Real Estate Myths: True or False?

September 02, 2015

Real Estate Myths: True or False?

We have all heard it, tried it and don’t really know if it did work or not. But facts are backed up with numbers and myths are just like an old wives’ tale. It applies to just about anything, from your wedding day to first day at work, and even in real estate! Here are some common myths you can find and hopefully, this can shed us light as to whether we should believe it or not.

Myth: Always change bold paint colors to neutrals before selling

False. Sometimes bold colors can enhance an architectural feature of a home. It doesn’t mean that when a room is painted with bold colors, you would need to tone it down with a neutral color. You can do so using a calming rug or tranquil array of fresh greenery. In case that the room needs change, provide the buyer with the option such as sharing the name of the painter, offering handful of paint chips that demonstrate alternative color options that are more universally appealing.

Myth: Never buy the biggest house on the street

This is partly true because the biggest house on a block or in the neighborhood is the most expensive one, which may affect its appraisal and make its price much higher than the other homes in the neighborhood. Most buyers are now concerned about value when making an investment in a home.

Myth: Always avoid first-floor condos because of noise and safety concerns.

First floor units can still be a wonderful place to live in. Think about the positive things such as no waiting time at the elevator or even climb the stairs to go up your unit (however, this is sometimes good because it gives you an excuse to exercise). There are several things to do in order to resolve noise and safety issues when living on first-floor condos – such as wrought iron bars or an alarm system for safety. Consider soundproofing the unit and window treatments that block noise and views from pesky pedestrians.

Myth: To sell quickly in this market, you must have the most popular features buyers are seeking.

While a master bedroom walk-in closet is one of the trend or popular feature that buyers are looking for, it doesn’t necessarily mean that your home won’t sell. Think about supply and demand, and at the moment there is little inventory but a lot of buyers so the need for a redo is not essential. Every home will sell at the right price.

Myth: If buyers don’t like an exterior, they’ll never go inside.

This is where curb appeal comes in, when you don’t have it buyers would sometimes think why waste time? Adding curb appeal can be as simple as adding landscape to conceal a part of an offending façade, painting shutters and a door to create attention or upgrading a walkway with a nicer material.

Myth: Homes with swimming pool are always tougher to sell.

Sometimes sellers would think that having a swimming pool in a home could mean that buyers would not want to purchase a property with that feature because of high maintenance and utility costs. But there is no reason to remove a pool, instead use it as a tool to attract those who do such as placing a sturdy canopy that can slide over the top to make a safe and walkable patio. You don’t cater to a market that doesn’t want something.

Myth: Always remove holiday decorations before listing a home.

If the decorations are pleasing and tasteful, then that is fine. Always go minimal such as fresh boughs on the mantle or a pretty wreath on the door. The same goes for Halloween, by filling a dish with candy corn and for Easter, fill it with jelly beans. Just make sure that these decorations will not block a great portion of the house that can be a selling feature.

If you are a buyer, make sure that you avoid believing such myths and base your buying decision on economic facts. As a real estate professional, it is our responsibility to advise buyers and even sellers that buying and selling trend are based on economic, local and neighborhood factors.

Source: http://realtormag.realtor.org/home-and-design/feature/article/2015/02/9-real-estate-myths-need-debunking