9 Common Home Selling Myths you Should Ignore

Among a hundred concerns and uncertainties you may have when planning on selling your house, some myths have always existed and seem so difficult to debunk.

If you are going through the pre-home selling phase, it may be confusing to know who to trust and what to believe. That’s why we have decided to share with you some of the most common myths that don’t have a proven, reliable background.

1. It’s fine to list your house as-is without making any upgrades.

If you’ve been living in your home for a while, odds are you’re overlooking flaws that prospective buyers will pinpoint right away. Keep in mind that discolored paint can be the difference between a family deciding to bid on your home vs. a similar one in the neighborhood.

2. You should overprice your house at first to see how the market reacts and to leave room for negotiation.

This is one of the biggest mistakes homeowners make when putting their houses on the market. History and logic have shown that if your house is overpriced, the market will react by bypassing it in favor of a similar, more reasonably priced one—before you even get to negotiate.

3. If you get an offer too quickly, your asking price is too low.

If you’ve done your due diligence evaluating the competition, it probably means your home is fairly priced and so attractive to buyers that they’re ready to snap it up.

4. An “open house” is a crucial step in the home-selling process.

A survey by the National Association of Realtors® found that only about 7% of buyers found the home they purchased via an open house.

5. You should wait until spring or summer to sell your house.

Any season is the best season to sell your house, as long as you adapt your marketing tactics to the season in question.

6. Home staging is only done on HGTV shows and isn’t very important in real life.

In a survey by the National Association of Realtors®, almost half of new home buyers admitted that the way the home was staged influenced their decision to bid.

7. If I take a loss when selling my home, I can just write it off when I do my taxes.

If you lose money on the sale of your house and you’re looking for a silver lining, don’t look to your accountant. That loss is considered a nondeductible personal expense, according to the IRS, and is not eligible for the capital gains loss of up to $3,000 annually.

8. I don’t need to worry about looking for a new place to live until my current home is in the contract.

This one is tricky because it all depends on timing and what your non-negotiables are.

9. Selling your home FSBO (For Sale By owner) will save you money

Many sellers attempt to go through it alone instead of hiring an agent to save on commission costs, only to find out it’s not as easy as sticking a For Sale sign in their front yard and snapping a few photos of the home. When you hire an agent, they’ll not only know how to price your home correctly but also how to help you negotiate the most favorable offers. They also serve as a guide through the financial and legal jargon that comes with selling a home.

These are only some of the myths about home selling you have to ignore in order to negotiate and get a great deal. Is there any other myth you have heard about selling a house that you may want to share with us?