Common Real Estate Myths and Truths

MYTH #1: A “discount” broker can do as well as a full-service agent and save me money.

TRUTH: Successfully marketing a property in our competitive market takes skill and resources. All of the promotional costs such as photos, flyers, printing, signs, MLS fees, and mailings are paid for by the agent. A discount broker cannot offer all the services and personally tend to your needs.

Remember that you only pay a brokerage fee if and when your property sells. Many sellers have found that they never paid a commission to a discount broker because their property never sold!

MYTH #2: I should select the agent that suggests the highest list price.

TRUTH: This is the oldest scam in real estate sales: Tell the seller what they want to hear, compliment them on their home, and agree to list it at an unrealistically high price just to get the listing. Then, after you have the listing for a few weeks, start telling the seller that they need to reduce the price.

We provide a well-researched market analysis to determine the true price that your home will bear in today’s marketplace. The decisions of which agent to list with and what price to ask are two completely separate decisions.

Never select an agent based on the price they suggest. Instead, select your agent based on their credentials and marketing plan, and then decide on the price together!

MYTH #3: Pricing a home for sale is a mysterious process.

TRUTH: Your home will sell for what the market will bear. To determine the range of value for your home, it takes a solid knowledge of the market. Because every home is unique, your home will sell more near the high or low end of the range depending on its specific attributes like location and condition. I use a computer database along with experience of pricing homes to help you decide where to set the price. It is not simple, but it isn’t mysterious either.

MYTH #4: Property condition is not that important to buyers.

TRUTH: WRONG! A property in superior condition will sell faster and for a higher price than a home in average or run-down condition. Buyers purchase properties that are most appealing and a home in great condition with a reasonable asking price always tops the list. Sellers that invest in necessary repairs and keep their home clean and fresh always reap the rewards!

MYTH #5: Empty homes are harder to sell than occupied homes.

TRUTH: Vacant homes often sell faster for several reasons, but again it all depends on price and condition. A vacant home that is clean, not in need of repairs, and priced fairly will sometimes sell fast because the rooms will appear larger without furniture and clutter; buyers can then easily visualize their furnishings inside the home. Most agents prefer to show vacant homes because they can go into the home anytime without worrying about making appointments or bothering the homeowner.