If you are thinking of purchasing a new home or are in the process of selling your current house, you have probably found yourself bombarded by all manner of “helpful” advice. While some of the thoughts friends and family share with you at this pivotal time in your life can be very helpful, just as with any other area of life, real estate is fraught with its fair share of myths and misconceptions. Here are some of the biggest real estate myths out there.
Before we delve into some of the most common real estate myths you are likely to hear, we would like for you to take a few moments to consider this sentence: you may not need to move at all. Before you pick-up roots and plant yourself elsewhere, be aware that there is a way for you to actually stay in the place where you have made so many memories over the years – perhaps all you need is a simple home remodel, addition, or renovation to make your current home better suit your needs.
If this sounds like something you would like to learn more about, and you live in North Georgia, why not give the professional remodelers at Tracy Tesmer Design/Remodel a call? We would be more than happy to discuss some simple ways to make your current home work for you!
If you do not want to remodel or circumstances prevent you from doing so, always be wary of bad real estate advice. One of the most common “words of real estate wisdom” we have heard is that you should always set your initial price higher than it is valued at or what you would like to get. While this might work for some, the reality is, you are actually opening yourself up to fewer buyers. That means that your home may sit on the market for a longer time than you anticipated. This is something you definitely want to avoid.
The longer a house sits on the market and does not sell, the more difficult it can become to sell, as both prospective home buyers and real estate agents think that there must be something wrong with the home and will underbid to compensate, or because they think you are more desperate to sell.
Another real estate myth we hear uttered frequently is that you should always remodel or renovate part of your home prior to selling it. There are multiple schools of thought on this. The first is that you will automatically recoup the money you poured into the remodel. This really depends on what type of home project you undertake. Even under the best of circumstances, you may not earn back as much as you spend.
Another reason people suggest this route is that it may make your home easier to sell. If your kitchen is seriously outdated or your home is in disrepair, this could be true. However, each home is different, and a home remodel or renovation will never guarantee an easier sell or more money at the negotiating table. Always seek the advice of a professional in this situation and make sure any work you do is absolutely necessary.
Finally, you will always hear someone suggest that you buy or sell your home yourself, as it will save you money. If you are selling your home, this could be the case, but with a caveat: you have to know what you are doing and be willing to put in a lot of work. Not only do you need to list the home and market it, but you will also need to deal with contracts, negotiating and tackle any problems that should arise during the entire process. Bad inspection? Money lending issues? Prepare to get involved.
At the end of the day, just as you would if you were undertaking home remodeling work, you should always consult a professional real estate agent when you are selling or purchasing a home. Not only can they help you get the most value out of the deal, but they will be able to assist if any issues pop up and help steer you in the right direction as far as finding a home that works for you and your family.