Just because you read it or heard it from somewhere, does not make it true. There are many common real estate myths and misconceptions, here are our top five revealed.
1. All Real Estate Agents Are the Same
If you believe this, then you as a buyer or seller are possibly making a big mistake! When selecting a real estate agent to represent your home for sale or your interests in buying, you need to make sure they have the correct skills and experience for your specified purpose. For example, a real estate agent with only a few years of experience and that has been focused as a buyer’s agent, isn’t going to have the same set of skills as one with over 15 years of experience selling executive properties. You need to make sure you have the correct specialised agent to best suit your individual case, be it buying or selling, executive home or commercial property.
2. You Should Price Your Home Higher to Leave Room for Negotiations
Correctly pricing your home is one of the most critical aspects of a sale. An incorrectly priced home can lead to spectacular failure. If you, as the seller, price your home far above its correct value because you are worried about negotiations bringing it too low, it can lead to your home sitting on the market for a long time, which in the property world is a big, big ‘no’. A buyer simply isn’t going to look at a home that is overpriced. So, before you add thousands onto your sell price out of fear, listen to the recommendations of your real estate agent, otherwise you could be sitting on your home sale for months and months and months….
3. Buying Directly from the Listing Agent Can Get You a Better Deal
More accurately, it will give the listing agent the better deal. You need to ensure that you have a great real estate agent representing you and looking after your best interest. Listing agents still have a seller that they are representing. So, although it may seem like a win-win for them getting both sides of the transaction, the reality is that the listing agent is looking out for the best interests of their seller first, not yours. Having someone on your side and looking after your interests as a priority is always going to be the better option, and in the end, it will usually lead to a better deal in your favour.
4. You Need to Find the Perfect Home First, and Then Get Pre-Approval
In fact, you absolutely should do the opposite! Getting your pre-approval done before you go on the house hunt can be the difference between buyer’s success or failure. You don’t want your perfect home to slip away because you were unable to get a loan! Especially if that home is receiving other offers, a seller is always going to choose the one that ready to go, not the one still trying to get finance.
5. Selling Your Own Home Will Save You Lots of Money
How hard can selling a home really be? The truth is, very hard! Often, most who chose to list as ‘for sale by owner’ in an attempt to save money, end up losing money. Not hiring a professional real estate agent can lead to bad negotiations, mishandled transactions and more. You wouldn’t handle your own legal matters, right? The sale of your home should be treated the same. Hiring a professional real estate agent will give you the best chance of achieving the most optimal sale of your home.
Are you considering selling or buying a Brisbane property? No matter if you are ready to put your home on the market, still deciding or ready to buy, North South Real Estate and our executive team of real estate agents can help you get started. We can manage all of the details when it comes to putting your home on the market or buying your new forever home.