Over the past few years, many myths have surfaced about events that occur in the time between listing a home and selling it. To help sellers and buyers make informed decisions, this list attempts to separate real estate fact from fiction.
Selling Without an Agent can Bring Savings
While a Real Estate Lawyer knows that it’s possible to sell a home without outside help, real estate agents offer special knowledge, training and skills to buyers and sellers. Hiring an agent can help a buyer or seller save money and time while avoiding errors that can ruin the sale.
Buyers Without Agents Get Better Deals
Typically, the buyer’s agent’s commission is deducted from the amount set aside for the seller’s agent. For instance, if the seller’s agent gets a 5% commission, that amount is divided evenly between the seller’s and buyer’s agent. The buyer pays no commission costs, but they get the benefit of the agent’s expertise and on-the-job experience.
The Market Can Only Go Up
As agents, lawyers, buyers, sellers and owners have already seen, the real estate market can indeed go down. However, experienced agents and attorneys know that real estate can still be a good investment.
Renovations Increase Sale Prices
While renovations can add style, comfort and practicality to a home, they may not appeal to every buyer—and it’s possible to lose money on home remodeling efforts. If the bathroom or kitchen needs repairs or upgrades, include the cost in the home’s asking price. Another good option is to include a remodeling allotment in the sales contract.
Open Houses Help Homes Sell Faster
An open house allows agents to attract potential clients, and there’s no guarantee of a fast sale. It is typically more effective for a seller to have an open house for agents rather than one for prospective buyers.
A local real estate lawyer can offer in-depth experience to both parties in the home selling process, and his or her strong advocacy can protect a client’s interest at every stage. Before responding to a sale ad or listing a home for sale, call a real estate attorney for a free initial consultation.