Different ordinary people have a varying opinion about the real estate industry. Depending on whom you talk to, you might think that what you hear or read is sufficient to sell or buy a home in the right time and place. But real estate myths can easily be mistaken as fact especially if you’re knowledge of the industry is limited to the experiences of your family or friends buying or selling their property. Here are some myths you need to consider before listing your property or go house hunting.
Myth #1: Set your home price higher than its real value.
Instead of selling your home, this will leave your home unsold for weeks, leaving you to lower its actual selling price. Buyers and real estate agents won’t bother looking at pricey homes and when you lower your asking price it will make them suspicious considering that your property stayed for weeks on the market.
Myth #2: Real Estate agents are unnecessary.
A real estate agent’s commission id built on the house’s price, if it is listed with him/her. So if you skip the assistance of a real estate agent in purchasing your house, the seller’s real estate agent will receive all the commission.
Myth #3: It’s cheaper to sell your home yourself.
This can be possible if you are very skillful. But even then, buyers will expect a lower price knowing you’re doing the selling yourself.
Myth #4: The market will not decline.
Despite times when home values increased rapidly, there was also a time when it did drop and dropped terribly. Real estate prices are not constant and it won’t always take on the upward trend.
Myth #5: Renovate your kitchen and bathroom before you sell.
Keep your kitchen and bathroom the way they are as long as they are functional. You can always adjust your selling price rather than waste money on a renovation that won’t fit the buyer’s preference.
Myth #6: You can recoup what you spend on renovations.
Renovations will not guarantee great returns, especially the major ones. The best you can do is invest on a new front door, otherwise, do renovation projects for your own enjoyment rather than in hopes of earning more when you sell your house.
Myth #7: Properties listed in listing services will always appear online.
Properties will only show online if your agent chooses to, so don’t forget to verify the status of your listing with them.
Myth #8: Open houses will sell properties.
Most agents will suggest open house not to sell properties but to grow their customer base. So, not holding an open house won’t affect your sale chances in a major way.
Myth #9: An agent who shows you homes or lists your home has your interest in mind.
This may or may not be true, given that most agents act as mediators between buyers and sellers. So before transacting with one, research your options first.