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 home buyer'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.
Paul Desrochers
Broker

Keller Williams
Integrity Realty
2148 Carling Ave,
Units 5 & 6
Ottawa, ON

Direct:
613.983.4844
Office:
613.829.1818
Fax:
613.721.5335

Email:
paulgdesrochers@gmail.com
Web:
www.pauldesrochers.com