12 real estate myths.
Real estate myths, the kind agents, brokers, REALTORS fight and slay like dragons one by one. How they happen and why they keep circulating. A dozen real estate myths that can impact a sale negatively. How they start, why buyers and sellers of homes and even agents keep them going strong.
This blog post is a short read, will list the real estate myths I experience and why in my local property sale market.
Real estate myths. For starters, you, I, everyone likes a good story right?
Not the kind to put someone to sleep like you use on the kids.
But yarn spinning ones sprinkled with not too much fact, the truth stretched a tad for lots of reasons. All seasoned with a little humor. And please and thank you, make it short, sweet, highly entertaining. To go down easy and sound reasonable. Craft it like a good joke worth repeating.
(Rustling crushed ball of paper being unfolded slowly sound)
On the scribbled blog post list outline, the number one for real estate myths. "Put the price high to end up selling for more" thinking.
Just the opposite happens with that kind of flawed approach to how to price your home for sale. Over priced homes develop ten foot pole marks on their exteriors. Get avoided and lonely because buyers and eventually agents too neglect them. The longer the houses are on the market, the more buyersavoid them and consider them dogs. That's no real estate myth, we hear the reaction from clients practically daily.
Over priced properties help sell other reasonably stickered real estate listings. Makes them look like even better deals in comparison to listings with the sky high price treatment. Double, triple the value or let's build in $50,000 worth of wiggle room properties just don't ever get to closings. They clog the MLS like parked dead in their track cars in the middle of a very fast super highway. The reason overpriced properties don't sell is often off handedly blamed on "must be a poor real estate market". It's not the economy, it the wrong pricing pure and simple. Ignore fair market value and plan to stay in the home for years to come. That's no real estate myth.
Other reasons real estate listings do not sell. (PSSSSsst. Making a low ball offer works the same way.. very poorly. The seller does not take you serious or is insulted or figures you are a piker. Can't afford a home priced in his bracket on the MLS merry go round of available listings.)
There must be something wrong the home buyer thinks because why is this place still on the market?
Looks okay from the photos, out on the street driving by. Often the only thing "wrong" is the price. All by itself the one factor keeping the home for sale parked way too high up in another MLS property price bracket. It's the price.
The folks searching for where it should be priced don't see it showing up on their devices. The people in the higher price brackets expect more features that it does not have. It's like the Sesame Street song about one of these things does not belong here, is not like the rest.
I blame real estate agents not just the seller myth that they alone are to blame for bloated pricing.
Can you say hanging around too long and developing shelf life with too many DOM (days on market) ? I knew you could. Real estate agents need to tell the truth on home values even if the red faced upset seller hollers "I'm not going to give it away". It does not matter how much the owner has poured into the sticks and bricks. Only so much is coming out according to current real estate home market values.