Here's why you shouldn't believe REAL ESTATE MYTHS
The real estate industry is one with lots of interesting twists and turns. Knowledge can be a powerful tool but without an agent in your corner, it’s hard to know what to do. An experienced local agent will dismiss all the most common real estate myths.
The real estate industry can be really confusing for others, and full of hearsay.
Here are six that you need to know about and what the truth is behind them.
Real Estate Myth 1: “You can Get a Better Deal Without an Agent”
Some sellers will tell you this so they don't have to worry over a 6% commission to pay both agents at the end of the transaction, NOT true. Without the experience and knowledge of an expert middleman on your side, it's unlikely you'll get as good of a deal as you would otherwise.
This is especially true if the seller is using a real estate agent. The seller’s agent will receive the entire commission and will be less likely to negotiate with you.
Real Estate Myth 2: “Set Your Price Higher Than You Expect to Get”
This myth can actually land you a much inexpensive one than you'd expect in the end. Buyers and their agents don't look at homes priced above the standard market value, as they assume negotiations will be unpleasant. Pricing too high doesn’t mean you can just lower it later.
Real Estate Myth 3: “All the Properties on the MLS Show Up Online”
Sellers who have their home on the MLS ensure that their listing is in front of every agent in the region. However, it’s important to check that your agent is going to post your listing online. There are dozens of other potential listing sites that buyers are looking at.
For buyers, whose agents are only looking at the MLS, it’s good to know what’s for sale online. A buyer’s agent who isn’t looking at other online sites could be missing out on the perfect property for you and your family.
Real Estate Myth 4: “You’ll Make Your Money Back on Renovations”
Major remodeling of your bathroom or kitchen is going to help sell your home. However, you’re only likely to get 75% back from your investment, at the most.
Real Estate Myth 5: “The Market is Only Going Up”
When too many people rush into a market and build housing that no one needs, prices will be driven down. Housing markets can work around the standard ebb and flow of supply and demand but developers and investors often test the margins. If a market seems out of reach for investment or too low to sell at the moment, be patient because conditions change all the time.
Real Estate Myth 6: “You Can Save Money Selling Without an Agent”
According to the research, sellers make just 66% of what they could if owners had sold the same home with a realtor.
your buyer will have their own agent and it’s standard for sellers to pay for the buyer’s agent commission. The buyer’s agent is going to know how to play hardball better than most FSBO sellers. They’re looking to get their client a good deal, not you.
With the help of an experienced real estate agent who knows the lay of the land, which zip codes are trending, and which are in decline, you can make a smart financial decision.
Contact us today at 514.469.0404 and we’ll pair you with an experienced agent to dismiss the myths and get right down to business.
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