The decision-making process when it comes to buying or selling homes is complicated. For every helpful piece of information you hear about real estate, there’s five that aren’t particularly helpful. Now that we’ve reached a point where anyone with an internet connection can find troves of real estate-themed advice, it’s important to draw a line between fact and fiction in the space. Here are a few examples of myths that real estate enthusiasts should look out for:
Working Without an Agent can Save you Money
If selling a home, the only way you can save money by not using an agent is if you’re able to retain the commission you would have paid to an agent for the sale. The issue with this tactic is that it’s extremely high risk- age
nts have a great deal of experience with selling homes, and they’re going to be able to sell your home in the right amount of time and at the right price better than a non-professional essentially every time. Biting the bullet and hiring an agent will benefit your stress levels (not to mention, in the long run, your wallet).
nts have a great deal of experience with selling homes, and they’re going to be able to sell your home in the right amount of time and at the right price better than a non-professional essentially every time. Biting the bullet and hiring an agent will benefit your stress levels (not to mention, in the long run, your wallet).
Every Home Has a Specific ValueWhile a market rate for a home can be estimated, there’s no one true way of setting the price for a home. As an example, it’s extremely rare that the second sale price for a home that’s re-entered the market is going to be listed at the level it was before the hiatus. Working with your agent in setting down all of the major features of your home will help to establish an accurate price, but there’s no one true measure of market value- only estimations.
Top Producing Agents Are the Best Agents
While it’s safe to say that agents with high home sales have a component of their work that sets them apart from those with lower home sales, one should avoid issuing blanket statements on an agent’s success as automatically qualifying them to be your best fit. When looking at different agents, don’t just look at their total sales- consider their work ethic, presentation, thoughtfulness, and other factors that you think of as important.
Always Set a Price Cushion
It can be extremely difficult to create a cushion in your negotiating stance when buying or selling a home, and it’s not always advisable- in some cases, this can cause the deal to fall through. When negotiating, rather than implementing a price cushion, consider three key items: market statistics in the sub-market of the home, what you believe the range of value of the home to be, and both parties’ circumstances.
Open Houses are a Waste of Time
This is something I’ve heard on a number of occasions, and I honestly don’t know why. Having an open house is a great way to gain exposure for a home, providing prospects with a casual, non-obligatory chance to preview the home. Good agents can be very creative and skilled in ensuring the open house is promoted and take steps to ensure prospects attend, so make sure your agent is well-versed in setting up open houses.
Source: Dear Monty