Top 3 Real Estate Myths Debunked
There are many myths and urban legends in the real estate market, some of which can actually hurt your home sale if you believe them.
Naperville, IL REALTOR® Linda Kemp debunks the top myths about pricing your home for sale in a buyers’ market.
“Myth #1: Sellers should still price their home higher than market value to allow for negotiating room.
Truth: Pricing too high in a buyers’ market is a big mistake. If your home is overpriced in this current market ,then agents showing your home will use your property to sell one of the other properties currently listed and in competition with your home.
Three important things to keep in mind when pricing your home:
1. Is your home updated?
2. Does it need cosmetic touch ups like fresh paint and new carpeting?
3. Is your home in a location that will attract buyers or does it back up to a major highway?
These are all items that the buyers’ lender will use when doing an appraisal on the property. The bottom line is this: you can price your home at any value you feel is appropriate, however, it still needs to appraise for the selling price in the contract in order for the bank to approve the loan!
A well-trained real estate agent who looks out for your best interests will consult with you on your home’s fair market value and guide you accordingly. Remember, agents do not set the price of a home, sellers do. Agents are here to give you current market information in order for you to make an informed decision to price the home in line with what is currently selling. The worst thing to do is price it higher than what is selling—all you end up doing is chasing the market from a losing position.
Myth #2: The carpet needs re