If you’re like most people, you know that there are plenty of post-COVID myths swirling around real estate right now – so here’s the inside scoop on each of them.
5 Post-COVID Real Estate Myths It’s Safe to Ignore
Check out these common real estate myths:
- You’ll sell your house in a matter of days.
- You don’t need to make repairs before you sell.
- You can price your home high right out of the gate.
- You don’t need a real estate agent.
- It’s easy to find a new home right now.
Here’s a closer look at each.
Post-COVID Real Estate Myth #1: You’ll Sell Your House in a Matter of Days
Though it’s currently a seller’s market in many places all over the country, that doesn’t mean that you’ll sell your house within a matter of days of listing it. In fact, your home may sell in an hour, a week, a month or a few months – there are just so many factors that go into how long it takes to sell a home that it’s impossible to predict how quickly you’ll find a buyer.
Post-COVID Real Estate Myth #2: You Don’t Need to Make Repairs Before You Sell
Though some buyers are willing to buy homes “as-is,” not all of them are – and those who are willing to pay asking price or more may want you to make the deal more worthwhile for them. If your home needs a little work, go ahead and make those repairs now, before you list; likewise, if you intend to make upgrades, go for it. You could increase your home’s sales price exponentially. (Just check with your REALTOR® before you spend a lot of money on repairs or upgrades. They may not be necessary, or they may not pay for themselves at closing, so it’s a good idea to talk to your agent about what will work on your home.)
Post-COVID Real Estate Myth #3: You Can Price Your Home High Right Out of the Gate
It’s true that the price of real estate has risen, but that doesn’t mean you can over-price your home and expect it to sell. In fact, you should price your home as accurately as possible for the market. The best way to do that is to talk to your REALTOR about getting a comparative market analysis, or CMA. That way, you’ll know just what other people are paying for homes similar to yours.
Related: How to sell a home when you have pets
Post-COVID Real Estate Myth #4: You Don’t Need a Real Estate Agent
Selling a home is a big deal, and it requires a lot of paperwork. When you’re selling, your agent will be there to fill out and file all your forms (including those required by law), negotiate with prospective buyers, help you find all the right contractors for work and for your deal (such as attorneys and title agents), and make sure you’re not violating any fair housing laws or local rules and regulations. Even if you believe your house will “sell itself,” you need a REALTOR to make sure you’re covered if something goes wrong.
Post-COVID Real Estate Myth #5: It’s Easy to Find a Home on Your Own Right Now
Though there are a handful of homes going on the market right now, the fact is that it’s competitive out there. That means you’re up against a lot of other buyers who may be willing to pay with cash, over asking price – or who are willing to waive contingencies just so the seller will choose their offer. There is inventory available, but it’s in your best interest to work with a skilled and knowledgeable REALTOR who can help you find the perfect place.
Related: 5 can’t-miss garage staging tips
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REALTOR® | Founder
The Matheson Team – RE/MAX Fine Pro