We all believe in common myths; tomatoes are vegetables, dogs sweat through their tongues, you should drink eight glasses of water a day. There are myths for just about every topic, including the real estate industry.
Real estate myths are passed along by buyers and sellers. Some may have truth, most are false, yet there are some that depend on a variety of factors. The follow myths and their “reality check” answers will help you educate your buyers and sellers so they make the best choice rather than basing it upon hearsay.
Myth #1: Change bold, bright, paint colors to neutrals before selling.
Bold isn’t bad. Sometimes an architectural feature in a room calls for a bold color to play it up. This type of color can divide a room in two, or spread some cheer. Instead of grabbing the paintbrush, you can tune a bold color down with some neutral counterparts such as a neutral rug or fresh greenery. This will save you time before you’re ready to show the house and may provide some décor inspiration for the next owners.
Myth #2: Homes with swimming pools are always tougher to sell.
While pools are associated with high maintenance and utility costs, there are a lot of buyers who look for homes especially with pools. To appeal buyers who may not be looking for a home with a pool, you can suggest sturdy canopies that can side over the top of the pool to make it a safe patio. However, never advise clients to remove a pool. You don’t want to cater to a market that doesn’t want something. You should use it as a tool to attract those who do.
Myth #3: If buyers don’t like an exterior, they’ll never go inside.
Curb appeal. It is can make or break a potential sale in a matter of seconds. Without curb appeal, most think, “why waste my time?” Simple exterior updates can make a huge different such as adding landscaping, painting shutters and a door to focus attention, or upgrading the walkway. It’s also important to prepare you clients for the exterior ahead of time. Ask them in advance what styles of houses they like and dislike and show them images.
Myth #4: To sell quickly in the housing market, you must have the most popular features buyers are seeking.
Master bedrooms with walk-in closets and first-floor master suites are the rage right now, but a lot of homes, especially older homes don’t have these features because they were built before the trends became popular. The market for these homes is still there because there is always someone with a vision to upgrade it.
Myth #5: Sellers should expect to earn back everything they invested in remodeling projects at resale time.
By checking the Cost vs. Value survey, sellers will quickly realize that it’s nearly impossible to get 100 percent of the money they put into a redo back when they sell it. However, remolded kitchens and bathroom s continue to be huge selling point to prospective buyers. It helps make the home more attractive and is appealing because buyers don’t have to fix it themselves. Basically it pays to keep a house updated and in line with similar priced homes.
Help your clients avoid accepting widely held truisms as facts by sharing these myths before they purchase or sell their home in Lancaster.