Top Real Estate Myths Debunked

Real estate is always a hot topic of debate. Many people believe they understand the market and the legalities of buying and selling property, but unfortunately, it's all too easy to fall victim to some common myths and misconceptions. If you think you know all there is to know about pricing and negotiation, selling your home yourself or the venerable Realtor® profession, read on to test your knowledge!

Always Price Your Listing with Bargaining Room

Many home sellers assume that price negotiation is a requirement. Although that may have been the case once upon a time, it's certainly not true in today's market. Home buyers, especially those represented by their own agent, understand the market and know how to recognize a good value. If you price your home aggressively, buyers will be willing to accept your position that the price is already right!

You Should Always Start with a Lowball Offer

Some buyers have an irrational fear of "leaving money on the table," and insist on making their first offer extremely low. Home sellers, buyers and agents are all busy people today, and no one has time to play games. If you truly want to start by offering less than you're ultimately willing to pay, try making the number only slightly below your maximum number. Otherwise, the seller is likely to discount your offer as insincere, unqualified or perhaps even refuse to respond at all.

"For Sale by Owner" Saves You Money

You won't be fooling anyone with this approach. Today's savvy buyers automatically adjust their FSBO offers down by the standard real estate commission percentage. Without an agent in your corner to qualify potential buyers, you're likely to waste a lot of time with unqualified looky-loo types who don't know what it takes to purchase a home. Safety is an even more important factor, as many scammers and people with less-than-sincere intentions take advantage of people who advertise their own homes for sale.

Real Estate Agents Are All the Same

Negative perceptions of Realtors® are holdovers from the speculators of the early 1900s. Today's agents are highly educated and held to higher ethical standards than most other professions. If your agent isn't a Realtor®, a member in good standing of the National Association of Realtors®, you risk representation from someone who doesn't live up to these exacting standards. When you enlist the help of a Realtor® to represent your interests in buying or selling property, you can rest assured that no one knows the market better, or can better represent your best interests in all aspects of the process.