Debunking the Top Myths About Real Estate: What You Need to Know
Aug 16, 2022

When it comes to real estate, there are a lot of myths and misconceptions floating around. Some people think that real estate is a “sure thing” and will always go up in value. Others believe that only wealthy people can invest in real estate. In this article, we will debunk the top myths about real estate and explain what you need to know to make informed decisions about your investments!

A good house doesn’t sell itself.

One of the most common myths we real estate agents hear. If you’re putting your home on the market, you may be under the impression that a home with notable features, proximity to amenities, and in excellent repair will sell without much help.

But is it true? No. In fact, it is quite the opposite. Properties need a combination of expert marketing and exquisite features to sell. Even in a robust real estate market, a home will not sell at a price that reflects current market value unless tailored to maximize potential buyers’ exposure.

Consider that buyers see other properties with similar features, so they likely won’t be attracted to yours if you don’t present your home in a way that highlights its best features.

All information about real estate is on the internet.

This myth affects both buyers and sellers. Even with the wealth of information available online, never make a transaction involving large sums of money based on the advice of anonymous online individuals who may not have professional knowledge, such as real estate agents.

When evaluating the online information, you should understand that it will never be directly related to your particular circumstances. If you decide to act on information you read online, you may end up in a position that doesn’t address your concerns, makes them worse, or, in extreme cases, causes you to create problems that never existed.

You can save yourself this unfortunate experience and talk to real estate agents who will go out of their way to understand your circumstances before making recommendations on how you can proceed to achieve your real estate goals.

Listing at a higher price allows bargaining.

You may run into the odd greedy seller who sees the recent sales boom as an opportunity to put their home on the market for more than its fair market value. The rationale is that this will prompt higher bids or give the seller room for negotiation. Bottom line: this strategy is wrong. Instead of the negotiation process sellers envision, buyers may be put off by the price and avoid bidding or even booking viewings.

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