The real estate process has gathered a lot of myths over the years. Some are harmless, but in general, misbeliefs and bad information are never a good combo. That’s why Crowe Realty is here to help! Read on for seven common real estate myths – debunked.
A Home Passes or Fails Inspection
One of the most common real estate myths is that when conducting an inspection, the house will get a “pass” or “fail” grade. However, an inspection is meant to assess the condition of the home that goes beyond a “pass” or “fail” (which are pretty vague terms for a home, no?). Your inspector will take a look at the condition of the home and how the key systems like the plumbing, roof, electric, and HVAC are holding up. They’re there to provide a report with all the good and bad so you can get the whole picture of what you’re dealing with.
Selling a Home “For Sale by Owner” Saves Money
People believe that selling their home “for sale by owner” (FSBO) will leave them with a lot of cash in their pocket. However, FSBO’s will likely end up losing money by not hiring professionals. This is because those who want to go the route of selling their own home underestimate how challenging it truly is. Sellers don’t have the skills, knowledge, or trusted vendors to sell their house the best way a real estate agent can.
When Making an Offer on a Home, You Need to Start with a Low Offer
Another one of the most common real estate myths is the belief that when you make an offer on a home, you should start with a low offer. Now, there’s nothing wrong with negotiating. In fact, you could get a wonderful deal that way! But you should be aware of the market you are in. In a competitive seller’s market, your low offer will likely be beaten by others who are willing to go above and beyond the asking price. Your real estate agent can help you determine the right amount to offer so you stay competitive in seller’s markets. Another thing to keep in mind is that no matter the market if your offer is unrealistically low, you might alienate the seller and hear nothing back. Let your real estate agent help guide you to set up a realistic offer.
You Need to Have an Open House to Sell Your Home
According to the National Associations of Realtors (NAR), 2% of homes are sold because of open houses. So, can a home sell because of an open house? Sure. Is it likely? No. The reason why open houses are becoming a thing of the past is because of the internet. Most homebuyers begin their research online, and according to NARS, 50% of buyers now find their home on the internet. It’s easy to not only view a home, but research neighborhoods, school districts, and find the closest parks and grocery stores. If you’d like to have an open house, speak to your real estate agent about planning one. But to have the best opportunity to sell, get your listing online!
The Highest Price is Always the Best Offer
Many buyers and sellers think that the highest price is the best one when it comes to an offer. This isn’t the case though. In reality, the best offer is the one with the highest probability of closing. This can depend on what offers there are but can come in the form of the shortest time needed to close, an offer with the fewest contract contingencies, or a cash offer.
Real Estate Agents Say/Do Anything to Make a Sale
Many believe that real estate agents will say or do anything to make a sale because they don’t get paid until a home closes. Now, we can’t say that every single real estate agent out there won’t do that, because there are some bad eggs out there in the world. However, our real estate agents at Crowe Realty and the majority of real estate agents will not. Real estate agents are held to a very strict code of ethics and abide by many rules and regulations. At Crowe Realty, we take this very seriously because this is our livelihood. When it comes to buying or selling a home, it’s extremely important to select a trustworthy real estate agent with who you not only trust but feel comfortable with.
All Agents are the Same
Although the general process of buying and selling are similar, no two agents are the same. We can see how the public can lump all agents into the same bunch, but this myth couldn’t be further from the truth! Like in any other industry, some agents will devote endless amounts of time into working with you and others will do the bare minimum.
At Crowe Realty, you can rest assured that all of our agents are committed to excellence and will do what it takes to help you sell or buy a home. We’re happy to help and guide you through the entire process in the Montrose, Colorado area.