What are some real estate myths that need debunked? The following are some of the most popular myths and misconceptions about real estate.
When Pricing Your Home for the Market, Leave Room for Negotiations
One of the most important things you can do when listing your home is pricing it correctly. Don’t worry about leaving wriggle room for negotiations. If it’s priced too high, people won’t waste their time looking at it.
Going “for sale by owner” will save you money
For sale by owner homes usually end up losing money by not using a real estate agent. They usually end up sitting on the market for way longer than they would if there was an agent. Buyers also usually expect a discount because they know you are saving money by not using an agent. The biggest problem with for sale by owner homes it that selling a home is not easy, and you need a professional to help you!
You’ll Earn back what you Spend on Renovations
Many people believe that if you fix the important things like roof as well as heating and air conditioning system, you will sell your house more quickly. The truth is though, you most likely won’t recoup what you spent on those renovations so you may want to reconsider. According to Remodeling magazine’s 2015 Cost vs. Value Report, the only renovation that is likely to net you as much as you spent is a new front door.
Real Estate Agents Only Show Their Own Company’s Listing
Many people are wrongly under the impression that once you have a realtor, they will only show you houses that are also listed with their company. This could not be further from the truth. Real estate agents who belong to their local real estate board and MLS have access to any listing that is multiple listed. If you feel like you are only being shown homes within a certain company, say something to your realtor. This is a huge decision and you should be as involved as possible!
The real estate world can be tricky to understand for anyone. By understanding some of the most common myths, and what the truth is, you will be able to navigate this new world much more easily. Good luck!