5 Real Estate Myths Debunked!

People often wonder, but in the universe of Real Estate, you should know. Here are 5 Real Estate Myths Debunked!

1. You get a better deal if you don’t use an agent – Many sellers tend to believe that they can conquer selling their home on their own. Though some can, it is unlikely that most will be successful. Doing so requires knowledge of the market, the ability to market to prospective buyers and the skill to price the home correctly. All of these factors work together to effectively sell a home and this is ultimately where an agent comes into play. They can strategically help with the tasks mentioned above while having your best interest at heart.
2. Open houses sell homes – This is not always the case. According to the National Association of Realtors, open houses only sell 2% of homes. This percentage is almost nonexistent. Open houses are more so to promote the home than actually accumulating an audience resulting in a sale. They do provide great exposure, but is it likely to be the selling factor? Usually not.
3. You should renovate before selling – If your home is in shambles or close to it, yes renovate. But if there are aspects here and there that need a personal touch or reno, you may want to hold off on doing all you can. Whoever buys the home is likely going to want to add THEIR touch. They would rather have control of how something would be done if it’s going to be their home. They also won’t want to reno just after it’s been done. This is not to say don’t spiffy up and make the home presentable to prospective buyers, just maybe don’t go all out and tailor it to your taste.
4. Wait to get pre-approved – This may be the #1 mistake for new buyers. You should get pre-approved BEFORE even beginning to look for homes. Don’t wait until you find your dream home and then inquire about it. This will eliminate any chance of disappointment.
5. Price your home to leave room for negotiation – Pricing a home to sell is one of the most important pieces of the selling puzzle. However, if you price a home too high to purposely leave wiggle room, this may deter buyers right off the bat. They will see the price, recognize it’s too high and not even attempt to see the home. You want to price the home fairly and tactfully to attract buyers yet still get a great deal on the transaction.