Buying or selling a property isn’t simple and it’s something we don’t do every day. And when it comes to real estate advice or information, it’s everywhere. While some may find it helpful, much of this information is misleading unless it comes from a real estate expert. Real estate myths can lead to significant loss of time, increased stress, and substantial financial costs.
Let’s debunk some of the most common real estate myths:
Myth 1: Always list your property at a higher price than you expect
Quoting your property at a higher price than your desired price can be a thrilling experience as you’ll have room for negotiation. However, the reality is that most buyers will show less interest and even suspicious. The longer the property sits on the market, the more you’ll have to face the consequences like lowball offers, financial burden and higher marketing costs. So, pricing it right from the start can attract buyers and even spark competitive offers.
Myth 2: The best time to sell Is in spring
People might consider the spring season for selling their properties but that doesn’t necessarily mean it’s the best time. Real estate doesn’t have a definite time as market conditions, interest rates and local demand play a bigger role in determining the time.
A well-prepared property with a good listing description will sell in any season.
Myth 3: Renovations always increase property value
Most individuals have a misconception that regardless of the property’s nature or location, renovation will always increase value.
But not every upgrade has a great payback on your investment. Even though bathroom and kitchen makeovers can increase value, overcapitalising premium finishes that don’t match the neighbourhood could lead to financial loss.
Myth 4: You don’t need an agent to sell your home
To minimise expenses, you can choose to sell your property directly. However, working with an experienced real estate agent can bring market knowledge, negotiation skills and marketing strategies. This leads to faster sales and secures your transaction backed by expertise.
Myth 5: Home inspection is optional
Skipping a home inspection to save a few hundred dollars might cost you a thousand dollars later. Even if a property looks in ideal condition, underlying concerns such as structural damage, plumbing issues, or electrical flaws may go undetected. So, a detailed home inspection can help you understand precisely what you’re buying.
Knowing these common real estate myths enables you to make informed decisions that save money and maximise returns.
Looking for expert advice? Sapphire Real Estate Agents are here to help!
