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5 Common Myths about Selling a Home

By Sadiya Anjum

When we undertake something as huge as putting up our home for sale, you can be sure to have advice pouring in from friends, family, colleagues and neighbors. While it is all in goodwill, sometimes advice and our own opinions will lead to misconceptions. The real estate market is changing constantly and what held true yesterday may not hold true today. We hang on to old views which are no more than myths in today’s market. Here are a few that you should break if you want to sell your home successfully.

Myth: Set the highest price possible to leave room for negotiation.

Setting a price that is too high will almost immediately eliminate a portion of your potential buyers. People who may actually want to buy your home may pass over it simply because it is way out of their price range. If you do want to leave room for negotiation, set a price that is realistic.

Myth: A warranty is not really necessary.

Do not undermine the importance of a buyer’s choice when it comes to a home in good condition. If you can back up the home’s condition with a warranty you can expect a better response. A warranty may help you find a buyer faster as many prefer a home where they can just move in. It will also help move the process of selling quickly as the buyer is assured and it will leave less room for troublesome negotiations.

Myth: It is alright to sell a home with defects as long as you disclose them and accept a lower price.

Today’s buyers, especially from the upper strata are looking for homes that are in good condition. If a buyer realizes that there are repairs to be made he may be hesitant depending on the extent of damage. It may even delay the whole process. In addition, the sale price may be subjected to severe negotiation if there are major repairs. It is important to at least fix major defects such as a leaky roof.

Myth: You should fix your home such that it becomes your buyer’s dream home.

There is nothing wrong with creating a dream home for a buyer, in fact it may help you get a better price. But you have to understand the extent to which you can do this. If you go over the top, odds of recovering the cost of improvements are narrow. It is almost impossible to get more than 20% of the value of the homes in your neighborhood or the comparables used. So do not go overboard with fixing your home up. No repairs or too many fix-ups is not the right answer.

Myth: A successful negotiation is when you get all your terms.

Negotiation is about reaching a compromise. Understand that it is not going to be an easy task to get all your terms including the price. A successful negotiation is when both the buyer and seller compromise to a certain extent. Compromise does not necessarily have to be a ‘bad thing’, you just have to know which battles you want to pick. The chances of a successful sale will depend on the satisfaction of both the buyer and seller with the terms agreed upon during negotiation.

These are perhaps the most common myths that people have regarding selling a home. Keep them in mind when you are selling to avoid losing out on money or a good buyer.

Article Source: - Find Homes for Rent and Sale Online

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