Debunking Common Real Estate Myths

Real estate is an industry that, while most people will be involved in it at some point, there is a lot of misinformation in the general public. In this post we will be debunking some of the most common real estate myths:

• Price Higher Than You Expect To Get – Contrary to what many believe, listing your home at too high a price may actually net you less money! Many people are wary of homes that have been on the market more than 3 weeks, so listing your home too high and letting it sit on the market is not the best plan!
• Renovate Before You Sell – Major renovations are not always the best plan when trying to raise your home value. Prospective buyers may not share your taste, so you’re better off just fixing small things and leaving the big renovations to the next owner! There are many myths about renovating before you sell. To see the renovations that are worth taking on, see our blog post on the topic here!
• The Market Will Go Up – Home values have been going up recently, and many people have already forgotten the recent recession. They think the market just goes up, without considering how it could plummet again in the future. It happened in the mid-70s, early 80s, early 90s, and again in 2008. This is a good thing to consider when purchasing a home. How will you and your home be affected if this happens again?
• Get Pre-Approved After Finding Your Home – One of the most common myths in real estate is that buyers don’t need to be pre-approved until the have found their home. This is simply not true and can be a big mistake! Pre-approval should be the first step in your house-hunting adventure. It can be devastating for buyers to find a home, make an offer, and have it accepted, only to find out they aren’t approved for a loan for the home. Get pre-approved first!
• Open Houses Sell Homes – Many sellers love the idea of having their home open every weekend for people to walk through. A common myth in real estate is that open houses sell a lot of homes. While this can be true in some areas, the National Association Of Realtors tells us that only 2% of all homes are sold are a result of an open house. So while an open house can provide good exposure, it probably won’t sell your home directly!

We hope you were able to learn something new from this blog post! Real estate can be a complicated industry, so we try to break things down wherever we can to inform current and future clients! If you would like to talk to one of the NextHomies in our office, give us a call at (970) 507-8655! To see NextHome Rocky Mountain Rental’s current featured listings, click here! We want to get you into your Next Home!