Ready to Sell? Don’t Fall for These Myths

If you're getting ready to sell your home, you might be hearing some common myths from family and friends (or even strangers). I'm here to bust some of these common myths with accurate information about what you can expect when you sell your home.

Myth #1: Overpricing a Home Gets a Higher Sale Price

It's tempting to price your home as high as possible in an attempt to have some wiggle room for negotiation or to get a higher price.

The problem is that this can cause your home to languish on the market. People may just overlook an overpriced home rather than try to negotiate it down to a reasonable level. And the longer your home sits on the market, the less and less appealing it's going to look to buyers.

Overpricing your home can actually lead to a lower final sale price than you would have gotten if you had priced it correctly from the get-go.

Myth #2: A Quick Offer Means Your Price Was Too Low

Sometimes people may feel that a quick offer means that they priced their home too low.

A correctly priced home that's been marketed well will draw a lot of attention right away, since homes get the most attention in their first days of being on the market. If your market has especially limited inventory, you may get offers within hours of your home being on the market.

Myth #3: You Can Rely on Online Home Value Estimates

We're so reliant on the internet to give us information that we sometimes forget that some information isn't very accurate. This is very true of online home value estimates.

Sites like Zillow and Trulia will give you an estimate of your home's value, but these estimates rely on an algorithm. That algorithm is more accurate in some parts of the country than it is in others. Its accuracy depends on the publicly available data about your home and recent home sales in your area.

They do not take into consideration any updates made to the home or the quality of the materials in the home.

These estimates can be off by a substantial amount, so it's smart to realize that any online valuations are just ballpark estimates. For fun, plunk an address into Zillow, Trulia, Redfin, and Realtor.com and see how much the estimates vary. There's no substitute for an expert agent's analysis (and most agents will provide a comparative market analysis for free).

Myth #4: Home Improvements Pay for Themselves

On the surface, it makes sense that any home improvements you do before putting your home on the market will pay for themselves. A drastically improved kitchen or bathroom may seem to be well worth the money you spend.

The problem is that most home improvements don't net 100% of what you spend on them. This yearly report shows you exactly what you can expect to get back for a particular improvement in your area.

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However, that doesn't mean that minor improvements aren't a great idea! Simple changes can really improve the way your home looks. Think painting over the lime green wall in the den, cleaning dirty carpet, or swapping out a dated light fixture for something more modern.

Make sure to talk to a Realtor® about the changes they think are worth making. They can help you understand what home buyers in your market are looking for.

Myth #5: You Can Skip Minor Repairs Before Listing

On the flip side, some sellers think that minor issues with the home are so unnoticeable that people won't care. After all, haven't you been ignoring some of those issues for years?

If people come through your home and see a loose doorknob, a cracked window, or lightbulbs that don't work, they're likely to get the impression that you haven't been taking care of your home.

It's smart to walk through and make note of all those little things that have been bugging you. Then take a day and fix them!

Myth #6: Spring and Summer is the Only Time to Sell

There's a pervasive myth that spring and summer are universally the best times to sell your home. But this isn't necessarily true; the optimal time to sell a home depends a lot on the market you're in.

Know your local market and don't wait for the supposed "best" time to list. With a good Realtor®, you should be fine selling no matter when you need to do it. This is especially true if you're in a hot market with high prices or limited inventory.