1. Price your home high to leave room for negotiating.
Truth: Many times, buyers won't even look at homes that are priced above the market value. You could lower your price, but buyers are often suspicious of homes that have sat on the market for a while. This means that if you overprice your home, you could be left very frustrated. Before pricing your home for sale, talk to a professional real estate agent and make sure your home is properly priced to sell.
2. Never buy the biggest house on the block.
Truth: The largest home in the neighborhood is often the most expensive. This myth occurs because most buyers are concerned about value when making an investment in a home. There are many factors you need to consider before buying a home one of those being resale value. If you fall in love with the biggest house, make sure it is a good investment before making an offer.
3. You should renovate before you sell and you'll earn back what you spend.
Truth: The two most common renovation projects are the kitchen and bathroom. If they work, a major overhaul could backfire. This is because potential buyers may not share your taste and they wouldn't want to redo something that was just renovated. The best way to avoid this is by adjusting the price of your home according, as most buyers will want to renovate themselves. If you do some renovations like installing a new HVAC system, you may sell your home quickly, but do not expect to earn back what you spent. You're likely to get back 60 - 70 percent of what you spent on a bathroom or kitchen remodel.
4. You can save money by not using a real estate agent to buy a home.
Truth: This one is confusing to those not familiar with the real estate industry. It may seem like you are saving money because you are not having to pay the commission of your agent. However, the commission is built into the asking price of the home that is listed with the selling agent. If you do not have a real estate agent when buying a home, the commission will go to the agent that was listed with the home. Don't skip on hiring a real estate agent thinking that it will save you money. REALTORS have industry knowledge and many resources that can help you find your dream home.
5. Selling your home without an agent can save you money.
Truth: Often times people believe they can save money by selling their home "for sale by owner." However, this could end up costing the person more money than if they used a professional real estate agent. When you hire a real estate agent, they help you through the entire process of selling a home. From correctly pricing your home to helping you negotiate offers. If you are selling your home "for sale by owner," you do not have the guidance of a professional that could help you avoid costly mistakes.
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