Wednesday, April 14, 2021 / by Peter MacIntyre
Today I’m sharing five common misconceptions about today’s competitive real estate market and what the truth is:
1. You should get pre-approved after you find the perfect home. That is false; it’s crucial to get pre-approved before you search for properties. When you find the home you're looking for, send your pre-approval along with the offer, and the sellers' agents will take you seriously.
3. It’s best to price your house on the high end. In reality, your property should be priced competitively according to the other homes in the area. If you price your house correctly, it will receive more offers and sell quicker. When a property is overpriced, it just sits, and the more days it sits on the market, the more buyers will think something’s wrong with it.
4. Renovating will net you more money when you sell. Some renovations may be necessary but not all. We can advise you about what’s essential to repair and will help you sell and get the most money. Your home likely needs some updates, but you don’t need to do a laundry list of improvements in the present market.
5. It’s safe to skip the home inspection if the house looks good. In truth, you should never skip the home inspection because it could uncover hidden issues that the untrained eye can’t see. Skipping the inspection could cost you money down the line; just because the house looks fine doesn’t mean it is. It’s in your best interest to get a home inspection as a buyer.
If you have any questions about these market misconceptions or real estate in general, call or email us. We would love to help you.