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Sweet Home Chicago: 6 Selling Myths

By Jennifer Lane

Myth 1: You should always price your home high and anticipate negotiating down.

Truth: Pricing too high can be as detrimental as pricing too low.  If you list too high, you will miss buyers searching in and making offers on homes in the price range you should be.  Frankly, offers may not come in at all because potential viewers have been scared by the price and not bothered to inquire for a showing.  By the time you correct the price you have lost the most valuable time to show your house–the first 30 days it’s on the market.  Finally, when corrected and at fair market value and you’ve missed the most precious listing and showing time.

Myth 2: Minor repairs can wait as there are more important things to be done.

Truth: Repairs make your house marketable and you can maximize your return and minimize any loss on the sale.  Most buyers are buying home that are turn key or ready to move in and live!  Not making simple repairs will cause buyers to ask for repair allowances for more than amount it would cost you to make the repair(s) or hire someone else to make them.  Buyers are comparing your homes to others on the market.  You want to make your home inviting, so that buyers can see themselves living in it.

Myth 3: Curb appeal doesn’t matter once a buyer sees the inside of your home.

Truth: Buyer’s won’t make it to the inside if the outside is unappealing.  Agents and buyers use virtual tours and do drive-bys before thinking of making a viewing appointment.  If you have a unit with a virtual tour, declutter and organize your unit for the on-line pictures.  If you have a yard, keep it manicured.  You have to make a great first impression to compel someone to want to see your house!

Myth 4:  Your home must be everyone’s dream home.

Truth: Do not get carried away and over improve your home.  There is a point to repairing your home will not pay off.  The key is to consider what features competing properties have. Your real estate agent should consult with you on competing properties and what improvements are necessary and beneficial.

Myth 5: You are better off selling your home on your own to save money you would have paid a Realtor.

Truth: Statistics show sellers cannot complete a transaction without the aide of a professional real estate agent as well as lose money.  Sellers often leave up to 16% of profit behind due to ill pricing and incorrect information on past sales per the National Association of Realtor’s® year-end report. (For more For Sale By Owner information, see Sweet Home Chicago article June 28, 2006.)

Myth 6: Waiting to consider an offer from a buyer because it will give you a better negotiating position.

Truth: You should reply immediately.  When a buyer makes an offer they are serious and in the mood to buy.  Moods and situations change as well as what comes on and off the market.  You don’t want to lose the sale because you stalled, gave time for the buyer to rescind his offer or consider another property that’s new on the market.  Remember this is a business transaction and all parties should be treated with professionalism and respect.

As always, if you have further questions about buying, selling, or other real estate questions, please feel free to call me at 773.315.9507 or email me at JenMLane@kw.com.  For a wealth of information, visit my website, www.JenMLane.com.

About Jennifer Lane:
Jennifer brings a business approach to real estate. She studied business in college and worked in major corporations having exposure to every aspect of a company from purchasing and marketing to design, production, selling and everything in between.  She obtained a real estate license for personal use to buy, remodel, and sell. It wasn’t long after using the knowledge for herself and investors that she realized she enjoyed real estate and could make it her career. She always wanted to own and run her own company and real estate became the answer. Yes, she runs her own company as Keller Williams allows her to operate her business and work with her clients as she sees fit, all under a Realtor’s® code of ethics, of course. She can market Jennifer M. Lane or her practice in anyway she wishes, so you are empowered with information she compiled to aide your search. Every piece of material you are given is created from her experience, research, and knowledge.

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