5 Real Estate Myths You Should Bust

Posted by Premier Commission on February 18, 2016 in Selling Real Estate

Real estate can be one of the most difficult jobs a person will ever have because it is affected by so many different areas, like geography, the economy, and the time of year. Real estate myths can make it that much more difficult to get the job done. If you are an agent, your clients may believe in these myths that could make it harder to find or sell their home. Here are some of the most common real estate myths that can hurt both realtors and buyers.

Homes should be repainted so that only neutrals colors are used before selling.

This myth causes more home owners and realtors to change a look that could be not only acceptable but an advantage. Some rooms look better in a bolder or gentler color than something neutral. Instead of changing the room color, you can have other color options available for people to look at. Having a bid for repainting can also make it easier for potential buyers to feel they have options and know the cost beforehand.

Remodeling projects will pay off when the home sells.

Many people expect to get their money back when it comes time to sell their home. The important thing to know is that remodeling projects are just as likely to end up being a loss as a gain. If you or your client are going to be remodeling, make sure that you don’t do it just to sell the home. When you remodel, make sure that you have time to enjoy the rewards. It is recommended that a home be up-to-date before you put it on the market, but if updates haven’t been made already, it won’t be worth it just to sell the place.

Set a price that is higher than what you want to get so that there is room to haggle.

This real estate myth is one that most people accept as true, but there are a few things you have to consider when pricing a home. If you list the house at too high a price, people will not be interested in looking at it. The longer your house is on the market also lowers the number of viewers will get because your home will be seen as less desirable, even after you drop the price. If you live in a major city or area where housing is in demand, people tend to ask for less than what they expect to get knowing that they will get multiple bids, resulting in a higher final bid.

Going green will mean that you automatically get a higher list price.

This can be true, but you have to be really careful about how much more you ask for in relation to comparable homes. If you expect people to pay too much of a difference, they are more likely to go with a comparable home and do their own conversions if they really want an environmentally-friendly home.

Don’t have holiday decorations up when the house goes on the market.

This one might be true if it is summer, but at the end or beginning of a year, decoration that is well done can be a draw. While there may be some who object to Christmas decorations just on principal (whether religious or simple erring belief in this myth), there are many more who will feel that it makes the home cozier. It helps to give them an idea of what it will look like when it is their home.

If you have any other real estate myths you would like to ask about, or if you have any questions about our commission advance process, you can contact Premier Commission today.

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