Call them anything you like – myths, hearsay, fabrication – but real estate half-truths are alive, well, and circulating like pollen on a windy summer day. Beware! When discussing your real estate goals with others, well-meaning friends and family may eagerly offer them up as truth. They’ll share stories about their real estate experiences or those of their in-laws. While the stories may sound intriguing, don’t let them mislead you. Below are four widespread real estate myths you can sidestep now to save yourself grief in the future.
1. List your home at a higher price to leave Room for Negotiations
Listing a home too high can sabotage you from the start. Yes, you can always negotiate the price down, but it may doom your listing to a longer time on the market. Chicago sales statistics show that three weeks on the market seems to be the magic number. If your home surpasses that benchmark without any “nibbles”, buyers and their agents start wondering why.
Online shoppers set a price range for their search. Listing your home too high can limit potential buyers’ search. Work with an experienced realtor, who knows the area and can be honest with you about the true value of your home and what to list it at.
2. Avoid commission charges – sell your home yourself!
Your agent automatically builds the sales commission into your listing price. If you should sell your home without an agent, the buyers’ agent receives the entire commission. You might say, “there’s no free lunch!” What’s more, a buyer wanting to purchase your home directly from you may angle for a deeply discounted price sinking your own financial goals for the final transaction.
3. Remodeling before listing
As long as your home is clean, neat, and with neutral interiors, it should sell. The advice to remodel kitchens and bathrooms before listing can come back to bite. Your taste might not suit your future buyers’ taste. Spending exorbitant amounts of money remodeling or updating may never be recouped.
4. The most popular features sell homes quicker.
Yes, buyers these days tend to like large custom walk-in closets, open floor plans and first floor master bedrooms but don’t count out buyers who have the vision to make these changes themselves and put their own touch on a home. If inventory is low, a home that doesn’t have everything that is trending, may still be very desirable! In the end, the price of the home should reflect the features.
To sum up, you wouldn’t fill your own teeth or fit your own contacts! Likewise, trust a professional real estate agent to seamlessly navigate you through the real estate marketplace. From knowing the Chicago market to understanding home inspections, loan applications, and online listings, you’ll fare much better under the wings of a proven professional.
