Whether you are buying or selling a home or just have a general interest in the real estate market, there are a number of myths perpetuated out there and should be debunked. Here are five of the most common real estate myths.
You should wait until spring to list
Because spring truly is the most popular time to list a home in the country, people mistakenly believe it is also the best time to sell. When you list your home in the spring, you also face more competition, which means that your home could take longer to sell and could sell for less money. More competition for sales means fewer buyers, which means that spring could actually be a tougher time to sell.
You don’t need an inspection
Whether you are buying your first or last home, you should always get an inspection. You may think you know the tell-tale signs of water damage or foundation issues, but unless you are a certified inspector, you really won’t have a clue what’s going on underneath the walls of your potential home. This could cost you big time in the long run, rather than spending just a few hundred dollars for peace of mind now.
You don’t need to stage
Many people believe that the home sells itself and that adding, removing or moving furniture and accessories is pointless (as people don’t buy the furniture), but this is definitely not true. Have you ever seen the photos of a non-staged home vs. a staged home? The staged homes wow people and make them believe the home is worth more. It allows buyers to see a sort of clean slate, where they can move their furniture in and feel “at home”. Staging involves more than just placing accessories in the right spot – it is also about maximizing the space, cleaning it and getting rid of personal objects that could be deterring potential buyers.
Overprice your home so you can negotiate
Overpricing your home is one of the biggest mistakes a home seller can make. While you believe that people will come in with low-ball offers anyway, and that you can then negotiate to get closer to what you want, this tactic only seems to reduce the amount you’ll get on your home. Instead, pricing your home based on fair market value, according to what your real estate professional has researched on comparable sales in the area, is definitely a better strategy.
You only need a sign to sell your house
The old-school, traditional method of selling a home was sticking a sign in the lawn and waiting for buyers to show up. In the digital age, this is the best way to ensure your home doesn’t sell. No longer are buyers finding homes by driving by and instead, the majority of buyers are taking their home searches online, well before they buy a home. Professional photos, videos and online marketing are the best way to get your home noticed and get buyers in your door.