If we aren’t the expert in real estate, chances are pretty high that our brother’s friend or cousin’s boss is! So who needs an agent to buy or sell? We can figure it out on our own or with a little help from our friends and save a ton of money. Wait a minute! Not so fast! When it comes to real estate, most of us should probably defer to the professionals who have years of training and experience. If you’ve bought into any of the myths we’re about to cover, you may want to think twice before you try to “go it alone” on your next venture.
- Myth # 1: When pricing your home, go a little higher to leave room for negotiation.
Often times, this backfires on the seller. Agents and homebuyers tend to stray away from homes priced above market, and this can leave your house sitting with the sale sign in the yard. Beware sellers! Buyers often become leery of homes that sit on the market too long.
- Myth # 2: Buyers can get a better price without using a buyer’s agent.
This is a myth that is, very simply, false. The agent’s commission is paid by the seller. If the home is listed through an agent, and the buyer doesn’t use an agent, the listing agent receives the entire commission. Furthermore, a buyer’s agent is priceless and can help the buyer avoid drastic mistakes and pitfalls.
- Myth # 3: Selling your home without an agent will save you money.
It’s true that some people can successfully sell their own home. But there are some serious issues that must be dealt with such as putting the home on the MLS, listing it online, marketing the home properly, and negotiating contracts. Let’s not forget, when you list your home “For Sale by Owner,” the buyers always expect a good deal!
- Myth # 4: The real estate market will only go up!
It seems that sellers and buyers alike tend to forget the ups AND downs of the market. The old saying, “what goes up must come down,” is in order here. Real estate prices DO fall, and the fall can be quite considerable.
- Myth # 5: Update your kitchen and bathrooms before listing.
Everyone thinks these two rooms should be renovated. Not necessarily true! Buyers may not have the same taste, and they feel that the price is reflecting the recent upgrades. It would be best for everyone to adjust the price accordingly.
- Myth # 6: You will make your money back on the renovations you complete.
Major renovations will certainly sell your home more quickly, but the simple truth is that you probably won’t recoup your cost. Sometimes, it’s a necessity, but don’t expect to get all of your money back.
- Myth # 7: All properties listed on the MLS will show up online.
Not true! This is your agent’s job. Make sure you are on the same page and that he or she has your home showing up on the World Wide Web.
- Myth # 8: Having an Open House will sell your property.
Rarely does an Open House result in a contract on the property that is being shown. However, what is most helpful is an Open House specifically for brokers in your area.
- Myth # 9: The agent showing or listing your home represents your best interest.
Definitely not always true. In certain states, a client does have the option of signing a contract for the agent to represent him/her as a listing or buyer’s agent. Before choosing an agent to work with you, be sure to weigh your options and do your own research.
As always, we know you have a choice when it comes to real estate. We are here to serve you! Contact us here at the Jackie Ellis Team. Call 561-965-1225 or visit us at www.JackieEllis.com.