Myths About Real Estate
Myths About Real Estate
Real estate is a complex thing and there are ins and outs to it that cause speculation and a wide variety of opinions. Some of these opinions are just that, opinions, and they can both lead you to success or failure in your specific situation. However, there are some opinions about real estate that are simply false a good majority of the time, specifically when it comes to selling a home. For those of you who are looking to sell your home, here are a few of those myths.
1. The Myth of Waiting Until Spring to Sell a Home
In the past, waiting until spring may have made sense, but it is not true now. In the past, thanks to schools schedules and lease agreements, most people moved during the spring; though this may be still true for some people, the fact of the matter is, spring is not the only time you can sell a home.
In our day, the market still picks up more during the spring, compared to other months, but there is nothing stopping you from selling your home during any season. In the American society; priorities, expectations, and the nature of jobs have shifted and, in turn, the real estate market has shifted as well. Now this shift in ideals is not a bad thing, especially when it comes to real estate because it has allowed people to sell homes at any time, instead of waiting until spring time.
2. The Myth of For Sale by Owner
A large percentage of the time, this myth is false. Though there are some people who have successfully sold their own homes, it may not be a lucrative as you might think. At the start, doing it all yourself may sound like a perfect plan, but that idea will fade pretty quickly as your head into all the nitty-gritty details of selling a home.
When you work with a real estate agent you have a better chance of selling your home in a timely manner. This is because they have resources and training that aid them in the selling process. With the help of a licensed real estate agent, you can sell your home in a fraction of the time that it would take you to do it alone. This boils down to advertising, marketing resources, and networking. Real estate agents, especially those on the Hughes Group of Silvercreek Realty Group, have a plethora of marketing materials, plenty of websites for exposure, and networks that can accomplish a lot in a little amount of time.
'Time is money' it is a phrase we have heard all our lives, and it is never truer than during a real estate transaction. When you are selling a home, every minute is costing your money. This can be due to several things. First off, it could because you are renting ad space in the paper, or on a website. Secondly, it could be that you are devoting to the sale of your home time that you could spend doing other things. However, if you work with an agent, these problems will virtually disappear, because they will be handling it all.
Not to mention the road bumps you will run into when you are in the negotiations. Negotiations are tedious and learning about them is a laborious process, so it is best to just let the real estate agent, who is trained already to read, draw up, and dicker contracts, handle it.
3. The Myth of Overpricing for Negotiation 'Wiggle Room'
This is a common philosophy and, one that may work in other sales situation, but it is hard to do with a home. However, it is important to remember that negation strategy is a complex art that needs to be carefully studied and practiced and cannot be learned from one blog article. Trying to use it without the help of a professional could cost you a lot of money.
The first problem is that it will yield a skewed group of buyers. Let's show this in an example: let's say that you are selling your home and it is worth $200,000, and you want to give yourself wiggle room so you mark it up to $220,000. This is all fine and dandy until you realize that people who could afford your house will never see it because, on the computer, they insert $100,000 to $200,000. Now you can also get people who are looking in a larger range, but that is large if, because it will then be labeled as overpriced.
An overpriced home is a death wish for someone trying to sell their home. If your home is noticeably overpriced, no one will want to look at it. It is best to just price it correctly and be firm in the negotiations.
4. The Myth that a Home Doesn't Need to be Staged to Sell
It doesn't matter how beautiful your home is inherently, it all matters how it is presented. Staging is all about presenting and it can be catastrophic for the sale of the home if it is not done right. Work with a professional if you have to, just arrange your home to look nice. One good rule of thumb for staging a home is to make it look as much like a hotel or model home as possible. This is because hotels and model homes are designed to be neutral and inviting so that people will feel welcome there. There are many tips online, but the most important things to remember are to de-clutter, depersonalize, and arrange it to be inviting.
De-cluttering is vital because it is hard enough to live with our own clutter let alone the clutter of someone else. It is best to cut the clutter in your home in half. This includes personal possessions, furniture, etc.
Depersonalizing is the art of making everything in your home feel neutral. The more neutral it feels, the larger amount of people will feel comfortable in there. To depersonalize your home is to take everything that is specific to you out. This can be trophies, pictures, eccentric furniture, and the like. You can keep most of your stuff like the basic furniture, televisions, computers, etc. just not your trophies or personal pictures.
The arranging can be tricky, it is not as easy as de-cluttering and depersonalizing as it is dependent on the space in your home. Talk to your real estate agent or a good friend for help. They can give you an outsider's perspective of how your home looks and feels.
5. The Myth that Renovations Will Always Make You More Money During the Home Sale
Renovations can cost a lot and, though they are usually a great help when selling a home, it is never a 100% guarantee that you will even break even on when you sell the home. More than likely you will end up losing money on the sale if you did a last minute remodel.
However, if your home needs a remodel or a renovation, then, by all means, take care of it. This will help your home sell faster and for a little more, it may not cover the cost of the remodel, though. The same is true for remodels that are done a few years in advance. If you are still a few years away from selling and you think your home could use a bit of work, start now so that you will have time to financially re-stabilize your life. However, again, whether it will help make you more money or not is never a guarantee.
Well, there you have it, 5 myths about real estate - debunked. However, these are not the only ones out there, there are many more where they came from. In order to stay on top of the selling process, contact one of our licensed and experienced agents at the Hughes Group a call. They will help you sell your home in breakneck speed and make sure you get the most bang for your buck. Ask them if you qualify for their 59-day guarantee program and get your home sold in 59 days or less. So, call the Hughes Group today and get in touch with the agent you've always wanted to work with.