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5 Myths You Shouldn't Believe About the Real Estate Market
Everyone who has ever bought or sold a home has opinions about the real estate market, which can make it hard to separate fact from fiction. Some of the most common tips that you'll hear about the real estate market are based on myths, and some of those myths have had impressive staying power across generations. Our real estate agents are here to set the record straight, with 5 myths that you shouldn't believe about the real estate market.
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Myth #1: List Your Home Above Market and Work Your Way Down
One of the most common myths is that you should start with an above-market listing price to leave room for the buyer to negotiate the price to the level you truly expect to receive for the home. The truth is that starting with an above-market price can make it hard to get any offers because buyers are shopping based on market value. Instead of planning to aim for the stars and settle for the moon, work with your agent to pick an asking price that fits your local real estate market. -
Myth #2: Start with a Low Offer and Work Your Way Up
Our second myth is related to our first, but this one applies to buying a home. You'll often hear that in a negotiation, you should start with an offer far below what you're willing to pay and work your way up. The problem with that advice is that a low-ball offer will rarely even get your foot in the door, and may turn the seller off from negotiating entirely. If you truly believe that a home is a perfect fit, make sure that your first offer is competitive. -
Myth #3: Save Money by Listing Your Home For Sale By Owner (FSBO)
While it was more common in prior generations, you will still find some people who swear that listing a home FSBO will save you money because you won't have to pay a commission. If you're thinking of going FSBO, consider the costs of marketing the home, along with the hours you'll have to spend promoting the property, researching the local real estate market, and negotiating with buyers. In the end, listing your home with an agent saves both time and money. -
Myth #4: All Real Estate Agents Are the Same
If you aren't happy with your current real estate agent, then perhaps it's time to find a new one. People who have had a bad experience may tell you that all agents are the same, but the truth is that real estate is like any profession. Don't be afraid to interview multiple agents until you find the right match. -
Myth #5: Find the Perfect Home and Then Worry About Pre-Approval
It's easy to get swept up in the search for a perfect home, but if you aren't prepared, then it will be hard to make a real offer once you find the right match. Before you get serious about finding a home, get pre-approved for a mortgage. This will give you an idea of exactly how much home you can afford with your budget, and makes it much easier to put together an offer when you find a home that catches your eye.
Finding the right real estate agent is the best way to find the truth about your local real estate market. Contact us to buy and sell homes throughout the area.