Don’t Be Fooled When Buying Or Selling Your Home
Since it is April Fool’s day, it’s time to expose some of the common misconceptions about the real estate world. Don’t be an April Fool and concern yourself with any real estate myths when trying to buy or sell a home this Spring. The most common real estate myths are debunked below:
- You should set your home price higher than you expect it to sell for.
If you hear this myth, run in the opposite direction. This is just plain bad advice. Home prices should always be set to reflect a home’s value. Real Estate Agents are easily able to conduct a comparative market analysis of similar recently sold or currently listed homes. Home prices should be carefully set to accurately reflect what each home is worth. Remember, you never get a second chance to make a first impression on a buyer.
- Take down those decorations before you show.
Spring may not be the most heavily decorated season but sellers are often told that they need to depersonalize their home and holiday decorations have got to go. This is just untrue. Tasteful holiday decorations, keyword: tasteful, can enhance a home’s appeal and can be used to a seller’s advantage if listed on the market during a holiday season. However, once a holiday is over, promptly take the decorations down to keep a listed-home looking pristine.
- Bright & paint colors must go before listing.
It may be true, buyers prefer a clean slate when they enter a home. They can envision themselves and their personal style in the home. Some may see bold paint color choices as instant work upon move-in. However, a tastefully-painted accent wall can be seen as an asset for a prospective buyer. So, if you’ve carefully considered your bold paint choices, it is possible that you may strike buyer interest. However, you should know that you could be taking a gamble, regardless.
- No curb appeal, no deal.
This is a common real estate myth that is actually spot-on. If your home is on the market, but you fail to keep up with the exterior, buyers may see no need to step inside. Curb appeal is a very big deal when it comes to showcasing a home. So manicure the lawn, make those windows sparkle and tidy up the driveway!
- You’ll reap the benefits of renovating your home before you sell.
Though you had your heart set on granite countertops and industrial appliances, do not assume buyers will pick up the bill for your high end choices. Some renovations make sound financial sense, but valued home renovations run on a case-by-case basis when it comes to being cost-effective or even lucrative in a home.
- Pool homes are impossible to sell.
Many people may be dreaming of spending their days poolside with warmer weather approaching. However, some buyers may envision the certain maintenance that comes along with a newly-acquired pool. However, in some climates, homes with pools are an incredible asset. Even in areas where the sun doesn’t shine year round, some buyers still crave their own at-home water retreat.
- Never buy the biggest home in the neighborhood.
When buying the biggest or most expensive home in an area know that your home’s value will be affected by the value of nearby homes in the community. If those nearby homes are worth much less, your property value may decrease. That being said, it may be safer to buy a more modest home instead of the most expensive home on the block. But if you’re financially capable and your heart and mind are telling you yes, the biggest home on the block might be the way to go.
- Buyers can get a better deal without an agent.
Buyers may believe not having an agent can get them a better deal; the seller won’t have to pay their agent’s commissions. However, this could be a better deal for the seller’s agent. Real estate commissions are a percentage of the selling price. If a buyer enters a real estate transaction with no representation, a seller’s agent may receive all of that percentage.
- Selling a home without a realtor will save money.
This goes hand-in-hand with a buyer who thinks they can get a better deal without an agent. “For Sale by Owner” or FSBO listings statistically bring in less profit than agent-broker sales. Real estate agents undeniably have more industry and marketing expertise, more networks and more experience in getting a home sold for the most profit. A seller could “save” on real estate agent commissions, however they may lose much more on their overall selling price.
- All agents bring the same stuff to the table.
Without a doubt it makes sense to get an agent. That being said, no agent is the same. When you’re ready to move forward with a real estate transaction, you should do so with a dependable and qualified agent that you have confidence in and are compatible with. Home buying or selling can be a long and grueling process, you definitely want to work with someone you like!
Need any more real estate myths debunked? Ready to buy or sell a home? Contact me, Shannon Seif, your Corona/Norco Realtor, In Real Estate, It’s Better To Be Seif Than Sorry.
Posted on April 1, 2016 at 10:30 am by Shannon Seif