As with any investment domain, the real estate area has its dos and don’ts, its written and unwritten rules, and its fair share of myths. When thinking how we buy houses San Antonio, we’ve seen many of these myths debunked on a regular basis, and we want to share this information with you – since it might make the difference between selling your house at a good price and letting it sit on the market for ages.
Here are the most common ten myths of the Real Estate Domain:
- You can get a better deal as a buyer if you don’t use a real estate agent. This is the most common myth out there. While it is true that any agent adds a commission to the sale, he also brings a lot of skills to the table, like conflict solving, negotiating and is always looks for useful ideas. He might also have a relationship with the seller, which could land you a better deal.
- You’ll make more money selling the home yourself. While you will save up some commissions, it’s not usually worthwhile, since listing the property yourself and dealing with all the paperwork is both time-intensive and challenging.
- The market will always rise. Another very common misconception – a house is not an active, it’s a passive. While its value might increase over time, it can also very quickly go down, especially if it’s not in an in-demand area.
- Open houses sell homes. Open houses work a lot better for agents than for people who are looking to make a sale, since it brings them more customers. We’ve very rarely seen a home being sold after an open house day.
- All real estate agents want to bring prices up. While an increase in the sale price might net them a larger commission, the difference is often tiny. It is in their best interest to make a sale and close a deal – the value of the deal is far less important.
- Leave room for negotiations when pricing a home. This is a big, big mistake. Potential buyers automatically filter out properties which are clearly overpriced. The best you can do is price your home correctly and build from there.
- Getting pre-approved should only happen after you find the home. You should always get pre-approved before finding the home you want to buy, as a lot of issues can come up during this process. You need to know exactly how much money you can afford to pay.
- Real estate agents can only show they company’s listings. This is just false – real estate agents who belong to their local board have access to any listing that is multiply listed.
- Real estate agents will do everything in their power to make a sale. Since the business works a lot via referral and relationships take a long time to build, a real estate agent won’t risk his career to lie to sell a house. This kind of behavior is quickly punished by the market.
- A home can be sold without preparation. Listing a home before it is 100% ready to be sold only discourages buyers, as well as agents who can aid you in the sale of your property.
As you can see, there are a lot of misconceptions looming around about real estate – both on the buying and on the selling side. When preparing to buy or to sell a piece of property, keep the information we’ve shared above close by, as it could make the difference between an easy, quick and well-priced transaction and taking ages to finalize a deal.