Anyone who has ever thought about buying or selling a home has probably gotten a lot of advice–from friends, family, and yes–the internet. Luckily for you, we’ve taken the time to sort through the top real estate myths floating around the internet and let you know what, if any, truth they contain.
Myth #1: Buyers will be turned off by bold paint colors.
Truth: Realtor.com notes that “bold doesn’t automatically mean bad.” Sometimes a bold color can make a lot of sense for you and a buyer. It can divide a large space or highlight architecture. That being said, moving is a lot of work. Whoever buys your home probably won’t want to spend the time to paint over anything too outrageous. Work with your real estate agent to decide what will appeal to buyers and what won’t.
Myth #2: You need to redo your kitchen and bath in order to get a good offer.
Truth: A quick read of an annual Cost vs. Value Report will tell you that it’s nearly impossible to get a 100% return on your remodel. Small improvements, however, can make a big impact. Think about things like new counter tops or appliances, and see what features comparable homes in your area have.
Myth #3: If buyers don’t like the outside of a home, they’ll never set foot inside.
Truth: This one is often true. There may be other features that your ideal buyer is looking for. Perhaps the layout or storage space will catch their eye as they shop online, but eventually that buyer will arrive at your door. If what they see may change a buyer’s mind, consider small improvements like upgrading your landscaping, painting your shutters or redoing your walkway.
Myth #4: Start with a low-ball offer
Truth: There is no one-size-fits-all strategy for bidding on a home. You really need to work with your agent to determine the right offer for the house and the market you’re shopping in. For instance, if you’re looking into a market with tight inventory, starting low isn’t the answer.
Myth #5: Price High
Truth: Just like placing an offer on a house, determining your selling price is largely determined by your market. The right real estate agent won’t list your home at any old price. Instead, they will run something called a comparative market analysis to see how similar homes are selling in your area. It is important to get the price right the first time. A reasonable price might just encourage a bidding war, but a too-high price is likely stay on the market for months.
So there they are, the 5 most common real estate myths. Whether you’re buying or selling, a sure-fire way to overcome these misconceptions and more is to hire a qualified real estate agent.