Residential real estate myths can be costly to believe

On Behalf of | Sep 14, 2017 | Residential Real Estate

When wanting to sell a home in New York, homeowners naturally want to make a profit. However, what residential real estate owners expect or desire to happen may not always take place. A few pricing myths involving residential real estate transactions often prevent homeowners from selling their homes as quickly as they could.

One common myth is that the buyer always makes money when selling a home. Real estate does tend to appreciate with time, with the National Association of Realtors estimates that residential prices will increase by 5 percent by late 2017 and then will keep increasing by 3.5 percent next year. However, being able to sell homes for more than what was paid for them is never a given, and how much return on their investments that sellers receive really depends on where they live.

Another common myth is that, if a home is overpriced, the seller can simply lower the price later. The problem with waiting to lower the price is that houses that remain on the market for several months often gain a reputation — whether true or not — for something being wrong with them. As a result, potential buyers might avoid these properties or even offer less than the newly lowered asking price. In light of this, pricing the home as accurately as possible from the start increases a seller’s chance of unloading the home quickly.

Selling a home can be one of the most stressful experiences of one’s life. Understanding the process and knowing which decisions to make from a contractual standpoint especially can be difficult and thus overwhelming. However, an attorney in New York can help with navigating residential real estate transactions so that the desired outcomes are accomplished.

Source: realtor.com, “7 Pricing Myths to Stop Believing If You Ever Hope to Sell Your House“, Cathie Ericson, Sept. 7, 2017