The world is just beginning to reel back from the effects of the economic slowdown encountered in the recent years. And among the industries struggling to find their legs, none has been more successful than real estate.
Whether you are a consumer or a seller, the real estate arena can be a stupefying place to figure out. Here, it can often be tedious to segregate one hundred percent reliable fact from what are merely rumors.
To help you out of such dilemmas here is a list of some of the most common myths in real estate that you may come across:
Myth #1: Setting Your Real Estate Price Higher Than What You Expect Is A Good Idea:
This is actually a grave mistake as most house hunters or potential tenants or buyers won’t even look at properties that are above a certain worthwhile mark in the listings. Also, if lowering the price is the freedom that you argue you have, it should be known to you that houses that sit on the market for more than three weeks are automatically seen with wary In many neighborhoods, it might be so that you set your price below the market level in the hopes of getting multiple offers above the asking price. But it should be done with extreme diligence while conducting the study of your target buyers.
Myth #2: Having A Real Estate Agent Cuts Your Own Profit:
It is totally inappropriate to think that in the first place. After all, the agent can help you get a better price and cuts his commission from the transaction amount and not from your own money. Esteemed real estate agencies like Altus Group always come out with the best possible rates. Moreover, with their connections, your property will reach out to a larger section of the real estate audience and sell faster.
Myth #3: Open Houses Sell Houses:
This probably is the biggest misconception regarding the real estate business. Opening up your home every Sunday to strangers might seem like a good idea to you, but in reality, it brings fewer buyers and more of those who just want to munch on the free snacks. Even if your agent swears by it, remember that this is at best, an uncertainty while your agent grabs the perfect opportunity to attract new clients from amongst this cozy comfortable gathering and that too, at your expense. Think twice before engaging in such events.
Myth #4: A Home Does Not Need to be Prepared for Sale:
Now this is where a lot of attention must be paid. You must think like a buyer and adapt his mindset to find out the factors on which your property sale depends. After all, no one wants to buy a broken down asset. Repair the damages if any, and fix all kinds of wiring and plumbing before you finally put the house on the market. Make sure that the next individual or family moving into your house should be satisfied with all the aspects associated with it.
Myth #55: To Sell Quickly, You Must Have Modern Facilities That Buyers are Seeking:
Now a day, items such as walk-in cupboards and first-floor gyms are trending right now. But most houses in cities don’t have these add-ons because they were built before these domestic features came in fashion. Whether you have these or not, will surely reflect in the asking price that you put up. After all, money is the great equalizer in this industry.
The best way to ensure a healthy real estate transaction is to indulge in your own due diligence. Do not depend on anyone to tell you what to do. Just follow your heart, do your homework and keep in mind all the myths that we debunked today and you will have the deal of a lifetime in a very short while.