The world of residential real estate contains many different moving parts such as when to list, what price is considered fair value, how long a closing can take, and so much more. When preparing to sell or buy a home, understanding the steps needed to close the deal can provide you a competitive advantage. Here, we dive into some of the biggest myths about real estate and you may save yourself from a lot of confusion and misinformation.
House Hunting isn’t only a Weekend Sport
You would assume that the weekends bring out the most activity because people are not at work and have the time to go house hunting. But don’t think that just because you see people out and about on weekends and going to brunch, shopping at Lenox or seeing a show means that everything is happening between Saturday and Sunday. Serious shoppers are also out during the week attending open houses and other events that are open to the public. By the time the weekend hits, these serious shoppers may have already taken a few of the properties you were eyeing off the market.
The Price is Right
So, you’re ready to sell and come up with a price that you personally feel equates to the homes worth and value. You think, “Surely it’s worth at least this much, if not more!”. But not so fast…are you being objective about the price? It’s easy for homeowners to become personally invested in the house, equating the dollar value to the good times and happy memories in the home while forgetting that the roof is almost ready to be replaced, or that the home needs significant updates. Overpricing your home can lead to it sitting on the market for much longer than you planned or even being taken back off market. You should leave pricing to a trusted REALTOR® who has the knowledge and expertise to price it competitively from the start. You may end up getting an offer above asking price when priced and marketed correctly, as bidding wars are very prevalent in the current market thanks to low rates and short inventory.
Selling Before You Buy
Most people believe in the tradition of having to sell your current home before securing a new one. However, in some situations, it can be beneficial to keep your old home as a rental property. This is a great way to build equity and generate income. Just be aware of the steps you need to take before you flip your old home into a rental property.
When you were back in high school you were plagued with plenty of “pass” or “fail” scenarios. So, when a home goes through the inspection process, do not panic if the property has a laundry list of things to be fixed. It simply means that: some things need to be fixed. And this does not mean it throws off the buying process. It’s just a means of knowing all things good and bad about the house and what the next steps are.
Harry Norman, REALTORS® is comprised of an extensive list of experienced agents who can tell you fact from fiction. When you’re ready to take your deep dive into the buying or selling process, be sure to reach out to a licensed REALTOR®!