9 Common Real Estate Myths

Sellers should price their home above the amount they want so that they have room to negotiate
FALSE: The longer a home stays on the market, the less interest the listing is going to get. Every listing generates the most interest in the first month. After that, dropping the price may create a spark, but then buyers wonder why. Setting the price of the home correctly the first time is crucial.

First impression = online photos
TRUE: The majority of people who are looking to buy a home first look at pictures online before taking the time to see it in person. If the pictures don’t impress potential buyers, it is unlikely they will see the home in person.

If buyers don’t like the outside, they won’t go inside
TRUE: Curb appeal is one of the most important factors in buying or selling a home. Many buyers will drive by a home to see it from the outside, review the neighborhood, etc. before scheduling a showing with their Realtor. If they aren’t impressed with the outside, the chances of them making it inside are slim.

Swimming pools make homes harder to sell
FALSE: A lot of people, especially those who live in Florida, are specifically looking for homes with pools.
However, for those worried about the safety of small children, providing a sturdy pool fence or safety gate is an easy compromise.

Avoid first floor condos because of noise and safety concerns
FALSE: First floor units can often be more convenient for the buyer, and even a necessity for elderly buyers. Living on the first floor can eliminate having to use the elevator or stairs, which makes moving in & bringing home groceries much easier. Safety and noise can be improved with minor changes.

Bad paint could prevent an offer
TRUE: While paint is easily fixed, it could be a deal breaker for some. Paint is no major issue, but if the current color is simply hideous, some buyers may find it difficult to see beyond. Additionally, if buyers are in a hurry, short on funds, or simply don’t want the hassle, they’ll make an offer on a turn-key home before tackling a new paint job.

Agents get kickbacks from mortgage lenders, home inspectors, surveyors, etc.
FALSE: Receiving kickbacks is against the Real Estate Settlement Procedures Act (RESPA) & could cost agents their license. Some seem to skirt the law by only referring companies who pay to be a “preferred provider,” pay for the Realtor’s “Welcome Packets” that they give to their clients, etc. However, the Florida Department of Business and Professional Regulation (FL DBPR) and Real Estate Associations across the state are cracking down.

Even new homes should have a home inspection
TRUE: Obviously the home inspector will be looking for proper workmanship, proper building materials, finish work, etc. rather than the wear & tear or break-down of the different systems of the home. Unfortunately many buyers improperly assume that there’s nothing to worry about with newer homes. You’d be surprised how often significant issues are found by home inspectors.

$200,000 + $50,000 worth of repairs is the same as $250,000
FALSE: Most buyers finance their homes. Contrary to some currently popular TV shows, if they’ve been approved for $250,000, that DOES NOT mean that they have $50,000 cash-on-hand to make repairs if they find something under their budget.