Guide to Real Estate: Debunking Common Real Estate Myths

Buying or selling a home is one process that a majority of us has undertaken. We gather lots of information on what to do, and what to avoid; but virtually everyone, whether a real estate professional or otherwise, has an opinion on how one can quickly sell a house at the best rate. Even so, with the right research skills, there is a lot of helpful information in either articles or websites, but there is also an equal abundance of information, which is either not helpful or false at best.

This post will help shed light on some common myths in the sector. The opinions contained here are out of personal experience, and the bits of information I’ve gathered from colleagues and experienced realtors. Essentially, this is what has been seen to be efficient in our diverse market:

Myth #1: Avoid the Most Affluent Home Around

The usual recommendation here is for buyers to avoid the cheapest or the most expensive home in the area. An incremental number of buyers lately are more interested in a property’s value and not how prices compare. In any case, my advice for clients is that they go with what they love when they find. Additionally, understand the trends in a particular zone for you to make an informed decision. If your home happens to be the biggest on the market, prop up the property’s highlights to justify why yours is pricier.

Myth #2: Use Your Home’s Exterior to Lure in Buyers, Otherwise They Will Dismiss the Home If the Exterior Is Not Likeable

This is true to some extent, especially for customers who want to move in and not have to do some extra work on the home. Nonetheless, there are those that would not mind as they see the “potential” of a home and toy with the idea of making it their own by reworking the exterior to their liking. At times, a buyer may decide a certain home is not as appealing to them based on the exterior and may not even want to come in as a result. Some may feel like it’s just not what they are looking for. Then again, there are those who will surprise you with a genuine interest as a result of the exterior look. Well-appointed landscaping helps, as does a new coat of paint on windows and front door. Do not forget to have your driveway and walkways in mint condition.

Myth #3: Expect To Recoup Remodeling Costs at Resale

Very rarely do homeowners recover costs incurred after a renovation, especially if it is a large-scale one. So before embarking on this, a little research on ROI data for a project of your stature will go a long way in saving you the anguish when it is time to price for a fast sale. Some homeowners will be able to recoup up to 85% of remodeling costs, but 100% is next to impossible. The best option is to remodel spaces like the kitchen and bathrooms, which happen to be major considerations for most buyers. Sprucing up these areas will make your home more appealing to potential buyers. Avoid detailed customization and align your remodels with current trends.

Myth #4: Neutral Colors Are Better Than Bold When Selling Your Home

This is by all means based on preference. Even though I recommend neutral, trendy paint colors when putting your home on the market, bolder colors do work at times. However, there are times a bold color would be required to accentuate an outstanding feature, or to bring in a nice visual aspect of space. Nevertheless, light, airy, and neutral colors are highly recommended, but that doesn’t mean you should discount a striking navy blue or a deep red wall paint if it indeed works in your space.

Myth #5: An Eco-Friendly Home Will Fetch You More

Today, the local market is seeing an upsurge of properties boasting a “green” feature. This is because; these homes can trim your monthly bills significantly. Thus, make a point of using verifiable bill data to appeal to your buyers by showing them how much they can save on their lighting and/or water bills. Although it is a commendable trend that appeals to most buyers, these features are not a guarantee of a home selling at a premium price. Sometimes, a client might settle for a lower priced property without the eco-friendliness. For this reason, do not entirely rely on the said features as your sole marketing point.

Myth #6: It Is Harder To Sell Homes with Pools

This depends on the buyer as there are those who are out to get a home with a pool—a buyer who wants to have a personal place to cool down during summer. However, others are put off by the costs of having a pool. To charm the pool lovers, it helps to have some sort of cover that easily goes over the pool when it is not in use, and have a perimeter path around it that can we walked on.

Contact a Real Estate Attorney

Protect your investment, get a lawyer. Make sure to call Dennis Dwyer to discuss your situation.

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