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What are the biggest misconceptions in the real estate industry?

On Behalf of | Aug 27, 2021 | Residential Real Estate |

Selling your home or other property in Virginia can be highly rewarding. However, just as with any other industry, there are some misconceptions about selling property that can throw you for a loop. Knowing what they are can make all the difference when you’re involved in real estate.

You don’t have to renovate because you’ll always find a buyer

One of the biggest misconceptions of real estate law is that buyers will accept any property no matter its condition. As a result, you may hear people saying that you don’t have to renovate your home at all. However, if your home has major disrepair, it can be off-putting to prospective buyers. People don’t want to buy a run-down property and then have to shell out lots of money to fix it themselves. Plus, when you renovate, it may allow you to get more money for the property.

You can put a high price on your home and get that price

While home prices have increased over the years, you should avoid being too greedy. It’s a myth that if you price your home extremely high, you will get someone to buy it for that price. In reality, you have to be realistic when putting a price tag on your home. There’s typically a lot of competition. With too high an asking price, you run the risk of the home sitting on the market for a while, waiting to be purchased.

You don’t have to market when you’re selling your home

According to real estate law, it’s a big mistake to not engage in marketing when you’re selling a property. Marketing is the best tactic for selling anything, homes included. Spending a bit of money to market the property should help you make a sale.

You can pick the highest offer on your home

Bidding wars happen when you’re selling a home, but that doesn’t mean you should simply sell to the highest bidder. Sometimes, it’s more feasible to accept a lower offer to get better terms. For example, if you or someone else in your family needs a bit more time to stay in the home while searching for a new place to move, a lower bidder might be willing to accept that. There’s no guarantee the same could be said for the highest bidder.

Selling your home doesn’t have to be difficult. When you know what’s true and what’s false about selling, you’ll be in better shape.