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Home Seller Tip: Watch Out for "Fake News"

By
Real Estate Agent with Coldwell Banker Realty NJ# 9483506

Oftentimes, we hear fantastical stories about recently sold homes. Maybe your neighbor fielded several offers after only one day on the market. Or you heard about a friend of a friend who sold their rundown property for tens of thousands over their asking price without putting any effort into fixing it up. Unfortunately, these tend to be the exception rather than the rule. Yes, the Westfield area real estate market still favors the seller, according to Realtor.com. However, a home seller needs to keep an eye out for "fake news" when they put their property on the market. Otherwise, they might end up very disappointed.

There are a few misleading

Misleading "Facts" for the Home Seller in Today's Market

You Don't Need to Fix It Up

Click here for an instant "No Strings Attached" valuation of your home.You may have heard that buyers will purchase a Westfield area home no matter what shape it is in. Unfortunately, that is untrue. Today's buyer wants a move-in ready house over a "fixer-upper". However, you do not need to break your budget trying to create a masterpiece. I cannot express how important a good cleaning is for the home seller. Even simple things like nice curb appeal, a fresh coat of paint, and minor repairs increase your premises' attraction to buyers.

Buyers Will Pay Whatever You Ask

Just because you ask for it does not mean you will get it. You still need to price your home appropriately for the current market. That is where a good Westfield area REALTOR® comes in handy. They can run comps on recently sold homes in your area. This gives you an idea of what people are paying for properties like yours right now. If you price it too high, you end up sitting on the market for a while. You may even need to make a few downward adjustments to the price in order to entice a buyer, possibly selling it for less in the long run. A properly priced home at or even slightly below market value not only generates interest but might even bring in a higher price than you originally wanted.

Always Pick the Highest Priced Offer

Finally, if a home seller finds themselves receiving multiple offers, congratulations! Many sellers would love to be in that position. However, the highest offer is not necessarily the best offer. Other things that should factor strongly into your final decision should include the amount of the earnest money deposit, the strength of the buyer's financing, and how many contingencies they place on the deal.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Originally posted on my Westfield area luxury homes real estate blog here: https://www.luxuryhomesnj.com/home-selling-tips/home-seller-tip-todays-market/.

Comments (3)

Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Great advice Scott, thanks for sharing!

Home sellers need to keep an eye out for "fake news" when they put their property on the market. Otherwise, they might end up very disappointed.

May 13, 2022 04:15 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Scott. As they say in used cars "there is an A$$ for every seat"! That said it may be the needle in the haystack and some never get attention. Enjoy your day.

May 13, 2022 04:31 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Scott - due diligence is not only a part of real estate but important in all aspects of daily life.  

May 13, 2022 06:12 AM