Don't Get Caught in These Traps
Just like our economy, the real estate market is always changing. With
those changes, you'll often hear "truths" circulating that are, well, less
than true.
In this report, I share fact vs. fiction information on five of the most
common real estate myths.
1. List high; you can always come down. While that's technically
true, what you lose in marketability is tremendous. Some agents will list
a home at any price just to get in the door. Those who do are doing
their customers a disservice. Why? Because the highest potential
exposure to your property is never greater than immediately after
listing. When a home is overpriced from the start, savvy buyers (which
is most of them in today's world) immediately recognize the price
differential and cross your listing off of their list. A home that sits on the
market for an extended period of time also creates doubt in buyers'
minds as to what else might be wrong that would cause it not to sell.
2. Agents or teams who have a lot of listings are too busy to be
effective. On the contrary, for experienced professionals, listing and
selling homes is not a hobby, it's a true profession and passion. That
means highly productive agents are more effective at time
management, streamlined systems, marketing and contract
coordination than many of their competitors who take just a few listings
per year. Practice, as they say, makes perfect.
3. Property condition isn't important. That really depends on what
you want for your property. While it's true that anything will sell at a
price... that doesn't mean it will sell at a price that works for you. To get
the most from your investment, your property should be in the best
possible condition – as you're competing for limited buyers in today's
market.
4. Never accept the first offer. This one is mostly a myth. In today's
market, you'll find many buyers to be well versed in pricing and home
availability, and they're often serious about purchasing sooner rather
than later. That doesn't necessarily mean you should jump at the first
offer, but you shouldn't negate it, either. That's why it's handy to have a
skilled agent and negotiator to guide you.
5. You can make as much or more by selling yourself. One thing
that hasn't changed is that historically, many people believe they can
sell their home on their own and get more for their investment. Year
after year, however, statistics show that homes sold by an agent sell for
far greater than homes sold by the owner. In fact, the latest statistic
from the National Association of REALTORS® quotes, "The typical
FSBO home sold for $210,000, compared to $249,000 for agent-assisted home sales."
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