Real Estate Myths Revealed
There are countless myths regarding real estate, whether you are a buyer or seller. Today I will address a few of those myths and let you know my opinion.
When pricing your home always list it high so you have room to negotiate. (False)
Why is this false? You will always run the risk of pricing yourself out of the market. Which means you may be so far above your competition that buyers will skip your home all together and only concentrate on the realistically priced homes in your area. This will cost you valuable marketing time and you could miss out on qualified buyers seeing your home. A wiser choice is to sit down with a qualified agent and agree on a realistic, yet competitive price for your area. If a buyer makes an offer lower than what you are comfortable with just send them a counter offer. Your agent can use sales data and other facts to support your counter offer.
You can save a lot of money by selling your home yourself and not paying a Realtor. (False, usually)
A lot of people think that the best way to save money when they need to sell their home is to do it themselves. In most cases this just isn't the case. Recent statistics state that as much as ?% of owners who went this route ended up listing with a Realtor after their efforts did not succeed. Selling a home is so much more than placing a sign in the front yard and posting it on the internet. Frankly, that's just the very beginning. What about researching sales data and pricing the property correctly? Showings, open houses, advertising expenses? Then what do you do when you get an offer? All you have to do is scan through the nine page sales contract to get an idea of all that is involved in the escrow process. There are deadlines, earnest money deposits, disclosures, inspections, appraisals, insurance history reports, repairs, and on and on. And then what happens if you run into a problem? Who is going to advise you on how to protect yourself? And who has the time do deal with it all? Who? Your Realtor, that's who. Someone who is educated, experienced and has a fiduciary obligation to deal fairly with all parties involved. And of course they represent you and your interests in the transaction. The fact is, I could go on for pages about this but hopefully you get the idea.
You don't need an agent to represent you when you buy a new construction home. (False)
It may not occur to you, but it is definitely in your best interest to have a Realtor on your side when buying a new construction home. Why? Who do you think the agent sitting in the sales office is representing in the transaction? The builder, of course. So just like you should have your own representation when dealing with a seller of a re-sale home, you should have someone on your side when buying from a seller of a brand new home. Did you know you can have your own home inspection of the home? Did you know you can negotiate price, amenities, financial terms, etc...? And just like in a re-sale situation your agent's commission comes from the seller.
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