7 Old Real Estate Tips to Completely Ignore
Not all advice is good advice.
When it comes to the real estate market, friends and family may offer their unsolicited opinions based on common beliefs, but many of these are old, outdated or just not true. These “facts” Are Really Fiction.
1. Spring is the best time to sell. MYTH
FACT Traditionally, real estate sales have peaked in spring, and made it the optimal time to sell. The popularity of spring home sales once had a lot to do with buyers a move around the kids’ school schedules. Today’s buyers are different, though. Many of them do not have children in school, and so they’re less likely to wait for spring to make a move. In this new market, a savvy seller knows that a house is more likely to sell fast when inventory is low, as in the cold months from November through January.Feel free to ignore this real estate tip. In a “seller’s market” with scarce inventory all the time sales are brisk all year long.
2. “For Sale by Owner” saves you money. MYTH
FACT Second real estate tip to ignore, most prospective sellers already know that by hiring a real estate agent, they will be losing part of the sale price to the agent’s commission. Many homeowners believe they can save that money by selling on their own. That might not be the case: A home sold by owner typically sells for 15 percent less than homes sold through a realtor the buyer discounts the commission and takes advantage of the fact that you are not an expert negotiator. Factor in the fact that today’s buyer is internet driven and Realtors have the best internet networks. Furthermore, the time and money for all of the extra things you need to do that the Realtor is doing for like photos, marketing, showing your home so you don’t lose time taken off work. Then there is all the paperwork, closing arrangements and legal implications. Working with a realtor starts looking like a pretty good deal.
3. You must renovate the kitchen to attract buyers. MYTH
FACT You’ve heard it before: Kitchens sell houses. But if you’re about to do a full remodel in the hopes of selling yours, think again. If you opt for a full kitchen renovation just before selling, statistics show you’ll only recoup 84% of the costs. All you really need instead of enduring the dust, drama, and cost of a complete overhaul, give your kitchen a minor facelift for a fraction of the cost. Upgrade your old appliances to energy efficient models, reface your cabinet doors, and replace the hardware. These small changes will give your old kitchen a like-new appearance that will help it sell.
4. If you don’t want to make repairs, lower your price. WITH
FACT Buyers are looking for their new home, not their next DIY project. A house that needs too much work might not receive any offers at all, even with a lower price. A few small updates, which can be done on a budget, can increase your home’s value — and selling price.
If these simple things are not done, they will get in the way of buyers seeing your home’s true value, and your home will not sell or you will lose money unnecessarily.
5. Take the first offer; it’s always the best. MYTH
FACT In some instances, the first offer may be the best, but don’t count on it. That’s doubly true if you live in hot market or a seller’s market where quality listings spur multiple offers. Remember, certain buyers may want to try to “steal” a bargain or want to test the seller’s willingness to negotiate. If you’re presented with a low-ball offer, make a counter offer just shy of the original asking price to begin reasonable negotiations to determine the level of buyer interest.
6. Price your home high so there’s room to negotiate. MYTH
FACT Correctly pricing a home is important if you’re a serious seller. Thanks to listing information available on the internet, todays buyers know if a home is overpriced and will pass on your property if it isn’t in sync with comparable homes. A house that sits on the market past the critical 3- to 4-week golden window of opportunity risks stigmatization and guarantees frustration for agents, buyers, and sellers. See a good review of this.
7. Inside Enhancements Trump Outside Improvements Every Time MYTH
FACT What’s on the inside counts, but that doesn’t change the importance of a good first impression. In order for prospective buyers to fall in love with a house at first sight, curb appeal is needs to be a priority. The Buyer will decide if they’re interested or not within the first 30 seconds of pulling up in your driveway, whether or not however, you’ve renovated the interior.
Above all, when it comes to home improvements you should start with the outside. Secondly, work your way inside and don’t forget the backyard – it is the final impression they leave with.