Selling a beach home is a big business decision and should be treated as such. There are plenty of ideas you may think are true about selling that could cost you money. Glenn Phillips, CEO of Beach Homes Realty, reviews six myths that will cost you when selling a beach home.
- Myth #1: The Local MLS and Zillow are sufficient and effective. This idea is a myth. The reality is that the buyer for your property comes from some distance away. While the local MLS shows your property on thousands of websites, it isn’t narrowed down to beach property. Buyers on Zillow look for every type of property, so your beach house gets lost.
- Myth #2: An Open House is Critically Important. Many agents like open houses because they may get additional listings from on-looking neighbors. However, buyers from several states away will want to look at the house on their schedule. These buyers won’t plan their schedule around your open house. Instead, having a period where buyers can come view the house opens it to more viewers.
- Myth #3: Zillow’s Zestimate reflects current value. Particularly at the beach, this statement isn’t necessarily true. Zillow’s data varies from place to place, and their algorithm doesn’t always know how to handle certain areas. Similarly, other automated valuation models (AVMs) aren’t accurate for niche properties.
- Myth #4: Beach home buyers want the same type of homes popular a decade ago. Buyers see dated homes or homes with dated features as needing upgrades. They may also want a discount to account for updating costs. Additionally, while the house itself may still be stylish, the technology and appliances inside may not. Having old or outdated technology can bring your home’s value down.
- Myth #5: Fewer beach houses for sale = sellers can ask a premium price. While this seems like supply-and-demand logic, it may not exactly be true. Today’s buyers are more informed than ever, so they won’t pay outrageous Covid prices. Buyers, particularly beach home buyers, will wait to buy because they don’t have to.
- Myth #6: Little risk in “testing the market” with a high price. Sometimes buyers list their homes just to see what happens. This almost always leads to sellers getting less money in the final transaction. If you’re testing the market and haven’t seen action in 10 days, you need to have a backup plan. Comparably priced houses often have the best price at the sale table. Buyers see comparable pricing as evidence that you are serious about selling your home.
When it comes to selling real estate, several myths about the process exist. However, these tips can better prepare you to sell your home. Visit beach-homes.com to connect with expert beach agents willing and able to help you through the entire process.