The property industry is awash with myths, and like many a good myth, some are so frequently repeated they are believed!

However, while some may have an element of truth in them and should be taken in context of the individual sale, others are simply wrong.

So, how do you know what to and what not to believe?

Here are our thoughts on some common property myths:

1. You should never accept the first offer

Many believe the first offer is always the lowest, and therefore they should wait for a better one to come along. Not true! If a buyer is serious, and your property ticks all their boxes, they will make a good offer.

2. A renovation will always make you money

A good, cost-effective renovation can potentially make you money, but it has to be a quality one. If the renovation is badly done, it can actually decrease the value. When considering a renovation, look at what it will cost you, and ask yourself whether you’ll get the money back? Remember, your renovation may not appeal to everyone, so they won’t be willing to pay for it.

3. Better to overprice a property

Anyone who puts an offer in will usually try to negotiate down. The myth of overpricing the property is, the buyer negotiates the price down, and think they’re getting a bargain, but the reality is they’ve actually negotiated down to the owner’s preferred price.

The problem here is, if the property price is too high, you’ll not be in front of the audience who can afford your property, and people who can, will see other properties where they can get more for their buck. This may result in your property being on the market for longer, and you having to reduce the price to a more realistic price anyway.

The other downside is, if people see the property on the market for a length of time, and then it’s reduced, they may think there is something wrong with the property. Buyers may also think they will sit it out in the hope you’ll have to reduce the price further!

4. The seller sets the price

We’d all love our 2-bedroom unit in Cardiff to get the same price as a 2-bedroom apartment in  Newcastle, but that just isn’t going to happen. Location, amenities and other factors, such as what the market is doing at that moment in time will determine the price.

5. It is not necessary to prepare the home for sale

While renovating your home is not always profitable, it does not excuse you from tidying up, decluttering and cleaning! Beautifying and repairing a few things here and there can make a big difference.

6. Property Season is the ideal time for selling a home.

Traditionally, spring is always assumed to be the best time to sell a home, but people move for all sorts of reasons, and at any time of the year – not just in spring. A property will sell at any time of the year, and may well achieve a better price if you’re selling ‘off season’ because there are fewer properties for buyers to choose from.

7. Selling my property myself will save me money

Yes, we agree, you won’t have agency fees to pay when you go it alone, but will you get the best price? And if you’re not getting the best price, you might actually end up losing money if you don’t use an agent. (And the same can be said for using the cheapest agent – sometimes you get what you pay for!)

There’s a little bit more to selling a property than listing it on the property selling websites and waiting for the offers to come in. Our aim is to get your property in front of as many genuinely interested people as possible. In doing so, there is more competition for your property, your property becomes very desirable and the chances are, we’ll get you a better price.

We share some of our secrets into why we are constantly getting great prices in this blog, but if you are thinking of selling your house, want to know how we bring value for money to your selling experience, come in and have a chat!

Being one of Newcastle’s longest established real estate offices, our innovative team can give you great advice on how to get the best from your property. Plus, we have a database of potential buyers looking for many different types of properties, so we can get your property directly in front of people genuinely interested in your type of property.

We’d love to see you in our Cardiff office or you can give us a call on 02 4954 8833. Or send us an email to: mail@apnewcastle.com.au.

If you’re looking for more handy tips on selling your property, or what to look for when buying or selling a property check out our Facebook page.