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There are some of the top real estate myths when selling a home.  So let's go through these real estate myths:

  1. A home doesn’t need to be prepared for sale - this could be one of the biggest myths and mistakes a seller can make. You will see TV shows, newspaper articles, and internet articles that will tell you over and over that staging, de-cluttering, de-personalizing, painting, fixing and updating will bring you more money and more likely to get you top dollar.  Take the time and invest a little money (if you can) to get your home ready for sale.
  2. You'll earn back what you spend on renovations.  This is absolutely not true.  You have to be frugal when updating and remodeling.  Many times you will not get back all your money when doing major renovations such as basement remodels, kitchen remodels, or bathroom updates.  The key is to make it as nice as possible without spending a lot.  Sometimes just changing the vanity in the bathroom instead of redoing all the tile work is the smartest move.  Try painting the cabinets instead replacing them or just put granite counter tops on decent cabinets.   
  3. Buyers do not care about updated or move in ready homes and I'm not going to waste money doing it.  It's a proven fact in Metro Detroit that home buyers are paying top prices for updated and move in ready homes.  It's a proven fact that dated, non move in ready homes take longer to sell and sell for less.
  4. Buyers are going to redo it any way.  Many buyers cannot afford to do the renovation after they buy the home.  Buyers will rather buy a home with updates because they are wrapping the higher prices in their mortgage.  Today buyers lean towards updated move in ready homes over dated homes.
  5. You can always drop the price if you price it too high.  The first two weeks of listing your home is so important because that is when it gathers the most excitement from buyers.  More buyers will see it and want to view it in the first two weeks.  If you price it too high in the beginning some of these buyers will never come back to see it again when you lower the price.  So price it right in the beginning when the excitement is high, and you have the greatest chance of selling your home.
  6. A quick offer means the property’s priced too low.   A quick offer means that the right buyer came through your home and loves it.  In a sellers market you should be selling your home in the first week.  So if you did not get a quick offer it means that something is wrong with your home is either over priced, or the condition of the home is not what buyers want. You should expect a quick offer if your home is priced right and if you have taken the time to prepare your home for sale.
  7. Buyers will want to pick out their own colors so there is not sense to doing the updates.  This is the biggest myth for getting out of updating or preparing your home for sale.  The majority of home buyers will pass up homes that need updating or repairs.  Many buyers can not afford to do the updates and many do not want to do the work.  It is in your best interest to paint or put in granite in neutral colors.  It will help sell your home. 
  8. The best time to sell a house is during the summer.  Homes sell year round.  From March to September are good times to sell a home in Michigan.  May is one of the top months for selling your home in Metro Detroit.  January and February are the slowest months for sales.  
  9. You should renovate your kitchen and bathroom before you sell.  You will not get all your money back when doing these two major renovations.  The smart seller looks for ways to update the kitchen simply and inexpensively.  Repainting the cabinets, putting in a back splash, or putting granite counter tops in are a few of the ways.  Replacing the vanity in a bathroom may create the wow you need without a total redo.
  10. My home will get top dollar even though it is not updated or move in ready.  As they used to say in commercials "Sorry Charlie".  YOU WON'T  You are not going to get what fixed up, move in ready, updated homes get.
  11. Overpricing a property leaves extra room for negotiation.  If you price it right in the beginning in good market you may spark a bidding war.  Buyers are not stupid and have access to all the sold homes in your neighborhood.  So if you price it too high they may not even bid on it.  If they do bid on it it is going to be a price that is below where they want to end up at.  They are trying to get your home in the same price range as the recent sold prices.
  12. Open houses sell homes. According the National Association of Realtors less than 2% of homes are sold thru open houses.                    
  • Internet: 51%
  • Real estate agent: 34%
  • Yard sign 6%
  • Open house sign: 2%
  • Friend, relative or neighbor: 4%
  • Home builder or their agent: 2%
  • Directly from sellers/Knew the sellers: 1%
  • Print newspaper advertisement: 1%

These are all real estate myths.  So do not believe them.  Be smart and try to avoid making these mistakes