Real Estate Myths and Misconceptions
A quick web search can easily show you that there are a great deal of myths and misconceptions surrounding the real estate profession. Just because someone told you something once doesn’t make it true! With so much information out there, we want to take a moment to break down common myths we hear, so you can be a better informed buyer or seller!
Myth 1: Price Your Home to Leave Room for Negotiations
This myth can be particularly harmful to sellers who want to make the most return on their investment. Properly pricing your home the first time is crucial and an experienced real estate professional can help you establish that price the right way, the first time. Pricing a home too high can not only frustrate potential buyers, but also keep your home on the market longer. Buyers are more savvy and educated now than ever, thanks to the amount of information available to them on the internet. Creating a strong price for your home from the start is paramount to a successful future sale.
Myth 2: Find Your Perfect Home Then Get Pre-Approved
Do not do this! There’s nothing worse than finding your dream property, only to be told no by a lender. Before you even begin searching for a home, speak with a lender about how much home you can realistically afford. He or she can pre-approve you for a mortgage and let you know exactly what your price range will be. This crucial step will help save you and your agent time and a headache.
Myth 3: Selling “For Sale By Owner” Saves Money
When you’re ready to list your home for sale, it may surprise you that the seller is responsible for paying both the listing agent and selling agent a commission. Some homeowners try the “For Sale By Owner” option to avoid paying a listing agent a commission. This is something we recommend our clients avoid. Selling a home is not as easy as putting a “For Sale” sign in the front yard. There are important factors a real estate professional can bring to the table, like listing your home on the MLS, pricing your home correctly, and properly handling all transaction paperwork. Missing any of these crucial steps are true “deal-breakers”, which can end up costing sellers more money in the long run.
Myth 4: All Real Estate Agents are the Same
This certainly isn’t true! Not all real estate professionals are the same. When looking for a real estate professional to represent you, be sure to look for someone who is established, with plenty of experience in your market. You want someone who is going to listen and prioritize your interests, so you can find your dream home faster or sell your home effectively.
I want to help you find your next home! If you’re thinking of buying or selling your home, reach out to me through my website or give me a call at (302) 545-8569, and follow my blog for more real estate-related tips.