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.
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. You may think by listing high you can always accept a lower offer, but offers may not come in even if you get lookers. If you do get a low offer, you’ll miss the buyers looking in the price range where your home should be. Most interested buyers are scared off by a high 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.
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.
Over all, buyers are looking for a 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.
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