How often have you heard a so-called fact about real estate that was later contradicted by another statement? Real estate myths are just as common as those in other realms, like health, education, and history. So, before a rumor misleads you, let’s debunk some of the top real estate myths of the day.
Myth 1 | Selling your home on your own saves money.
Avoiding the commission costs of hiring an agent only saves you so much. But selling your home alone is not as easy as you may think. There’s more to it than taking some nice photos and posting your house on the internet.
In fact, FSBO (for sale by owner) sellers usually lose money. The risk is much greater when you leave out the professionals and do it yourself. For example, one common mistake is not knowing the actual value of your home and putting it up for sale at too high of a price. It could be months before you get an offer! Similarly, FSBO sellers can also make the mistake of selling their homes for too little. This often happens because homes are expensive, and an inexperienced seller has difficulty asking for the best price from buyers.
Myth 2 | You can sell your home entirely online.
Nowadays, online resources play a significant role in buying and selling a home. However, it can’t all be done online. It’s important to remember that apps and helpful websites are just tools for selling and buying. Relying solely on these resources can lead you in the wrong direction if you’re not careful.
Myth 3 | Setting a higher sale price leaves room for negotiation.
Pricing a home for sale is a complex process that takes much thought, calculation, and consideration of the details. Additionally, you need to have up-to-date knowledge of the current real estate market, which is why it’s critical to hire a real estate agent.
Selling your sale price to a higher amount than what’s realistic causes people to skip over the listing because it is overpriced. Then, there’s undoubtedly no negotiating. Instead, stick to a practical and reasonable price.
Myth 4 | Give a low offer to allow for negotiation.
Like Myth #3, being unreasonable is not the way to go. Offering less than you are willing to pay for a house will likely not get you the deal. There’s a great chance that another interested buyer offers a fairer price, which will cause you to miss out.
Myth 5 | Renovating your home will bring a greater profit when selling.
Many families looking to sell their homes will put in the extra time and money for renovations, from a new primary bathroom and kitchen to sprucing up the exterior. The goal is to upgrade the house to make it sell for more and bring you a profit.
In reality, renovations don’t always come with a great return. In fact, you could pay for an expensive redesign of the family room, and it might not make a difference when selling. It all depends on what home projects you choose to do and how you do it.
Minor redesigns and fixes, like repainting the walls, planting fresh flowers in the yard, or upgrading old and outdated appliances, can add value to your home. If you can, choose the DIY route with these simple projects to save money and see a bigger and better return.
On the other hand, an entire primary bedroom renovation that costs a pretty penny may not make much of a difference in your sales, causing you to lose money instead of gaining a profit.
Myth 6 | All real estate agents are the same.
This statement couldn’t be further from the truth! Real estate agents are highly unique and diverse in approach, experience, background, goals, and personality. All of these qualities are what make you and your realtor an excellent team to sell or buy one of the most expensive things.
It’s essential that your real estate agent has similar goals and values to yours and that you trust their judgment based on their experience, education, and background. And, not to mention, it helps to work with someone you like because you’ll be spending lots of time together!
CITED: Lamacchiarealty.com, Urbanacres.com, Bluewestproperties.com