As a continuation of our last message, we’ll be shedding some light on seven more real estate myths.
In our last message, we debunked eight key real estate myths. If you haven’t already seen that video, you can check it out here. Today, we’ll be picking up where we left off and share just seven more.
9. The values on Zillow are accurate. Zillow’s Zestimate feature, which utilizes a complex algorithm to estimate home value, tends to actually be very unreliable.
10. It’s better to overprice your home. Buyers determine what a home’s market value is, so listing high and hoping to negotiate down is a poor strategy. The closer your list price is to fair market value, the more likely you are to receive multiple offers and earn top dollar for your home.
11. It’s best to make lowball offers. If you’re a buyer, you may assume that submitting as low an offer as possible will help you earn a great deal, but this isn’t the case. When making an offer, you should consider whether the potential of losing out on that particular property is worth the risk of trying to lowball the seller.
Buyers can still retain leverage even in multiple-offer situations.
12. The longer the home is on the market, the more you can negotiate over it. This is not always necessarily true. Sometimes, a given listing may be targeted at a very specific demographic. It may also be that the seller is especially conscious of price and can’t afford to go any lower. In either case, the length of time a property has been on the market won’t always make it easier to negotiate over.
13. Multiple price reductions mean that the seller is desperate. This isn’t necessarily true. The reason a seller is making adjustments may be that they’re simply repositioning their home to better suit the shifting market.
14. Receiving multiple offers gives the seller an advantage. Though this can sometimes be the case, multiple offers don’t always indicate inordinately high demand. Buyers can still retain leverage even in multiple-offer situations.
15. All agents are the same. An agent who has a lot of experience will provide a far different experience than one who has just gotten their license. In other words, your choice of agent will matter far more than you might assume when it comes to ensuring the success of your transaction.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.