Real Estate Myths
Whenever you are going to purchase or sell a home you are going to receive a lot of unsolicited advice from your family and friends. While some of the advice may be helpful, some of it is not. When it comes to real estate many people make generalizations about buying and selling based on their personal experiences and may speak in absolutes when in reality the process has a lot of nuances. Some examples of advice that you may hear include:
- Look for a great deal during the holidays: This is somewhat opposite of the listing in the spring option. Many buyers think that they can score a good deal on a home if they buy during the holiday months. The reasoning is that there are not as many people looking to buy a home during this time and many sellers that list during this time may be doing so because of necessity such as job relocation.
- Staging is not necessary because your home is in a good neighborhood and has been updated: Even the best houses in the best neighborhoods should be staged and photographed using a professional photographer, which we have on our team and she takes all the photos for our listings! The listing photographs are often a critical factor in the selling price of the home, how fast it will sell, and if it will sell at all. Hiring a professional stager and having professional photography are typically worth the price as you are much more likely to sell the home for the price that you are asking.
- Price high so there is room to negotiate: Trying to determine a listing price is both a science and an art. It is important to ask your real estate agent for a comparative market analysis before determining a selling price for your home. This will help you determine a reasonable price for the home based on what other homes in the area have sold for. It is extremely important to set the price right the first time so you are not dropping the price at a later date trying to get it to sell. A study conducted by Redfin showed that during the first week that a house is on the market it will receive almost four times as many online visits as it will after being on the market for a month. This means that if you drop the price at a later time it is not going to get the same attention as it would had you priced the home correctly in the first place.
These are the most common real estate misconceptions that often snag both sellers and buyers. We would be more than welcome to help you with any questions that you may have whether you are trying to buy your first home, your second home, build a new home, or if you are selling a home.
Content thanks to Kristine Graf of Realty Times