When it comes to selling your house for top dollar, good advice is as priceless as a vintage bootleg of “Abbey Road.” But bad advice from well-intentioned friends and family can seem a bit more like unearthing an old mixtape from an ex: deeply personal and more than a little warped.
To help you fast-forward past misconceptions, half-truths, and outright falsehoods, we’ve compiled a list of the very worst home-pricing advice you might actually hear someone say. Be sure to nod, then run in the opposite direction. Run fast.
‘Price the house based on what you feel is right’
Why you might hear this: Nobody but you knows that it took you forever to lovingly nurture those dahlias in your front yard into the best on the block. So naturally you, and only you, know what your home is truly worth.
Why it’s bad advice: A home’s list price should be based on hard facts such as comps and square footage. While your home may have a plethora of lovely intangibles, don’t let emotion cloud what is essentially a very large and important business transaction. Ask your Realtor® for guidance and information to help you home in on the right price.
“The broker should supply a fully thought-out pricing opinion,” says Kathy Braddock, managing director of William Raveis in New York City.
‘Price the house based on what you paid, plus a little extra for profit’
Why you might hear this: Everyone wants to sell a home for a profit, right? That’s what home selling is all about.
Why it’s bad advice: Sorry, what you want doesn’t really matter in this scenario—the only thing that does is what a buyer is willing to pay. And that will be based on the comps, or what similar-size homes in your area sold for recently, says Braddock. And that figure is what the asking price should be based on. Got it?
‘Add the cost of renovations you’ve made to your price’
Why you might hear this: It took you the entire summer—and tons of cash—to lovingly rehab that kitchen. But hey, all that money, and maybe more, should be recouped when you sell, right?