In most cases, you may do this one every 10 years, or even just once in an entire lifetime. Despite how little we frequent the real estate market, when it comes to real estate, we claim to know it all: how it works, what to do and how to do it.
So for all the stories we have heard and all the things we have been told, there are a number of myths that circular about how real estate actual works and so here are 5 real estate myths and reasons why you should not believe them.
As technology continues to improve and change the way homes are bought and sold, this information becomes more readily available so let’s stop believing everything we read on the internet about real estate because it might be hurting your chances of buying or selling at the right price.
Myths
Myth #1: List your home for more than you expect to get
This is not true at all. Listing your home for too high of a price may actually end up getting you a lower price than what you initially sought out. Why? Because most shoppers don’t even look at homes that are priced above their average market value. Sure, you could always lower the price if no one bites but if the home has already been on the market for two to three weeks, things might start to look fishy.
If you live in a growing market, like San Francisco, try pricing your home for less than you’d expect to get. This way, the buyers will drive the price up themselves. Just don’t try this if your home is located in a declining market, the outcome might not be as positive.
Myth #2: You will get a better deal without a real estate agent
This is completely false and contrary to popular belief, a sure way to get yourself in an uncomfortable situation. A real estate agent knows the market, they know how to sell and how to close. They have done this a time or two and know well how to avoid common mistakes that you are likely completely unaware of. Be smart and sell or buy the right way, with a knowledge and professional real estate agent. After all, you are only ever going to do this once maybe twice, might as well do it right.
Myth #3: The market will always go up
In recent years, homeowners and sellers have experienced a period of increasing home values, but this is not always the case. Thinking back to 2007, this type of decline can always make its return. Real estate prices can indeed fall, the hope is that they come back and rise higher than before.
Myth #4: Renovate before you sell
It is very common to be told to renovate your kitchen or bathroom before you sell, “it will increase the value” but this is not always true. A major renovation right before it is time to sell could backfire and end up costing you a whole lot more than you bargained for. It might also turn out that your prospective buyer has completely different taste than you and will want to redo the renovation right away. In most cases, you are better off just adjusting your price accordingly and saving yourself the time, month and headache.
Myth #5: All MLS properties show up online
Homes rarely sell to buyers who attend open houses. With the popularity of the internet these days, most of the vetting is done online, not in person, but everything on the market isn’t always available online. First off, your agent must allow you to see the properties he/she chooses through the MLS portal but even then, they might not have access to all the properties. There are properties sold off-market as well. So check all your sources to make sure you are checking out all the options in your price range.
All in all, the home buying or selling process is not an easy one to navigate. Do your research, plan ahead and find a real estate agent you can trust to help you navigate the waters of real estate, hopefully we have help debunk some of the myths that have been circling to help you in your home buying or selling process.
If you have questions about College Station Homes or would like to learn more about the area, don’t hesitate to reach out. We are here for you.