After the roller coaster ride during the last couple of years, how do you separate fact from fiction in the real estate market? Let our real estate experts bring order to the chaos by exploring some common myths.
1. Sellers: No Prep Needed
When inventory gets tight, we’ve seen sellers get overconfident, expecting properties to sell with little to no effort on their part. Appearances still matter, and buyers are likely to be scared off by a home that is poorly maintained. At best, the seller may have to settle for a lower offer.
2. Buyers: The Market Is Bound to Crash
Yes, no one is likely to forget the spectacular real estate crash of 2008. But those who are counting on history to repeat itself aren’t paying attention. In 2008, looser lending guidelines and investors with shaky financial stability were the driving factors. Today’s buyers have unprecedented purchasing power, so anyone holding out for a crash is in for a disappointment.
3. Sellers: Sky’s the Limit on Asking Price
Again, a hot market doesn’t mean all bets are off. If you’re willing to roll the dice, there’s a chance an ambitious asking price will fly. In most cases, you’re still better off examining the comparable market and pricing your home accordingly. Don’t forget that an overpriced home can end up languishing on the market, making it less attractive to buyers.
4. Buyers: Go for an Off-Market Property
It’s a huge misconception for sellers to assume they’ll get a better deal with an off-market property. The reality is that the seller holds all cards, and things can go sideways fast.
In separate or dual agency real estate transactions, it’s imperative that you keep your clients current on market conditions. Contact us at Properties Online for information about our state-of-the-art marketing tools.