In a perfect world, every home seller would trust their real estate agent completely. But unfortunately, most sellers arrive with preconceived notions, bad advice, and beliefs in real estate myths that can make the process more challenging for everyone. Here are 5 real estate myths we wish would go away for good!
Price Your Home as High as Possible
Naturally every seller wants to get the maximum price for their home. But some of them have a skewed idea of what their property is worth. Real estate agents take into account the current market, the value of other homes in the neighborhood, and countless other factors to set a fair price, but certain sellers are convinced that their home should be the exception.
Unfortunately, overpriced homes tend to linger on the market…and the longer they remain unsold, the more likely it is that potential buyers will be wary.
Only List in the Spring
Home sellers tend to hear a piece of advice and take it as the gospel truth. They’re convinced that spring is the only time to list a house. Or summer. Or fall! The real reality is that every market is different. What works in Miami won’t fly in Minneapolis, and properties listed in the “off season” can sell more quickly than a home in a crowded market. Let’s retire this real estate myth once and for all.
All You Need Is an Open House
Open houses have their uses, but most serious offers arise from private showings. But try telling that to a seller who’s convinced that their ideal buyer will walk in off the street during an open house. Sure, it might happen. But there’s a lot more to attracting buyers than simply opening the doors and hoping they’ll show up.
The Market Will Be Better Next Year
People love to try to predict the next boom or bust—even if they’re far from being experts in the field. Somebody’s uncle or cousin hears about a neighbor selling high (or low), and suddenly they’re making predictions about the future real estate trends. An uneducated guess can do significant harm by undermining the relationship between seller and broker before it even begins.
The Biggest Real Estate Myth: Why Pay Commission When You Can Sell Your Own House?
Sellers, especially those who are new to the experience, may not have a clear idea of just how much work real estate agents put in behind the scenes. It goes so much farther beyond listing the home. Not only is the agent’s time valuable, but the outlay for marketing is also significant.
First-timers often don’t understand the negotiations that need to take place between the seller’s agent and the buyer’s agent—a 50-50 split is typical—to get the right property in front of the ideal buyer—not to mention handling multiple or lowball offers. But sure, save that 6% and do it all yourself.