There are plenty of things to consider when selling your Los Angeles home, and there are plenty of careless mistakes to be made if you don’t come armed with the right knowledge and the best advice.
With that in mind, there are plenty of myths out there that sellers fall prey to, time and time again. They include:
Myth #1 - I will make more money if I remodel my home.
This is a tricky one, as there are home improvements which will raise the value of your Los Angeles property. There are also many home improvements that will allow you to see a return on your investment. With that said, you also must know that there are many improvements that will simply do nothing in terms of resale value.
For example, you will likely see a return on your investment in a kitchen remodel, provided you don’t go overboard with custom features and high-end, commercial appliances. Other areas that will see very little return on your investment include home offices, master bedroom add-ons and custom bathroom designs.
Good bets in terms of resale value typically include: carpeting and flooring; roofs and windows; heating and cooling systems; kitchen cabinets and countertops; and basic bathroom remodels.
Your real estate agent should be able to guide you regarding which projects will produce a nice return on your investment.
Myth #2 - I can list my home according to what my neighbor’s house recently sold for.
Although your neighbors’ home prices are often a good indicator of what your house is worth, it is important to remember that, unless the houses are nearly identical, there are a wide variety of factors that come into play when figuring out a home’s value, including upgrades, add-ons, improvements and the overall condition of the property.
Your home’s features, amenities, square footage, bedrooms, bathrooms and upgrades will all play a part in determining the sales prices for your home, which is why the services of a qualified real estate agent are vital when pricing your home for sale.
Myth #3 - I can price my home high, and then lower it later, if necessary.
One of the biggest mistakes many sellers make is to inflate the price of their home and then lower it if it hasn’t sold in a predetermined period of time. The best time to pique buyers’ interest is when the house first hits the market; and there is no better way to make a big impact than with a competitive price, especially in today’s tough real estate market.
A home that has been sitting on the market for an extended period of time will become “old news,” so to speak. A reduced price on a home will also cause many buyers to wonder is something wrong with the house.
The best course of action to take when selling your home is to remain honest, open and straightforward. It is also important to educate yourself about the process, and to have a qualified, dependable real estate agent in your corner.
