It’s a reality that most homeowners believe in incorrect information when it comes to selling their homes. And this information is sourced from friends, the Internet, co-workers, and shady real estate agents.
For example, some homeowners try to sell their homes without an agent. Some set the price too higher to gain a huge margin. Some are influenced by reality shows like Flip or Flop or Million Dollar Listing.
Although believing these myths won’t harm your health, it is a guaranteed way to struggle with your sale. If you want to get your home sold quickly, you need to stop believing such myths. Here we have rounded up such popular real estate misconceptions prevailing among homeowners.
Myth# 1: Property Transaction Works like Reality TV Shows:
You must have watched a lot of real estate TV shows like House Hunters, Love it or List it, Million Dollar Listing, and Flip or Flop. These TV shows generally present real estate as an adventurous process to entertain you. But this is not how real estate works in real. The real world of real estate is much more complicated and twisted than what you see on the screen.
Myth# 2: Open House is a Tried and Tested Way to Sell a Home:
An open house is one of the popular ways to sell a home. But that doesn’t mean it is a quick way to sell your home. This is because most people won’t come to buy it. Your property may be just another home on their list to be shortlisted. Some agents look for new clients through the process rather than selling your home.
Myth# 3: Home Staging is NOT Required:
Many homeowners avoid home staging just to save money and time. But they don’t realize that it might make their property sit on the market for a long. After all, attracting the buyer to your property is the half battle won. Why anyone would like to put their money on an ugly house?
Make sure to prepare your home before listing. This includes general cleaning, minor improvements, and pre-listing inspection.
Myth# 4: A Homeowner or a Realtor Set the Price of Home:
You as a homeowner might be thinking to set your property at the desired price. Practically speaking, it is the market that sets the price. And the market price of your home is determined by the location, construction quality, facility, and supply and demand in your region. You can work with your real estate agent to determine the market value of your house.
Myth# 5: A Real Estate Agent Gets Handsome Commission:
One of the common real estate myths among homeowners is that real estate agents make a lot of money through the deal. They are believed to secure 6% of the sale price of a home, no matter what.
But that is not true.
Many things affect the percentage of their commission. Besides, the commission can be negotiable. Unless your agent is representing both buyer and seller, that 6% commission is divided amongst both of the agents. Besides, they have to pay for other expenses like broker’s fees, travel, advertising, and health.
Myth# 6: You Don’t Need to Hire a Real Estate Agent At All:
Many homeowners want to sell their homes to save on the agent’s fee. Well, this is just a myth. Selling a home is not as easy as mounting a for-sale sign in the front of a home. Like any profession, real estate requires skills, education, and experience for a successful and satisfactory property transaction. Working with a professional real estate agent helps you in marketing, negotiation, and closing a deal.
Myth# 7: Renovations Help You Earn Back:
Many homeowners remodeled their homes to price them higher. However, home renovations might not earn you back 100% of what you have invested in the property. While quick fixes can improve the chances of selling your home, make sure to discuss with your real estate agent if it would be more beneficial to opt for a complete renovation.
Myth# 8: All Agents are the Same:
Many people think that real estate agents are interchangeable. But keep in mind that every agent has their personality, unique skills, expertise, and experience levels. Some agents have their teams, whereas others provide all solutions under one roof. Some are good at educating buyers while some are familiar with the legal side of purchase due to their law backgrounds. Still, others have specialization in specific types of transactions—like first-time buyers or remodeling.
Therefore, it is important to pick the agent that can meet your needs. If you need a referral, check out our Top Rated Agents from this page.
Conclusion: So these are some popular real estate myths you shouldn’t believe. Work with the right real estate agent set the right price and invest in home improvement to get your home sold as quickly as possible.
Blog articles are purely for educational purposes and provides generalized information of the topic(s) covered. These articles should not be considered as legal advice.