Richmond Hill Home Seller Myths

The Hupman Group
The Hupman Group
Published on June 27, 2019

More than half of today’s home sellers are selling a home for the first time, according to Zillow’s Consumer Housing Trends Report for 2018.

You might be one of the home sellers who don’t know the possible troubles that await them because they either don’t understand the process or have bought into myths they read on the internet.

If you hope to sell your home during your preferred timeline and for the most money possible, you need to:

  • Fully understand the selling process, from the paperwork to marketing methods
  • Choose the right real estate agent
  • Divorce yourself from your emotions
  • Don’t buy into the myths you’ll hear from others
  • Understand the Richmond Hill Seller’s Market

You would be surprised how many first-time and even some repeat home sellers harbor certain myths. Let’s dash a few false ideas about selling in Richmond Hill.

Real estate agents are all alike

This is the myth that leads real estate consumers to choose the first agent they speak with, a very common practice according to studies performed by the National Association of Realtors. To learn more about our real estate team click here.

In an age when consumers over-research even which shoes to buy, this is just loco.

All licensed real estate agents attend real estate school which teaches them the legal aspects of selling real property. That’s it.

It doesn’t teach them how to effectively sell a home. It doesn’t teach them marketing techniques.

So, while an agent will walk away from those classes with an understanding of riparian rights, he or she may be clueless as to how to actually sell a home.

The differences among agents is astounding when you look into it. Some feel that a sign and a lockbox will do the trick. Others do a bit more. Then, there are listing agents who’ve studied and used various marketing methods and, through trial and error, have found one that is proven and effective.

The home seller is paying the same fee for the lazy or novice agent as he or she would for the powerhouse agent or a real estate team.

Take your time when interviewing listing agents — we are definitely not all alike.

I don’t need to upgrade appliances, I’ll just discount the price of my home

If you plan on including your appliances in the sale of your home, and they need replacing, do so before the home goes on the market.

A recent survey of housing trends finds that nearly half of homebuyers find energy efficiency a desirable feature. Efficiency-rated windows are popular as well as energy-efficient appliances.

These features are strong selling points. So much so that 75 percent of millennial homebuyers place “updated appliances” at the top of their list of “must-haves,” according to a Bank of America survey.

I don’t need to clean

Ten percent more women than men name a garage among their must-haves in their new home.

Garages are extremely important to millennia homebuyers as well, according to that Bank of America survey, with 65 percent of them valuing a garage over an extra bedroom.

Yet far too many home sellers use the garage for their excess “stuff” when preparing the home for the market.

“Zestimates” from Zillow are Legit??

Zillow.com is already a teenager!  13 years old this year. From the get-go, consumers have misunderstood the site’s limitations when it comes to home valuation. But it is somewhat helpful, and so convenient.

Sadly, lots of homebuyers and sellers rely on the company’s “Zestimates” when deciding what a home is worth when a Richmond Hill real estate professional would be able to give you a much better estimate.  Why, because they are selling lots of homes in the area.  There is a lot of satisfaction in being able to do your own research online, but Zestimates could cost you, big time.  So, save Zestimates for your salads.

Not True

Zillow doesn’t have a “feet on the ground” real estate team that has intimate knowledge on the Richmond Hill market, which is what is required and is exactly what the Hupman Group does to help pinpoint a home’s current market value.  Check out Jeff Hupman’s recent market report.

Nor is Zillow able to verify by using MLS data, valid and relevant comparables of each home, another pre-requisite to accurately asses the value of a home.

Instead, it relies on a fancy algorithm  – automated guessing of the value that uses information from public records and from Zillow users.  It’s an impressive idea, and somewhat helpful, but not solid when so much is on the line.

Far from exact, Zillow’s Zestimates are frequently way off the mark. In fact, in 2016, former Zillow CEO Spencer Rascoff sold his Seattle, Washington home for 40 percent less than its Zestimate.

That particular Zestimate was off by $700,000

The discrepancy illustrates perfectly why a home must be evaluated in person to come up with an appropriate market value.

That Zestimates are accurate is a myth.

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