6 Real Estate Myths
There are so many myths and misunderstandings about real estate. It always blows me away when I run into these, but they’re definitely out there. I recently had a client tell me she never went to open houses because she thought they cost money to attend. Once I heard that, I knew I needed to address some of the biggest real estate myths I’ve heard.
1. Open Houses Cost Money to Attend / FALSE
Open houses are always free. They’re the best way to show off your home to potential buyers, so the more people you can get through the door, the better. Open houses are also a good time to get feedback from potential buyers. Do they like the home; do they hate the paint colors or wish there were more updates? Ask your realtor to listen for feedback you can use to improve your home or update the listing if necessary.
2. You Should List Your Home For More Than It’s Worth / FALSE
This is the worst real estate myth of all! Your goal is to sell your home, and listing it for a fair price based on market value is the best way to do that. If you overprice your house, it will likely sit on the market longer, which only hurts its sellability. When buyers see a big price reduction, they usually assume something is wrong with the home, so avoid that by listing your home for a fair price.
3. You Have to Renovate the Kitchen Before you Sell / FALSE
While remodeling a kitchen or adding a bathroom can often improve the value of your home, it is absolutely not necessary. In fact, if a seller wants to list their home right away, I often suggest they DO NOT remodel. That’s because a remodel can sometimes unveil costly repairs you weren’t planning on making, but you can also run the risk of remodeling the kitchen in a style that future buyers just don’t like. So for that reason, if you’re ready to sell but feel like your kitchen needs a facelift, I say leave it alone and let the next buyer tackle that project.
4. You Have To Empty Your Home of Personal Photos When Staging / TRUE but also FALSE
Yes, it’s true that you want your home staging to be somewhat minimal so buyers aren’t distracted by your collections of stuff, BUT it’s also false that you have to remove every single family photo. Just cut down on the number of personal items, and you’ll be just fine.
5. Your Realtor Has Your Best Interests at Heart / TRUE (hopefully!)
This is why it’s so important to interview possible realtors and find one that’s best for you. Not all realtors or real estate agents are the same. Some sell homes as a side hustle and might not be on call when you need them. Some might take your listing but off load it on an assistant. Some might specialize in listing historic homes. So don’t enlist the help of the first realtor you meet. Ask them some questions to get a better idea if they’re the right fit for you. To help, I created a list of the most important questions to ask any potential realtors.
6. Springfield’s Housing Market is Only Going Up / FALSE
Okay, yes, Springfield’s housing market has been on the rise the last few years, and even during COVID-19, the market has remained strong. But you can’t always count on that. This is one reason why realtors are a wealth of information when you’re selling or buying a home. Realtors have the most up-to-date info on the market. They can tell you what the going rate is these days, how quickly homes are selling and which neighborhoods are hot right now.
