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Real Estate Myths Debunked

Real Estate Myths Debunked

Real estate myths abound, so your Melbourne FL real estate broker wants to help set the record straight. Read on below to learn whether they are actually true or just plain false.

Every property listed in the multiple listing service is visible online

It’s up to you and your agent, who must choose to let the listings show up online. Discuss the pros and cons of syndicating to sites (such as Zillow and Trulia) with your agent before listing your property.

Your home price should be set higher than what you expect to get

Actually, listing your home too high may get you a lower price, because buyers often don’t look at homes that are priced above market value. While you could lower the price if no offers come in during the first few weeks, buyers are very wary of homes that have been on the market for longer than 3 weeks. The first 10 days are the most important in marketing your property for sale and have the biggest impact; don’t miss that opportunity by being priced above the market.

Buyers can get better deals without a real estate agent

Not true. For houses listed with a real estate agent, the total sales commission is built into the price. The seller’s agent will receive the entire commission if the buyers don’t have an agent.

Open houses really sell properties

Surprisingly, prospective buyers who visit open houses rarely buy those homes. If you decide not to host an open house, your sale chances will probably not be hurt. Hosting an open house also opens your home to strangers who may not be interested in buying at all and have poor intentions.

Don’t buy the biggest house on a street

True. The largest house in a neighborhood or on a block is usually the most pricy, which could affect its appraisal.

Sellers should expect a 100% return on renovation costs

Unfortunately, it is nearly impossible to get 100% of the money put into a renovation back when it’s time to sell. Realtors say it is smart to keep a house updated and comparable to similarly priced homes nearby. Just don’t bother with upgrades when the market is flat or going down, and when a homeowner plans to sell shortly after making changes.

Buyers should like an exterior or they’ll never go inside

True. Houses need some “curb appeal.” If the rest of the house works for the potential buyer, exterior changes may be simple.

Homes with pools are more difficult to sell

Many buyers, particularly in warmer climates, look for homes with pools, even though they require utility costs and high maintenance. Experts say it is often the older buyers who avoid homes with pools. Clients should never remove a pool just to list it. In fact, in FL, where it’s estimated that 39% of homes have a pool, it can add 5-10% to the home’s value.

Green features mean a higher price

Buyers often find added value in environmentally friendly homes, and LEED certification is now a huge marketing feature in the U.S. However, many buyers will not choose these homes when they are much more costly than comparable non-green homes.

Remove holiday decorations before listing

If the decorations are tasteful and minimal, they’re fine, because most people like the holidays, according to many realtors.

Real Estate Ink, a full-service boutique brokerage in Melbourne, FL, offers sales and leasing representation, property management, and project development. Contact us today to manage your real estate needs!

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