Fact or Fiction?
Throughout April, we’re highlighting a few real estate myths and realities as they pertain to the Fremont County real estate market. In the first article, we looked at the myth that home prices will soon come down and the myth that appraisals always come in above the asking price of a home.
In the second part of the series, we continue our list of myths and move on to myths three and four to discuss two very popular misconceptions about shorts sales and the way you should price your home.
A quick sale means that your house was priced too low…
A quick sale definitely does NOT indicate that your house was priced too low! The goal of selling your home is to do so in a timely manner, and not have an overpriced property that languishes on the market. We’ve never had a client whose goal was to have lots and lots of showings and be in limbo with their home situation for months on end. A property that has been priced right, marketed well, and staged to look its absolute best SHOULD sell quickly!
A short sale is fast…
This could not be further from the truth! The term short sale refers not to the time period it takes to sell, but to a situation in which the property is sold for less than is due on the mortgage and the lender agrees to take the lesser (or short) amount. In actuality, a short sale is typically much slower than a normal sale situation because there are many more hands in the pot making decisions about the property. The mortgage lender has a huge stake in the process, and the bigger the bank the longer it is likely to take. There have been short sales in our area that have taken as long as eight months!
There are SO many details involved in the sale of a home, which is why we’re here! Realtors know all the ins and outs of the selling and purchasing processes and can make your property transactions run as smoothly as possible. If you have questions about real estate or are looking to buy or sell a home, don’t hesitate to contact us for assistance! Stop by our office at 309 North Broadway in Riverton, or give us a call at 856-3999. We are always happy to help!