Buying or selling homes is easier said than done because there are a lot of complexities involved. Even though having a real estate agent to assist you with the sale or purchase of property, you should still know some facts about the market. This makes it easier to understand your prospects and make a good deal. At the same time, there are some common real estate myths that buyers and sellers should not believe. Let us list them for you.
Myth #1: Overpricing guarantees a good selling price
Setting a high price for your home might seem like an attractive proposition as most sellers think that they would get a good selling price by doing so. Conversely, it can reduce the chances of sale as buyers in the market consider it as overpriced. A delay in the sale may translate into a loss in the long run as your property may lose its value if listed for a long, long time.
Myth #2: Sellers should accept low offers if they want to sell fast
If you are in a cash crunch or need to move to a new city, selling fast will probably be your priority. But does this mean that you should accept the first offer, even if it is low? This is another misconception that needs to be debunked. Knowing the market well and engaging a good agency to sell your home is a good way to get an optimal price for your property even if you need to sell fast.
Myth #3: You can save by selling or buying on your own
It is often believed that hiring a real estate agent to buy or sell your property is a frivolous expense and you can save considerably by doing it on your own. However, the truth is that an agent can help you get a high-value deal and close it faster than you expect. These professionals also have good knowledge of the market and can assess properties for you.
Myth #4: Agents say anything to close a deal
Another myth that makes a bad impression for real estate agents is that they would say just anything to get a deal closed. This may be a possibility if you get hitched with an unscrupulous professional but reputed ones make sure that they secure the best deals for their clients. It is a matter of word-of-mouth for them and they seldom adopt unfair practices just for earning their commission.
Myth #5: Upgrading your home is the only way to get a good price
You may be told to upgrade your home for fetching a higher selling price for your home. But before you spend money on renovating, calculate the costs and benefits to understand whether it would really increase your profit in the long run. Here again, an expert agent can guide you whether you should opt for renovation or try selling straight away.
Now that all the major myths related to the real estate market have been debunked, you will be able to understand it better and make smarter buying and selling decisions.