3 Real Estate Myths That Need Debunking
Are you thinking about buying or selling a home? If so, it’s important to know which real estate rumours are true and which ones should be ignored. Check out this guide to some of the most common real estate myths and get the real story so you can make smart housing market decisions.
Weekends Are the Best Time for Open Houses
Open houses may be a bit busier on the weekends, but that’s not the best time to attract truly serious buyers. In many cases, the people attending weekend open houses are just starting to scope out the local housing market. You might even get a few nosy neighbours or people who just like to go to open houses for fun.
Those who are really serious about buying usually go during the week. The quieter setting gives them more time to look through the home without distractions and ask plenty of questions about the property. In hot housing markets, serious buyers also prefer weekdays since waiting until the weekend could mean losing out on a great home.
A Higher Home Price Gets More Money
Some sellers think that by setting the listing price higher, they’ll end up getting more money. However, that’s not actually true. In fact, overpricing your home can actually lead to a lower price in the end. The longer your home sits on the market due to being overpriced, the more suspicious buyers will become. Then when you have to lower it to attract attention, later on, the damage has already been done.
There are two main issues with overpricing a home on the market. First, it attracts the wrong buyers since those coming to see the home will be disappointed that it’s lacking what other homes at that price offer; at the same time, it discourages the buyers who can afford the home at its actual value and not an overpriced listing.
Buyers Will Overlook Hidden Upkeep Issues
There are lots of tips on how to update the physical features of your home to be more attractive to buyers. But updating a few fixtures and slapping on a fresh coat of paint isn’t enough to distract from any red flags looking out of site. You might think buyers won’t notice or care about something like an HVAC maintenance issue since it’s not immediately noticeable, but the inspection will ultimately reveal these problems and, most likely, cause the buyer to walk away.
Be sure to address as many potential issues with your home before listing. That may include getting a new furnace, fixing a plumbing problem, or even replacing the roof. These issues are just as important to serious buyers as any physical features of the home and trying to distract from them with fancy updates won’t be as effective as you may think.
The process of selling or buying a home can be challenging, but it’s all worth it in the end when you do it right. Make sure to consider these debunked real estate myths so you can make a smart choice for you and your family.