5 Real Estate Myths Sellers and Buyers Must Be Aware Of

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Selling or buying a house in Sandy Springs is something most people do once in their lifetime. You might have heard a lot of stories about how people got conned into buying a house that had too many repairs or the owner ran away before giving the ownership deed that was not even his in the first place. There are certain myths still going around that tell people to proceed with caution.

Modern technology has made it possible for people to research everything about the house and the owner before buying or selling a house through the Atlanta real estate market. There are online listings that allow you to get basic information about the house and search for comparisons. However, not everything written on the internet must be believed blindly.

Following are five myths that buyers and sellers must not fall prey to:

1. Setting the House Price High Will Bring You More Profit

The real estate’s motto is to “set the price right, in order to get multiple offers”. The right price can be found out in two ways:

  • Compare price of the houses sold in the same subdivision
  • Set the price slightly lower than the market value

These two will bring profit to the seller while allowing the buyer to maintain their budget.

2. Home Buying and Selling is a Complete DIY Job

Yes, you can go through the process without getting help from a real estate agent but you need other people such as a home inspector, an expert that does appraisals and a lawyer who will draft the contract. Without them, the seller will have his house sitting on the market for quite some time and the buyer might be tricked into buying a fixer upper.

3. The Market Will Keep Rising

The recent recession has taught us that anything can happen and same goes for the real estate market. A seller should always be up to date with changing market trends, so that they can keep competitive prices that will bring in multiple offers.

4. Bathroom and Kitchen Renovation Is a Must

No, you do NOT need to get your bathroom or kitchen renovated in order to make a profit. Most of the owners are not able to get the full price of the renovation in the sale price. Yes, you can get repairs done and perhaps a fresh paint of coat and a new coat of applicant in the bathroom, but other than that, don’t go adding modern appliances or cabinets.

5. Open House Helps You Sell Your House Faster

All an open house gets you is people looking towards drinking free wine. An open house will get you nowhere if you don’t have the right contacts but a private showing will surely get you a second call. A private showing makes the buyer feel valued. Moreover, you can discuss the details with them easily and openly.

Real estate market is full of phonies that are just looking to empty your pockets. Do not believe everything mentioned on the online listing until you have met the owner, seen the house and gotten it appraised. Want to know the current value of your house? Visit America’s Network Reality and get an accurate evaluation from experts.

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