RightDeed Ceases 8 Common Real Estate Myths – A Must Read for all Buyers & Sellers

For most of us, buying or selling a house is a once in a lifetime kind of thing. Majorly basing our knowledge of how it works on experiences of friends, colleagues and family members. However, it’s important to know that not everything you hear is the truth, especially when it comes to real estate. Let’s not forget your aim is to increase your chances of selling or purchasing the right home at the right price.

To begin with, you cannot believe everything you read on the internet as the information available there isn’t always accurate. Everything costs a ton of money when it comes to real estate and if you’re trying to be budget-friendly, believing everything you hear or read can cost you more than you imagine.

Fortunately, our team at RightDeed was dedicated enough to dig out the myths circulating amongst peers and the internet. So, sit back and read on as we discuss the most common ones here:

Buyers Can Get A Better Deal Without Real Estate Agents:

This could wind you up losing more than you anticipated. When a house is enlisted with a real estate agent, the total sales commission is fixed into the total price. If a buyer chooses to not have an agent, the entire commission is gone to the seller’s agent.

Open Houses Sell Properties:

Open house homes don’t normally sell to buyers that visit them. The reason why agents prefer open houses is that it allows them to find more customers. However, this is not compulsory, it is completely up to you whether you want to hold an open house or not.

Homeowners Should Renovate Kitchen And Bathroom Before Selling The House:

Avoid renovating your kitchen and bathroom as it could end up being entirely useless since you won’t be aware of your buyer’s taste. Save yourself from the hassle and adjust your price accordingly so your buyer can enjoy the liberty of being to remodel the house with their own spin.

The Market Will Only Go Up:

We need to understand that every time the market value goes up it is bound to come down and sometimes the fall is harder than expected. So, don’t expect the market to always be soaring high as there is always a correction on its way soon after.

You Can Save Money Selling Your Home By Yourself:

Yes, you can sell your home yourself but, it is not a simple process. You need to have the management skills to get the home registered online, market the home to potential buyers, negotiate the contract and deal with any further matters that require your attention during the inspection or loan application process.

All The Properties Listed In The Multiple Listing Service Show Up Online:

Agents have to choose to let the listings be visible online, yours can too but be sure to verify whether yours will be showing up online or not.

You'll Earn Back What You Spend On Renovations:

If you’re hoping that you will earn back what you spend on the air-conditioning or the woodwork on the walls, don’t hold your breath. It is said that the only renovation that could earn you a buck is a new front entrance door. It is important to know that any buyer would like to do their own take on certain things in the home so there is no point in remodeling a mid-range home.

Set Your Home Price Higher Than What You Expect To Get:

Listing your home at a price that is too high could ultimately lead to agents and buyers avoiding your property. Yes, you can lower the price of the house if it doesn’t seem to gather up any offers in the first few weeks however, buyers grow suspicious of houses that sit on the market for longer than three weeks. Before listing your home, ensure that you check the status of the market, if there is a decline and your price is higher than the market value you will be getting offers that are lower.

With all that said, you can now resume your hunt for the right house or the lucky buyer. Feel free to leave us a comment or you can take it to our forum to start a discussion on other real estate related concerns.