As the leaves change and the air chills, October brings not just Halloween but also a host of myths and mysteries—some of which extend into the world of real estate. This month, we're here to shine a light in the dark corners and debunk some of the spookiest market myths that might be haunting potential buyers and sellers.
It's a Ghost Town Out There - Nobody Buys Homes in Fall
Contrary to the eerie tales, fall can be a bustling time for real estate. While summer is traditionally busier, autumn brings serious buyers who want to settle in before the holiday season. The cooler months can often mean less competition and more attention from agents eager to wrap up transactions before the end of the year.
Leave Room for Negotiations
Setting an asking price too high as a buffer for negotiations can deter potential buyers from even viewing your home. It's vital to price homes competitively based on market data, which attracts serious buyers and can sometimes lead to multiple offers. We always walk our clients through the Competitive Market Analysis before pricing a home. Think about Goldilocks! It has to be just right..
Buyers Must Always Pay Commission
Many buyers are under the impression that they are responsible for paying the real estate agent's commission, but recent shifts in industry practices have clarified this misconception. The National Association of Realtors (NAR) has provided guidelines indicating that typically, it is the seller who pays the commissions of both the buyer’s and seller’s agents. This arrangement means that buyers can benefit from the expertise of real estate agents without the burden of additional costs. Understanding how commissions are handled can relieve financial concerns for buyers and make the home-buying process more transparent and accessible. Still have questions about the NAR guidelines? Contact us today or check out our website.
Renovations Always Increase Home Value
Not all home improvements are created equally. Some renovations, such as kitchen updates or adding an outdoor space, are likely to increase value, while others like extensive landscaping or high-end upgrades might not appeal to every buyer. It’s important to research or consult an expert before undertaking costly projects. Let us walk through the house and we can discuss any changes you might be thinking about making.
Save Money by Selling Your Home Yourself
Going the "For Sale By Owner" route can seem like a cost-saving move, but it often leads to lower sale prices and longer market times. Real estate agents can help market the property effectively, vet potential buyers, and handle legal and procedural details, ensuring a smoother, more profitable sale.
Whether you're buying or selling, understanding the reality behind these myths will help you make informed decisions. Our team is here to provide expertise and guidance every step of the way.
Stay updated with real insights and market trends by following us at TeamHilbert.com. Together, we can navigate the market confidently and successfully!
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