1. Myth: You should always price your home high and gradually correct the sales price downward.

Truth: Pricing too high can be as bad as pricing too low.

Your strategy in listing high may be that you will always have the chance to accept a lower offer. But the truth is that if the listing price is too high, especially in the current market, you'll miss out on the buyers who are looking in the price range where your home should be. Offers may not even come in, because the buyers who would be most interested in your home are scared off by the price and won't even take the time to look. By the time the listing price is corrected, many of those buyers might have bought something else! A detailed “Comparative Market Analysis”, or CMA, should be done 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 notice even minor items needing repair, typically will assume that there are other, possibly major features that will need maintenance or repairs. They also usually “guesstimate” the costs as much higher than they actually would be, and mentally deduct those costs from any offer they would make! Take the time, or spend the money to make your home appear to be well-maintained and ready for a new buyer to move in and enjoy!

3. Myth: Once potential buyers see the inside of your home, curb appeal won't matter.

Truth: Buyers probably won't even come inside if the exterior of your home does not appeal to them!

Many buyers today will 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 view of the house by keeping the lawn mowed, shrubs and trees trimmed, and gardens weeded and edged. 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. You can also add additional appeal by placing potted flowers out front, hanging a cheerful flag near the entry or on the garage, or placing a wreath or “Welcome” sign on the outside of the door, and putting out a new welcome mat.

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. You might consider spending a few dollars on: painting, if the existing paint is in bad shape or an unusual color; carpeting, if it shows excessive wear or an outdated color or style; refacing kitchen cabinets; scrubbing bathrooms until they are sparkling clean; or several other key repairs or replacements. Although you may be uncomfortable with spending a few thousand dollars on your home right before you sell it, it's not uncommon for the right work to more than pay for itself in a higher selling price and shorter marketing time. I can help you decide which repairs or replacements will give you the best return in your sales price.

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 rise far above and beyond what is customary for comparable homes in your area. For instance, there may not be another swimming pool in your entire neighborhood. After spending $30,000 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. If you have already invested in expensive improvements, remember that they were for your enjoyment, and that they did not necessarily increase the value to a buyer.

6. Myth: Buyers are unswayed by sellers that offer creative financing options.

Truth: By offering flexibility in financing options, you may lure even more prospective buyers. You might consider offering seller financing, paying some of the buyer's closing costs, offering a “lease-option” for a vacant property, or other buyer incentives. I would be happy to explain some of these possibilities in detail for you.

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 consummate the sale without the service of a professional real estate agent. And those sellers who are successful in selling without a real estate agent often net less in the end!

In times of “hot seller’s markets,” it’s very tempting to consider doing it yourself, as it looks very easy! A professional full-time real estate agent does a lot more than simply marketing your property, and finding a buyer is only one part of the home selling process. There are many points between showing a home and delivering the sellers’ final check that can cause a transaction to fail. A large part of your agent’s job is monitor the progress and anticipate potential problems before they become critical! Some of these include satisfying all the legal requirements for proper disclosures and notifications, making sure that hazard insurance is available to the buyer, helping you negotiate any repairs and finding the right person to do it, justifying the appraisal, solving any title problems, submitting any necessary amendments to escrow, monitoring the loan approval, tracking the progress of any dependent sales of the buyer, or the buyer’s buyer, coordinating the changeover of utilities and final walk-through.

You probably visit a doctor when you are sick. When you require legal advice, chances are that you seek the services of an attorney. When you are making decisions regarding what is probably your largest financial asset, using the services of an expert real estate advisor just makes sense!

8. Myth: Good sellers are available to guide prospective buyers through the home, giving the whole process a more personal touch.

Truth: The last thing that prospective buyers want, is a seller hovering while they look at the house! Buyers need to be free to look in cupboards & closets, talk to their agent about the features that they like or dislike, or what they would change to make it suit them. They do not want to be concerned about hurting the feelings of the current owner! The best thing for a seller to do while buyers are in the house, is get out of the house. Take the dog for a walk, go next door, run an errand, but get out of their way so they can consider the possibilities for making it their home. If they have questions, they can ask their agent, who can ask your agent if they don’t know. Any “hidden” features that you would want to point out should be included in the property flyer and noted by signs that say “look here.” The seller is completely unnecessary during a showing!

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 an adversary of the buyer, you risk losing a perfectly solid buyer for no good reason. Always remember that both you and the buyer have the same basic end goal: for you to sell your home and for the buyer to buy your home. Your real estate agent will join you in approaching negotiations in a positive frame of mind, which often results in a “win-win” proposition for both you and the buyer. And if both parties are satisfied with the outcome of negotiations, very few things will come between you and the closing table.

10. Myth: When you receive an offer, you should make the buyer wait. This gives you a better negotiating position.

Truth: You should reply as soon as possible to an offer! By waiting, you run the risk that another house may come on the market and the buyers could lose interest in yours. 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 have stalled in replying.