10 Biggest Selling
Myths Uncovered
Selling a house can be a
bit like having a baby
-- everyone gives you
advice that may or may
not be true for you.
Here are ten myths
uncovered:
1. Myth: You should
always price your home
high and gradually lower
it if it doesn’t sell.
Truth: Pricing too
high can be as bad as
pricing too low.
You may think by listing
high you can always
accept a lower offer,
but if you do, you'll
miss the buyers looking
in the price range where
your home should be.
Offers may not even come
in, because interested
buyers are scared off by
the price and won't
bother to look. By the
time the listing price
is corrected, you will
have lost a large group
of potential buyers.
Your real estate agent
will offer you a
comparable market
analysis. This is a
document that compares
your home to other
similar homes in your
area, with the goal of
helping you to
accurately assess your
home's true market
value.
2. Myth: Minor
repairs can wait until
later. There are more
important things to be
done.
Truth: Minor repairs
make your house more
marketable, allowing you
to maximize your return
(or minimize loss) on
the sale.
By and large, buyers are
looking for an inviting
home in move-in
condition. Buyers who
are willing to tackle
the repairs after moving
in automatically
subtract the cost of
needed fix-ups from the
price they offer. You
save nothing by putting
off these items, and you
may likely slow the sale
of your home.
3. Myth: Once
potential buyers see the
inside of your home,
curb appeal won't
matter.
Truth: Buyers
probably won't make it
to the inside of the
home if the outside of
your home does not
appeal to them.
Many buyers drive by a
home before deciding
whether or not to look
inside. Your home's
exterior will have less
than a minute to make a
good first impression.
Spruce up the lawn, trim
shrubs and trees, and
weed the garden. Clear
the walkways and
driveways of leaves and
other debris. Repair
gutters and eaves, touch
up the exterior paint
and repair or resurface
cracked driveways and
sidewalks. Place potted
flowers out front, hang
a wreath on the door and
put out a pleasing
welcome mat for added
curb appeal.
4. Myth: Once
potential buyers fall in
love with the exterior
look of your home, you
put interior
improvements on the back
burner.
Truth: Buyers have no
qualms about walking
right out the front door
within 60 seconds if the
house doesn't look like
it could be theirs.
Remember that most
buyers are looking for
an inviting home in
move-in condition.
Spending a few thousand
dollars for the right
work on your home before
you sell it, usually
translates into a higher
selling price and
shorter marketing time.
Your real estate agent
will consult with you
about the repairs and
replacements that will
benefit you most.
5. Myth: Your home
must be every
homebuyer's dream home.
Truth: If you get
carried away with
repairs and replacements
to your home, you may
end up over-improving
the house.
At some point,
improvements that you
make to your home can
exceed what is customary
for comparable homes in
your area. For instance,
there may not be another
swimming pool in your
entire subdivision.
After spending $20,000
to install an in-ground
swimming pool that you
hope will lure buyers,
you may find that it
only raises the market
value of your home by
$10,000 because there
are no other comparable
properties to support
the market value of the
pool. As a rule of
thumb, if your
improvements push your
home's value higher than
20% above average
neighboring home values,
don't expect to recoup
the entire amount of
improvements. Your real
estate agent can advise
you as to the scope of
projects you might
consider in preparing
your house for sale.
6. Myth: Buyers are
never swayed by sellers
that offer creative
financing options.
Truth: By offering
flexibility in financing
options, you may lure
more prospective buyers.
You might consider
offering seller
financing, paying some
of the buyer's closing
costs, including a
one-year home warranty,
or other buyer
incentives. Your real
estate agent, who has
professional knowledge
of local market
activity, can help you
decide what incentives,
if any, to offer.
7. Myth: You are
better off selling your
home on your own, thus
saving the commission
you would have paid to a
real estate agent.
Truth: Statistically,
many sellers who attempt
to sell their homes on
their own cannot
complete the sale
without the service of a
professional real estate
agent.
Sellers who sell their
home without a real
estate agent often net
less from the sale than
sellers who use one. You
visit a doctor when
you’re sick and take
your car to a mechanic
when it needs repairs.
It makes sense to
contact a real estate
professional when you
are preparing to sell
your biggest asset!
8. Myth: Good sellers
should be available to
guide prospective buyers
through the home, giving
the whole process a more
personal touch.
Truth: Prospective
buyers will feel more
like the house could be
theirs if the current
owners are not there.
The presence of
homeowners during a
viewing can make buyers
feel like they are
intruding. They need to
be able to visualize
your house as their
home, which can be
difficult to do when
they are acutely aware
that it is still your
home. Your real estate
agent will be happy to
look out for your home
during open houses or
showings.
9. Myth: Successful
sellers insist that the
terms of the sale happen
their way or no way.
Truth: If you
approach the sale of
your home as the buyer’s
adversary, you risk
losing a perfectly solid
buyer for no good
reason.
Both you and the buyer
have the same goal: for
you to sell your home
and for the buyer to buy
it. Work with your real
estate agent to approach
negotiations positively
and with a win-win frame
of mind.
10. Myth: When you
receive an offer, you
should make the buyer
wait. This gives you a
better negotiating
position.
Truth: You should
reply immediately to an
offer!
When a buyer makes an
offer, that buyer is, at
that moment in time,
ready to buy your home.
Moods can change, and
you don't want to lose
the sale because you
stalled in replying.
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