Seller myth No. 1:  Now’s the absolute worst time to
sell. Corcoran says: “Not necessarily. It depends upon
where you live. Many of the worst hit markets, like Las
Vegas, Phoenix or San Diego, are already beginning to turn
around. And if you’re a homeowner who wants to trade up,
the loss you’ll take on your current home will be more than offset by the bargain you’ll get on the next one.”

  Seller myth No. 2:  Never respond to a low-ball bid. Corcoran says: “All buyers today
feel obligated to put in low-ball offers to see if the seller bites. If you respond with a reasonable counter offer, most buyers can be convinced to come up in price and make the deal.” Once again, Corcoran offers solid advice. It is not where you start, but where you finish. Always respond.

  Seller myth No. 3:  The first offer is never the best offer. Corcoran says: “Most sellers believe that it’s smart to hold out for something better. But four times out of five, the first offer is the best you’ll ever see.” True! The first offer is usually the best. We have lots of data on this point….ask to see our stack of proof someday.

  Seller myth No. 4:  ‘I can always reduce my price later.’ Corcoran says: “Sellers often price their home high for a few weeks just to test the market. But buyers shop by price bracket and if your house is in the wrong one, you’ll just help sell everyone else’s home while yours sits there overpriced. And reducing your price later in small increments puts you in the position of chasing the tide as it goes out.” Agreed! First impressions matter. Sellers need to enter the market with a splash to capture the best buyers out of the gate; whereas multiple price cuts are akin to chasing a slinky down a staircase.

  Seller myth No. 5:  Before you refinance, shop around. Corcoran says: “You can if you want, but you’ll usually get the best deal from your current lender. And you’ll be able to negotiate your closing costs.” We are not so sure about this one, as the re-fi options for
homes in soft markets are a more challenging proposition. Some lenders have taken steps to limit downside risk in declining markets.