Whether you’re a homeowner looking to sell your home, or a new buyer looking for that place to call home, odds are you have come in contact with your share of real-estate myths. In fact, you may have wished there was a “Myth Busters” type of show that dealt with real estate, to help you separate fact from fiction. While we’re waiting for a show like that to be created, we want to bust some real estate myths based on over 30 years of our experience in the New York and New Jersey real estate industry.
The Late Agent
Movies and television often propagate the myth that real-estate agents tend to be late for meetings, but this is simply not true. No matter what your profession is, there isn’t any excuse to be late for appointments. If something has come up and an agent knows they may be behind schedule, they will contact you right away to give you a heads-up. Being on time is a sign you take your career seriously, and an agent will convey that to their clients. Agents are committed to giving you the best real-estate experience possible, but if you sense anything different, it might be time to find a new agent.
Try to Get as Much as You Can Upfront
When you’re selling a house, you may have heard you should aim to price your home higher than its market value. In short, this will not work. Not only will this deter potential buyers, but this will undoubtedly force you to reduce your price at some point to get it in line with reality. If you price your home to the market at first, you will get an interested buyer much faster, and your house won’t have to spend more time on the market than it has to. There may still be some negotiating involved, but at least you’ll start engaging with potential buyers earlier and more frequently.
Renovate Before Selling
Some say there are two rooms in your home that you should renovate before selling, and they are the kitchen and bathroom. While that may seem like an enticing idea at first, the truth is you don’t know what kind of tastes your potential buyers may have. They may walk into your house and dislike the changes you have made, and they may not want to spend money on big renovations to make the kitchen and bathroom fit their vision. In that case, you have just wasted money on renovations that don’t attract to buyers. If your kitchen and baths work, leave them alone and let the potential buyer have the option to fix it up as they see fit.
Modernized and Luxury Homes Don’t Need to Be Staged
Even if your home is in a nice neighborhood and has an eye-pleasing appearance, that doesn’t mean you can forgo staging it. Staging a home is one of the most important things to do when you place your home on the market. A potential buyer is not just going to look at the exterior; they’ll want to walk through the house and envision themselves in those surroundings. If you don’t stage the house to make it look its best, potential buyers won’t be able to get a proper feel for that environment. Take some time to look around your house to see if there’s anything to clean or improve upon before your agent photographs the house. You want buyers to experience the best your home has to offer.
Just like ghost stories told around a campfire, you shouldn’t believe in real-estate myths. The real-estate industry is complex enough to understand without having these fallacies thrown in. What you should do is talk to your agent when searching for the truth about the current real-estate market. Doing so will keep you knowledgeable during the buying and selling processes and will save you a great deal of annoyance. Consider these myths “busted”!