If you're a terrible enough human being to ruin Santa for a little kid (like "he who shall remain unnamed"), then chances are - you deservedly got a lump of coal in your stocking this year! There are lots of misconceptions or "myths" we tend to hang onto throughout our lives. Some of us still believe there is good in all people. I will work hard at maintaining that one for as long as I live. Others still hang on to the notion that if you swim within 30 minutes of eating, you'll sink to the bottom of the lake! Honestly, I've never tested that one. I'm not sure it's worth the risk!

In real estate, there are also myths that folks tend to hang onto regardless of facts to the contrary or the sage advice of a real estate professional. Today I'd like to explore (expose!?) a couple of those so that you might be better prepared to play in the real estate game in the new year. Some of these are more obvious than others and others are going to fly in the face of what some of you have believed for years. I don't require that you believe everything you read here, just that you give it a little consideration as you head down the road of buying or selling a home.

Sorry to start out with a bit of a bummer but this one has bitten me more than once. The myth is that a home that has been on the market for a long time means the sellers are going to be more motivated to negotiate on the price. Although this does seem logical, it is not always the case. I have dealt with sellers in the past that only wanted to list the house in the summer. Other sellers have simply had unrealistic expectations on the price they wanted and therefore sat on their listing for months on end. The lesson here is to not assume that you will get a great deal because the listing has been sitting for over a year. The lesson (for most of these busted myths) is to do your own research (homework) and go into the process well prepared.

The next myth will bring a smile to most sellers' faces. That is the fact that an "open house" is not necessarily a required part of the marketing strategy. In reality open houses tend to allow the agent to meet new buyers and neighbors and increase their sphere of contacts. There's nothing wrong with that, and a better connected agent is better for you in the long run. Just don't expect to find a buyer after cleaning every inch of the house and allowing a couple dozen people to tromp all over your floors. A survey by the National Association of REALTORS ® indicated that a mere 7% of folks actually find the home they eventually bought through an open house. Save the headache and the cleaning and focus on Internet marketing and other methods of getting the word out.

This next one is older than time itself, but still gets ignored all the time. The idea of over-pricing the home so that you have room for negotiating is simply a terrible idea. While it would be wonderful if someone swung through town and scooped up your over-priced home in a flash, the reality is more somber. "We are dealing with a much more educated buyer in today's market," noted Badger Peabody & Smith Realty (formerly Badger Realty) agent, Nubian Duncan. "Most savvy buyers are doing their own market research or are working with an educated agent. They have a good understanding of what a home is worth before they ever come into the office," he continued.

Over-pricing your home not only turns off the smart buyers but it can eliminate you from even being found in their search. If your home is above the range of an entire segment of buyers, they won't even have the chance to see it. While in reality, if the home was priced appropriately, it would have enticed them to make the call. Remember that a true real estate professional will provide you with the price to SELL your home, not just LIST it. I encourage you to choose your path wisely.

And while we're talking about appropriately pricing your home, our last myth for today is related to those online, generic home valuations. I can hear every agent in the country groaning and rolling their eyes. Putting any sort of value on an online valuation tool is akin to telling Kelly's Blue Book that your car is in "excellent" condition when the bed of the truck fell off and there's only 3 wheels. The online tool might give you a 30,000 foot view of the value of the home, but do yourself a favor and get input from a local real estate professional. They will know the market as well as the surrounding area and will be able to provide you a far more accurate number.

One of the biggest benefits of delving into real estate in today's market is there is no shortage of professionals to help you out. I encourage you to take full advantage of their smarts and get involved as soon as you are ready. You will be better prepared. You will have an appropriately priced house for sale. And you will not over-pay for a house that was over-priced to begin with! Happy Hunting in the New Year!