true that upgrading or renovating a kitchen or bathroom may boost the property’s value, the honest truth of it is simply that it doesn’t have the best return on investment when compared to some other, smaller improvements. In fact, when compared to other home improvements such as adding a conservatory, landscaping your garden, improving the exterior of your property, or getting new carpets fitted, getting your kitchen or bathroom renovated nets you the least return on your investment, at less than 50% on average!
The best thing you can do if you want to boost the value of your property is ask the agent when they come out to give you your initial valuation. Our agents have valued hundreds, if not thousands of properties over the years and we’ve seen it all – we’ll be more than happy to sit down, share what we’ve seen benefit other, similar properties, and discuss what changes you can make to your property in order to achieve the best possible price.
“Noisy locations are a turn off” or “Never buy a property in a noisy location”
We completely understand the reluctance to buy a property in a noisy location or feeling like your property may not sell because of noise. However, this isn’t as big of a concern as people often feel it is.
Firstly, most properties we come across now have double or even triple glazed windows, coupled with other insulation throughout the property near enough isolates most noise, such as traffic.
What we think is most important to consider, however, is the reason for the noise – as this can often be a selling point for the right kind of buyer. For instance, if a property is close to a train station, this will be a massive selling point for anyone who needs to use the train to travel, as it means it’s very close by. Likewise, with being close to a main road or motorway – buyers with requirements of being well linked to transport networks would see being close to these roads as a massive benefit.
“Every property has a set value”
An estate agent’s valuation is not the same kind of valuation you may receive from a surveyor. A valuation from an estate agent is simply how much we think the property could sell for in the current market – but it also needs to take the seller’s needs into account. We always say there is a buyer for every property, at any price.
For example, if a sellers’ priority is simply selling for the highest amount possible, but they have no need to sell quickly, then the property can stay on the market for longer, at a higher price, until it attracts the right kind of buyer who is willing to pay that amount for that property.
On the flipside, if a buyer’s main priority is simply selling as fast as possible, we may advise to list the property for a slightly lower value than usual, in order to attract as many buyers as possible – besides, once the buyers are through the door, we can always negotiate to get the price back up.
Do any of these myths sound like things you’ve heard before? Remember, we’ve only just scratched the surface here and there are many more out there! If you want to talk about selling your home, book AP Morgan out for a FREE, no obligation valuation of your property.