5 REAL ESTATE MYTHS

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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