No matter whether you are selling real estate or a house it is still something that most people don’t do very often in their lifetimes. Market myths are the same no matter where you are or anywhere homes are sold.
All it involves in selling or buying
Most of those selling or buying do not really understand all that needs to be done. There are many things about the industry that are simply myths and do not actually show how the real estate market really works. The problem is that some of these myths can hurt the chances of selling or buying the right home at a good price.
Putting your home up for sell at a price that is too high could net you a lower price. The reason for this is that those looking for a house very often do not look at any real estate that is priced at or above market value. Of course you are always able to lower the price if you are not getting much traffic – but that brings other problems. Buyers are often suspicious if houses have sat on the market for over three weeks. In some areas such as large cities where multiple offers are quite common; sellers actually price homes for less than expected with the hopes of getting several offers above the asking price.
Buying without an agent saves commission
It looks good but actually it’s a myth also. When a house is listed with an agent, the total commission is built into the price. If the buyers don’t have an agent, the seller’s agent will get the entire commission – in other words even if you are not using an agent that commission is still there.
Sell it yourself
There are people who do sell houses on their own and are very successful. But it really takes a great set of skills to sell your house such as:
- Listing online
- Marketing online/off line
- Negotiating contracts
- Loan applications
- Issues regarding inspection
That doesn’t mean it isn’t possible to do it yourself but it is easier with an agent.Market only goes up
Wrong again – recently home buyers and sellers have experienced increasing house values. But they can just as sharply decline during a period of slow economic growth leading to another time of values that are increasing. Many people do not understand that the market goes both ways.