In today’s uncertain market, fear runs rampant for sellers. Many myths need debunking. Here are five untruths held by sellers.

Myth #1: Now’s the absolute worst time to sell. 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. 

Myth #2: Never respond to a low bid.
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.

Myth #3: The first offer is never the best offer. 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.

Myth #4: ‘I can always reduce my price later.’ 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. Reducing your price later in small increments puts you in the position of chasing the tide as it goes out.

Myth #5: Before you refinance, shop around. 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.