Buying or selling real estate is NOT something most of us do on a daily basis. All the knowledge you think you have acquired in time might be shadowed by exaggerations, myths or false facts. In this business, myths are not hard to come across. Circulating since generations, these urban legends may sometimes be deeply rooted into the minds of realtors, real estate cash-buyers and potential customers, often preventing reality from surfacing. So what’s fiction and what’s fact?
Real Estate Assets Will Only Appreciate
The recent recession stands to remind each one of us that real estate prices can indeed fall. The market did fall several times in history, proving this particular myth false. Think about the early 70’s, 80’s and 90’s! Nothing, on any market, is heading in one single direction.
Renovate Your Home Before Selling
No, not all real estate buyers share your taste in design! What I find to be the best approach when it comes to looks, is presenting a clean, straight-forward look. Don’t redecorate, just cleanup! Allow the potential buyers to project their own vision over the property and you might stand a chance.
When Selling a Property, Price It Higher in Order to Allow Bargaining
Incorrect pricing is often the main factor leading to stalling or huge timeframes if you plan to sell that precious piece of real estate. Setting the correct, fair price is actually one of the most important steps if you want to close that deal.
It is actually very seldom that a real estate property sells due to the open house. Open houses enable real estate agents to prospect for additional customers. Naturally, you will be encouraged by your agent to hold an open house. While this selling technique does not hurt the whole selling process, the final decision belongs to you.
A Home Inspector Always Endorses the Agent
Any serious realtor will always look for full disclosure for the customer, unless he fancies a serious lawsuit. All realtors are obliged by the law to disclose all the material facts and they generally do exactly that. Ask questions, follow the home inspector during his task and you will find out the exact condition of your property. It always helps speed up the sale!
Staging a Home is Overrated
Even the newest residential properties should be staged and photographed by professionals, as the quality of the pictures in your listing is another main factor which greatly influences the speed and the price of the sale. Take advice from real estate photographers in order to make your future listing as attractive as possible for the potential buyers. Homes featuring professional pictures in the listings also sell quickly and for more money!
Real estate myths often circulate among buyers, sellers and their agents. Friendly, unsolicited advice will always be given in time of doubt. Just keep in mind that people tend to speak out of their own, personal experiences and that the advice you receive might not be the answer to your particular situation.