There are lots of thoughts out there about real estate and real estate agents. Here are four things you shouldn’t believe about real estate!
- The market will only go up. In recent years, homebuyers and sellers have experienced a time of increasing home values, then a sharp decline during the economic downturn and now another period of increasing values. People tend to think the market will only go up, and forget about the recession. The 2008 recession should have reminded everyone that real estate prices can indeed fall, and fall a lot. Economist Robert Shiller created an inflation-adjusted index for home prices dating to 1890 and found that home prices have fallen a number of times over the years, including in the early 1990s, the early 1980s and the mid-1970s.
- You should renovate your kitchen and bathroom before you sell. If your kitchen and baths work, a major remodeling project could potentially backfire. Prospective buyers may not share your taste, but they don’t want to redo something that has just been renovated. A lot of buyer want to put their own spin on things.
- You don’t need an inspection for a new build or recent renovation. Some buyers are under the impression that they can forgo the inspection for a property that is new or recently renovated. How much could be wrong if everything is new, right? Since humans still build houses, they can make mistakes, such as installing a dryer vent poorly or creating faulty wiring.
- Your home is updated and in a good neighborhood, so you don’t need to stage it to sell. Even the most beautiful, upscale homes should be staged and photographed by a professional photographer. Listing photos are a crucial factor in the selling price of your home, how quickly it sells, and whether it sells at all. Our agents found that homes with professional listings photos sold faster and for more money. A stager gives you great advice on how to utilize your own furniture and home objects (or theirs) to make your home show-ready.