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.


Even if you are selling somewhere other than Anoka County or Andover, 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 or they sacrifice condition ONLY if the there is a substantial price reduction to compensate them for the work they will have to do.   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.  Major remodeling or expenses should be discussed with your realtor.  You hired a professional for a reason.  Listen to their advice before taking on a major project.


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 potential 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.  When in doubt, refer to #2.


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 $30,000 to remodel your kitchen but because there are no other comparable properties with similar luxury amenities, you will not capture its full value.   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 will 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.

The fact is that there are many potential home buyers that cannot qualify for financing at this time.  They may be wonderful folks that were caught in the questionable practices that left them with a foreclosure on their credit report.  But you have to be careful.  You might consider offering seller financing but there are risks involved and laws that govern how it is done.  Perhaps,  a safer option may be 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.  Remember, every market is different.  If you want an expert in Anoka County real estate, or Andover homes, call me.  I know the turf!


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 statistically net less from the sale than sellers who use one. It is even more challenging to be successful in this market.  You visit a doctor when you are sick and take your car to a mechanic when it needs repairs. It makes sense to contact a real estate professional that is a local expert 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 uncomfortable. They need to be able to visualize your house as their home, while you are watching.  If you have valuables or prescription medication, your agent will advise you on how to protect them during marketing of your home. 


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.  This is especially true in a buyer's market of today!