According to industry experts, everyone makes an investment in real estate at least once in their lifetime. Some even do it more than once while others actually make a living out of the industry. Regardless of how rarely or frequently some people make a housing investment, many think they know how the industry works. Most of their knowledge, however, is based on myths and hearsay.
These myths can cost you money. Thus, it is important that you know which are myths so you can do better when buying or selling a house.
Common Real Estate Myths – Sellers
A High Price For Myrtle Beach Real Estate Results in High Profit
What this will only do is that it will make your house sit on the market for a longer period of time because Myrtle Beach real estate agents and buyers often pay little attention to houses that are priced above the average market value (even in the current market). As a result, you will be prompted to lower the value of the house, thinking this will bring in prospective home buyers. In reality, however, this will make buyers even more suspicious of the house that you are selling.
What you should do instead is conduct a comprehensive research of the current market value of other similar houses in the same area. Set your asking price in that range. And when you receive offers and proposals, negotiate the price so you will get the price that you want for your house.
Buyers Need To Pay For Myrtle Beach Real Estate Agents To Help Them Get The Best Deal
It is actually because of this many buyers opt to go through the entire home buying process without professional assistance. As a result, they end up wasting a lot of money and getting stressed along the way. Keep in mind, however, that when houses are listed with realty agents, the total sales commission is included in the price. Thus, buyers no longer have to spend money to pay for the agent’s services.
Selling a House On Your Own Will Save Money
While it is true that some home sellers are successfully able to sell their homes, they still need sufficient knowledge, skills and the right connections to expedite the process. If you are looking to sell your house quickly at the right price range, be sure to hire professionals. Cheryl Woodward with Full Potential Real Estate will help you sell your house without any difficulties, ensuring you a quick, efficient and legit process.
Doing High End Renovations Will Help You Sell Your House
Many home sellers opt to renovate their kitchen and bathroom before listing the house. It is true that this will indeed help increase the value of the house. On the other hand, you should consider whether or not you will be able to get back the money you spent in the renovations after you have sold the house. If you plan on doing these renovations, make sure you do not spend a lot of money on them and that they will indeed make the house sell quickly at a higher rate. Discuss your options with your real estate agent to ensure you are making the right decision.
Top Real Estate Mistakes – Buyers
Aside from not working with a real estate agent, there are other mistakes that most homebuyers commit when buying real estate. Unfortunately, these mistakes often cost a lot and cause homebuyers to waste money, time and effort. Keep in mind that a real estate investment is one of the biggest forms of investment an individual makes in his entire life. Thus, homebuyers cannot afford to make the following mistakes.
Not working with a Myrtle Beach real estate agent
The importance of working with a real estate professional when buying a house cannot be stressed enough. Despite what homebuyers do, the success of a real estate purchase depends greatly on the professional assistance provided by realty agents. Yes, it is true that some home buyers are better negotiators than real estate professionals, but it cannot be ignored that these professionals know the ins and outs of the real estate industry.
- Real estate professionals know the most cost-efficient locations to buy a house.
- They can obtain access to useful information about the neighborhood where homebuyers are looking to buy.
- They know who to talk to in order to speed up the process of your mortgage loan application.
- And they know how to persuade sellers and their agents.
There are a lot of things that realty professionals can do to help homebuyers purchase their dream homes without difficulty and financial stress. Those homebuyers who opt to work alone could buy their dream homes, but they will not likely have the luxury of buying it in the terms and budget that they are comfortable with.
Pursuing a house because of its décor
It’s important to keep in mind that the decorations inside a house are meant to complement or highlight its layout, structure, and style, which can effectively persuade potential homebuyers to make a purchase. However, it’s worth noting that decorations are not always included in the deal, unless specifically declared by the seller or owner of the property.
Relying solely on the décor and interior design when making a home buying decision may not be wise, as these elements can be easily replaced or changed by the homeowner. To make better purchasing decisions, homebuyers should take into consideration the current condition, overall layout, and structure of the house.
Not learning more about the neighborhood
Homebuyers should understand that they are not only buying a house when making a real estate investment. The neighborhood where the house they are looking to buy is located plays a huge role in ensuring their comfort and security while living in the house. This is especially true if homebuyers have kids. They would want their kids to live in a safe and peaceful neighborhood.
This is why it is extremely important for homebuyers to learn more about the neighborhood where they are buying before making a home buying decision. They should conduct research about the neighborhood and check to confirm whether everything they need is accessible, such as parks and entertainment centers for the kids, a good school and many others. Homebuyers can seek assistance from a real estate agent to obtain necessary information about the neighborhood.
Choosing an expensive house
Even if homebuyers have the money, they should hold off in buying the most expensive house in the neighborhood. This is especially true if they are looking to resell the house after several years. The primary reason for this is because the home values often change over time. An expensive house now may depreciate after several years. If looking to profit from a real estate investment, industry experts recommend buying an average house and making necessary improvements and repairs to increase its value.
Cheryl Woodward with Full Potential Real Estate is here to help you with your decisions. She can show you affordable houses in Myrtle Beach that will fit into your investment plan. Call Cheryl today and schedule a time to meet.
Full Potential Real Estate, LLC
PO Box 571
Conway, SC 29526
(843) 251-3794
http://fullpotentialrealestate.com
We Serve – Carolina Forest SC, Surfside Beach SC, Conway SC, Myrtle Beach SC, North Myrtle Beach, Socastee, Little River, Murrells Inlet, Longs/Loris, Forestbrook
