15 Real Estate Myths

This is a great piece written by Lisa Ross that I had to re-post!

December 3, 2014 at 6:34 am Lisa Ross 0 Top Real Estate        
                 
In today’s business world, myths are widespread. At a first glance, everything might seem authentic, but think twice! A part of what we perceive as genuine, might turn at some point to be just the result of fiction combined with imagination and a small slice of reality, in a single word – myths. How this affects you as a seller? Well, it costs a pretty penny, indeed.
Being too naïve is without a doubt a risk for your strategy! There should always be a clear distinction between believing and putting everything into action. The key, however in the end is to know, to be aware that you might get it all wrong. Myths can deceive you and make you pick up the wrong card for your property, while misinformation can cost you real time and money. So, separate fact from fiction and you can develop your ability to get rid of preconceived notions before they’ll start affecting you. Here’s what you shouldn’t believe.

Myth 1: You don’t need to make any sort of repairs before selling your home

This is one of those myths that are wrong from the early start! Repairs made to your home means in most cases the possibility for you to sell your house at a higher price. Minor repairs are always appreciated!
One of the things you can do is to prospect the market and see some other similar listings. Do they have freshly-made repairs? Then, for sure you have to make them too, to have better chances to sell your home. This will help your home stand out from today’s crowded market.

Myth 2: The outside of my house doesn’t matter

Curb appeal makes the difference! For your buyer to be attracted to get inside your house, the outside should look mesmerizing and eye-catching too. You need to do whatever possible to make a good first impression, and the exterior of your house plays a vital role. Some specialists might even say that the exterior compensates for its shortcomings because it is the first thing a buyer will see. You need to create an inviting appearance from the start.

Myth 3: Striking colors will attract everybody

Well, striking colors are not for everyone, for sure. Think about the more traditional category of people. If you choose to paint your walls in bizarre colors you need to be aware that you eliminate a great number of possible buyers. Hint: If you plan to sell your house in the near future, avoid unusual colors and get rid of your personal touch, as much as possible.
Make improvements that appeal to a broad range of tastes and stick to details that have mass appeal.

Myth 4:  Higher prices allow you to lower it afterwards

Well, at first, prices too high will scare off your viewers, and you’ll probably won’t have the chance to make them look at your house at all. They won’t bother anymore!
Most of today’s real estate websites have search options, therefore some might just look at the houses within their price range. Your approach should be intuitive and as close to market prices as possible, unless you want to lose potential buyers.
And always have in mind – you will sell your home at the price the market will bear!

Myth 5: You can sell your home faster, without a real estate agent

Be objective, if you don’t have experience in real estate, how can you realistically sell it faster? It’s a non-sense! Of course, you might have the beginner’s luck, but why risk it? A real estate professional does it on a daily basis and therefore knows all the tips and tricks of this industry. Marketing a property requires a number of skills that you can only develop in time, as a result, why not ask the help of a person that already has a proven record of success?

Myth 6: You should make your buyer wait after he/she makes you an offer. It will make him/her accept your counter offer much easier.

NO! Don’t do this, don’t waste valuable time. You should respond to every offer immediately. Why? Because there are so many other similar listings out there, and competition is high.
Why play with your chances? When a buyer proposes a deal, be sure he/she is ready to negotiate and buy your property afterwards. So take advantage of the offer!

Myth 7: To sell my house, I only need to put a ‘For sale’ sign in my yard and wait.

Those times are over. You need to carefully market your house, in order to sell it faster. If you only put a sign in front of your house, you’ll probably wait a long time before the right buyer will pass over by chance. Buyers don’t just walk down the street and purchase whatever property that comes across, you know?!

Myth 8: You can close the deal at your initial price!

Well, there are few chances that your initial price will be the final one too. Why? Because every buyer will try to negotiate it. It’s absolutely normal! Don’t be rigid and seize every opportunity.

Myth 9: In real estate and war, everything is allowed.

Many buyers might think they can do whatever to get the deal closed. And by saying this they mean everything – being aggressive, manipulative and pushy too! Hmm, well no, by doing this you’ll probably scare off your possible buyers and lose them forever. Real Estate is one of those industries where if you are too avid you’ll push your luck away. Be flexible and know HOW to sell your property.

Myth 10: Every real estate agent will do the same job, there’s no difference between them.

It matters which agent you chose to sell your house with. You need to be on the same page with your real estate agent. He/she needs to fully understand your needs and wishes. So, not every agent is good for you. Choose your agent wisely, he/she is your lucky clover. Appreciate real estate agents for their work and efforts, they all struggle to get you the result you want!

Myth 11: Anyone can do real estate, it’s easy!

No! This is not true! If it were that easy to be a real estate agent, everyone would become one and get rich too. Being a successful real estate agent requires passion, knowledge and a lot of hard work. This is why you must have a professional to help you, without one you’ll just lose time and money too!

Myth 12: You must wait for the perfect season to sell your home.

Well, this is not quite true. If you decide to sell your home, you must put it online as fast as you can. There is no such thing as the best season for real estate. Buyers search for homes all year round. The need for a new home doesn’t wait till summer or spring. Home sellers are not driven by seasons anymore, so put your house on the market now!

Myth 13: Don’t accept the first offer you get.

Another misconception among buyers is not to accept their first offer, because they think they can get a higher price for their house. But, why reject an offer if it works for you. You may never get an offer that good. So, if it’s suitable for you, don’t lose more time for nothing, you might only push your luck away.

Myth 14: I only need a week to sell my home.

Ha-ha, who can ever believe this? Selling a home takes time and patience. You cannot hope to sell your home after the first minutes you listed it. Statistics show that a usual property stays a couple of months on the market before having a new owner. Indeed, this myth may happen, but it’s just an exception to the rule.

Myth 15: Every property doubles in value every ten years

Not every property and the word ‘to double’ is exaggerated! Some might even decrease in value. The reality is unpredictable, no one can know for sure what the real estate market will be in ten years’ time, let’s say!

All in all, the endless list of real estate myths is amazing! It’s fair enough that so many of us get to believe them, due to the fact that they are incredibly common and widespread. However, the trick is to find the perfect balance between reality and fiction. It’s critically important to make the distinction properly, in order to get the best results.
Even though some of these myths might have gotten your attention easily, get over and start perceiving reality as it is, if you don’t want to live a fairytale that’ll convert itself into a nightmare after all!