Sort fact from fiction with home selling

Your friends and family aren’t trying to steer you wrong when they give you selling advice, but they may be perpetuating myths about successful techniques to sell houses. Here are common seller misconceptions.

• Set your price too high to leave room for negotiation:

Homeowners fall into this trap all the time. They aim high so they can “come down” on the price when a buyer wants to haggle. And there’s always a chance someone will pay their inflated asking price, right? A pricing strategy like this backfires more often than not.

A rule of thumb: Sellers typically get the most activity/ showings on their property the first 30 days it is on the market. For starters, many potential buyers won’t even view your property if you value it above their price range. And if your home doesn’t compare favorably to others offered for the same price, you are just helping sell other people’s homes.

Even worse, when an overpriced home sits on the market, buyers wonder what’s wrong with it. Many times, sellers wind up lowering their price below the level that would have attracted a sale had it been priced properly from the start.

• You’ll make more money selling it yourself: Maybe you will. Maybe you won’t. Realtors don’t work for free. It’s true. Keep in mind, however, that selling a home can be an emotional experience. Realtors objectively guide clients through the intricacies of property transactions every day. They know your housing market and are required to be up-to-date on the latest forms and legal issues.