The real estate industry is not very well-understood by the general public. Because of that, myths abound. Some can be quite damaging to both buyers and sellers as well as their real estate agents, which is why anyone hoping to buy or sell a house soon should be aware of the following misconceptions about real estate.
Set The Price Higher Initially And Reduce From There
One common myth about real estate is that there is nothing wrong with sellers putting a property on the market for a higher price point with the intention of negotiating downward with a buyer or dropping the price if there are no acceptable offers. While there is both an art and a science to choosing a price point, being too high can be extremely detrimental. This is because the home may sit on the market for a long time, preventing the seller from selling it quickly. Dropping the price will make buyers start to wonder if there is something wrong with the house as well. Sellers should price to sell from the very beginning.
Home Inspections Are Pass-Fail
Homes do not pass or fail inspections with one noteworthy exception, and that is in regard to specific code inspections that may be required by a local municipality. A general home inspection a buyer typically has done after placing an offer on a home, however, is simply for the purpose of providing an accurate assessment of the condition of the home. The role of a professional home inspector is to note all issues with the home and then it is up to the buyer to decide if they want to continue with the sale, negotiate with the seller on repairs or back out entirely.
Real Estate Agents Only Want To Make The Sale
While there may be some unscrupulous real estate agents out there, the vast majority are required to adhere to a strict code of ethics. There are many rules and regulations they must follow, both from governments and professional real estate organizations. This is especially true if they hold the Realtor designation from the National Association of Realtors. Real estate agents must also be licensed by their state and meet certain standards to be able to renew that license. Their goal is always to get the best possible outcome for their client, as doing so will benefit them as well.
This article was originally published on JasonCohenPittsburgh.org