7 common misunderstandings about real estate are debunked
It occurs in any work sector — there are always a few assumptions, misconceptions, and half-truths floating about that everyone believes to be true but in reality, they aren’t accurate. Separate reality from fiction and determine whether or not what you’ve read on the internet is indeed true…
Throwing spaghetti against a wall to determine whether it is cooked is something you may have heard about. How about placing a spoon in a sparkling wine bottle to keep it from turning flat? Or that throwing uncooked rice about may cause a bird to explode? (It’s crazy, but I actually believed that last one!) There are several beliefs that we believe and obey on a daily basis that are just not true.
There are also many of them going around about the real estate sector — assumptions made that some people read online or hear from others and assume to be true. We’re here to dispel such myths and misunderstandings so that you may avoid making any expensive blunders in the future…
Myth number one: All real estate brokers are the same.
This is a typical one. Not only are individual estate agents distinct from one another, but organisations are also distinct from one another and will approach your transaction in a very different manner. This is a major task after all, and you need to be completely confident in the person you pick, so take your time and shop around for the best agent for you.
Myth number two: You must price your home so that there is room for negotiation.
Potential buyers can now investigate the local region on the Internet, which allows them to discover what comparable houses have been sold for in the past, allowing them to make an informed decision. If you overprice your home, not only will you turn away potential buyers, but you also face the danger of receiving no bids and having to keep your home longer on the market. When a home has been on the market for a long time, people begin to question if there are issues with it and decide to reject the property. Instead, concentrate on determining the value of your property. These days, many houses sell for the asking price or even more than the asking price!
Myth number three: Your home does not have to be “sale ready.”
While some vacant homes do sell, properties that already appear like a home tend to sell better than those that do not. People want to be able to see themselves and their families living in the property. Also, it is crucial to clean your house and fix any little faults or DIY errors that you may have made otherwise if you don’t, a prospective buyer will start to worry about the things that they can’t see. When buying a house, most people choose one that is ready to move into right away, even if they have ideas of undertaking some improvements.
Myth number four: The ideal time to sell is in the spring.
Homes do sell in the spring, but they also sell in the summer, autumn, the winter. The reality could be that individuals are too tired to be bothered in the winter and would favour waiting a few weeks till the days are lighter and the weather is nicer – but in general, there is no optimal time of year to sell your house.
Myth 5: You should choose the agent that promises to sell your home for the greatest possible price
A real estate agent should be chosen based on their previous experience and understanding of the local market. Pricing your house too expensive may seem enticing, but it will just result in it being on the market for an excessive amount of time, raising scepticism among prospective buyers. Instead, find an agent who you can put your trust and confidence in, who has excellent marketing, and who is familiar with your region.
Myth 6: If your offers are modest, it indicates that your agent is not putting in sufficient effort
If your transaction isn’t moving along as quickly or smoothly as you’d like, it’s quite easy to point fingers at your real estate agent. If your bids do not match the asking price, there might be a variety of reasons for this, ranging from overpricing to poor marketing to unfavourable market conditions. Inquire with your agent about the reasons why your house may be failing to sell, and request that they provide frequent updates on the efforts they are doing to market your property.
Myth 7: Real estate agents will say anything to gain a sale.
A large portion of the estate agent business is generated from referrals, and if an agent consistently misleads, they will lose their clients. This is because talk of a shady agent will quickly travel across the community. Check online reviews and talk to individuals in your neighbourhood to select the best agent for you and your house.
The property market may be intimidating and perplexing whether you are buying or selling a home, but hopefully the uncertainty between reality and fiction has been resolved. If you have any questions, please do not hesitate to contact us!
