Debunking 7 Common Property Selling Misconceptions in Bournemouth & Poole
James Murphy posted on 12th January 2024
In this article, we aim to debunk seven common property selling misconceptions in Bournemouth & Poole. Much like the myth that uncooked rice can make a bird explode, certain beliefs in the property industry have taken root, leading homeowners to make decisions based on falsehoods. It’s time to separate the fact from the fiction and dispel these misconceptions, ensuring that you navigate the Bournemouth property market with clarity and avoid costly mistakes. While some myths may have a kernel of truth, many are outright wrong. Join us as we set the record straight on these misconceptions, empowering you to make informed decisions in your property selling journey.
1. Spring Is The Best Time To Sell
Many believe that spring is the best time to sell a home. The truth is, a well-prepared and properly priced home can sell quickly in any season. While spring might witness higher buyer activity, stock levels are also typically higher meaning more competition from other sellers. The market can be unpredictable and there are many factors which play a role in selecting the best time to sell. Economic conditions, interest rates, local market trends, buyer sentiment and the specific property you’re looking to sell will all play pivotal roles when assessing the best time to market your home. Read: Is Christmas A Good Time To Sell?
2. Overpricing Your Home Guarantees Better Offers
Contrary to popular belief, overpricing a property doesn’t entice better offers. Inflating the price might lead your home to compete with properties in a higher bracket, deterring potential buyers within its actual price range. It may also cause your property to sit on the market for longer. This could give buyers the perception that there is something wrong with it and that it should be avoided. Realistic pricing invariably attracts more offers and results in a quicker sale. Read: 5 Reasons Why Your Home Isn’t Selling
3. Immediate Offers Signal Under-Pricing
If you’re fortunate enough to receive an immediate offer for your property there’s always going to be the temptation to believe that you’ve under-priced it. This is rarely true and it’s usually the case that you’ll get your best offers when your property is freshly listed. Remember, most buyers will have been searching for a couple of months eagerly waiting for their ideal home to come up. Serious buyers will always act swiftly when they find their ideal property to secure it and avoid missing out. If you’ve been through a thorough valuation process before marketing you can relax in the knowledge that your property is listed for the right price.
4. Lowest Commission Estate Agents Are the Best Choice
Alongside most other products and services, the principal ‘you get what you pay for’ certainly also applies in estate agency. Choosing an estate agent based solely on low fees might compromise quality of service, marketing reach and the sale price you achieve. Consider an estate agent’s overall package and service quality over short-term cost-cutting. Remember you will always be best off by going with the estate agent that can secure you the best walk away figure – achieved sale price minus costs. Read: Why Do People Use Estate Agents
5. Online Valuations Are Completely Accurate
Online valuations tools are great if you’re looking for a quick ball park figure of your properties value. However, they should not be relied upon for an accurate assessment as they do not take into account the current condition of your property or any alterations you have carried out to add value. Most valuation tools will look at what you paid for your property, then apply a percentage increase or decrease to this figure depending on how the market has performed. Some may also analyse comparable property data to increase accuracy, but these should still only be used as a guide. Find your online valuation here.
6. Major Renovations Guarantee Profit
Assuming that extensive renovations automatically increase a property’s value is misleading. Not all buyers seek the same features and most areas will have a ceiling value, so consider renovations carefully for optimal returns. Obtaining a valuation of your home prior to carrying out any major improvements is vital. This will help you understand the current and potential value so you can assess whether or not the project you have in mind is financially viable.
7. Neglecting Repairs Won’t Affect Sale Value
Ignoring repairs could decrease your property’s appeal and influence a buyer’s perception of your property. Simple maintenance tasks left unresolved can signal to a buyer that your property is not well cared for and that they should be on the lookout for more serious issues. This will undoubtedly have an impact on the amount a buyer will offer for your home. Remember a well-maintained home tends to attract more buyers and fetch a better price. Read: 10 Tips To Ensure Your Property Is Viewing Ready.
Selling a property in Bournemouth or Poole requires a strategic approach tailored to the local market. By understanding the market dynamics, getting an accurate valuation, preparing your property to market and partnering with the right professionals, you can enhance your chances of a successful sale. If you’re looking to sell your property in Bournemouth, Poole, Christchurch or the surrounding areas call our team on 01202 303044.
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James has lived in the Poole & Bournemouth area for over 25 years and has an extensive knowledge of the conurbation. He started his career in the property industry in 2015 following his graduation from the University of Kent, Canterbury and has worked in a variety of different roles in this time. Formerly a Sales Manager, he brings an in-depth understanding of the industry to his current role as Marketing Manager at Martin & Co.
