Debunking Home Selling Myths

If you’ve been talking to your friends or parents about selling your home, I’m sure they have told you many stories that have made you dread starting the process. I’m here to tell you that not everything you hear is true! As a Denver Realtor, I spend so much time with my clients debunking home selling myths before we start the process. Here are some of the most common I hear about!

Myth #1: You should do renovations to make your home value improve before selling 

Most of the time, NO! Aside from taking care of urgently needed repairs, paint and flooring, most additional repairs do not have ROI unless it is a missing piece to an otherwise cohesively updated home or if you have a home in disrepair and the funds available to complete a flip.

For example, if you have replaced flooring and paint throughout your house and updated your bathrooms but haven’t touched the kitchen since 1990, bringing your kitchen up to date with the rest of your home may be wise. Another example would be a home that has been a rental investment for the last ten years, and the seller has the means to bring it up to a modern finish prior to selling.

Myth #2: I should set my list price above what I expect to receive

This is a good strategy in a buyers market, but in a balanced or seller’s market, it’s better to list at or slightly below market value to drive traffic and increase demand for the home. This will allow the seller to have the choice of multiple offers and bargaining power in negotiations.

Myth #3: I need to depersonalize my home before selling:

This may or may not be correct, depending on the situation. For privacy, I often recommend removing photos of your family before listing and any religious artwork from the walls. But instead of thinking about depersonalizing, I recommend working with your realtor to determine your home’s target buyer and making sure the style and decor fit that mark. If not, removing items that don’t agree with your target buyer’s taste is wise.

Myth #4: I need to complete all my repairs prior to listing: 

If an appliance or other item in your house is totally not working or its presence could be a safety issue at showings, we should fix it before we list. But if an item is older or just not quite what it used to be, I suggest we wait until inspection to repair, unless showing feedback says otherwise.

Myth #5: I will just give the buyer a concession so they can replace the carpet themselves

This is a very considerate way of replacing finishes while allowing the next owner to choose what they like. However, first impressions are EVERYTHING when it comes to selling your home. A buyer is more likely to be interested in your home if they see (and smell) the brand new carpet. It’s often hard to visualize what updates will look like, and completing repairs after a home purchase can feel daunting.

Myth #6: I placed air fresheners everywhere because I was worried buyers would smell my dog

This home-selling myth is a big no! Obviously, this has good intentions, but buyers are always skeptical and think of the worst-case scenario in mind. While a little pet odor isn’t anyone’s favorite smell, a buyer who smells a ton of air freshener will worry there is something more ominous intending to be covered.

Myth #7: My new furnace should make my house worth $5000 more. 

Roofs, furnaces, ACs, and water heaters are all the least fun home improvements to make. While buyers will appreciate their remaining life span, it doesn’t usually get much credit in terms of home value, especially from an appraiser.

Myth #8: I’m going to finish my basement before I sell. 

If you plan on living in that basement for a little while before we sell, then sure! If you have the basement 80% finished, then let’s complete it. But if the basement is totally unfinished and you plan to sell within the next few months, don’t do it. Basements have a low return on investment, so if you do decide to finish it, make sure you aren’t over-improving.

If you want to have extra tips (besides your parents) while you are selling your house and finding your dream home in Denver, I’d love to share that journey with you! Make sure you get on my email list for all the hottest listings, tips, and information about how and when to sell your home.