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Before Listing Your Home: Real Estate Myths Debunked

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Low housing inventory coupled with low interest rates has helped encourage home owners to finally consider putting their home on the market.  There are many considerations to take into account before listing a home.  Being able to determine what home selling advice is based on fact versus myth is vital for a successful and profitable transaction.  An article published in U.S. News and World Report, written by Teresa Mears, helps homeowners navigate the process by debunking some of the rumors and myths.

One home selling myth is that home owners should list the home at a price above what they actually expect to get for the home.  According to Mears, “That’s because shoppers and their real estate agents often don’t even look at homes that are priced above market value.”  Even if a homeowner lowers the price after a few weeks, the fact that it sat on the market for 3 weeks or more makes prospective buyers suspicious about issues with the home.

Sellers might often be tempted to sell a house on their own, without the use of a real estate professional, in order to save money.  The value real estate professionals add to the process comes in the form of marketing to buyers and their agents, negotiating the sales price and sales contract and helping navigate any issues that come up after the inspection.  When you hire and pay a real estate professional, you are able to take advantage of their experience and expertise from previous sales transactions.

Additional myths touched on include which home renovations home owners can expect to see a return on investment, and which renovations should not be done just to sell a home, whether open houses benefit the home owner and what your expectation for future market prices should be.  Read the entire article.

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Thinking of Flipping A House? Review These Helpful Tips

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The home improvement shows make it look so easy.  It appears that as long as you can find an old, run-down house, you can spend a few weeks renovating it and list it for a profit.  Many people realize, however, it is usually not that easy.  Nevertheless, there is a market for flipping renovated homes and flipping these home can be profitable.

It is important, though, to understand the ins and outs of purchasing an old, dilapidated home and attempting to fix it up for resale.  In an article published by Realtor.com, writer Lisa Gordon lists many of common mistakes made by first time home flippers.

For example, it might be tempting to purchase a home “as is” without getting a home inspection since the plan is to fix it up anyway.  However, the home inspection will not only help identify major issues that could turn your flip into a money pit; it might also provide some bargaining power on the purchase price.

Gordon goes on to list additional mistakes such as “Overestimating your renovation skills” and “Underestimating total costs”.  You may feel it will be easy enough to do all of the work on your own, in order to save money; yet, the article warns,  it might be well worth the extra cost to hire professionals for some of the plumbing or carpentry projects.

Read the entire article.

 

Photo Credit:  Bev Sykes

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