Real Estate Myths That Can Be A Hindrance

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.


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What You Should Expect When Getting Your Home Inspected

Typically, mortgage lenders require a home inspection to protect their investments, but even cash buyers are best served by scheduling an inspection. While an inspection won’t detail every problem with a home, it will outline any major issues that could affect the buyer’s ability to use the property. This guide will help you prepare for this part in the home buying process.

You Should Take the Time to Attend the Inspection

The time it will take to inspect the home will vary, depending on the size and condition of the home, but you should expect the process to take a minimum of two to four hours. While you’re not required to be there for the home inspection, it’s in your best interest to join the inspector. Being present will help you see specific areas that are mentioned in the final report and allow you to ask questions about the inspector’s concerns.

What Does the Home Inspection Involve?

A home inspection will only look at major components that affect the home’s livability. This includes determining the condition of the HVAC, electrical, and plumbing systems. The inspector will also look at the condition of the roof, walls, ceilings, and floors, particularly watching for signs of water, mold, and pest damages. The windows, doors, foundation, and basement will also be evaluated as a routine part of the inspection. Overall, the inspector will look for structural defects that could require significant repairs.

Be Prepared to Pay For a Home Inspection

While a seller may hire a home inspector and pay for the inspection ahead of listing the home for sale, buyers usually pay for the inspection as a part of the closing expenses. If you are buying a home, you should be aware that the average home inspection runs between $277 and $388. Obviously, inspections of smaller homes and those in better condition will cost less, while larger or older homes will cost more to inspect.

A home inspection is a necessary part of the home buying process that can help ensure you’re buying a property that’s in good condition. As this overview suggests, the inspection will help you identify problems with the home that may not be apparent to the current owner. In this way, the home inspection ensures you know exactly what your investment is worth.


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3 Ways Smart Homes Impact Real Estate

According to one survey, 47% of people between 18 and 34 own smart home products. But just because millennials are the most likely to incorporate smart devices into their homes doesn’t mean that other generations don’t use them. For example, baby boomers love using voice commands to activate AI assistants such as Amazon Alexa or Google Home. Even seniors can benefit from smart homes that enable them to live independently for longer. But the real impact smart homes have may be on real estate.

Smart Homes Sell For More

Smart home devices increase the value of a home, up to 5% more than “dumb” houses in the same neighborhood, which means sellers stand to make a more significant profit if they spend a bit of time making a home smarter. But why is this a trend? Potential buyers are attracted to the convenience, safety, and future savings that smart homes provide, even if it’s a greater investment in the present.

Smart Homes Sell More Quickly

While no one can predict precisely how long it will take a home to sell, some factors can shorten sale time. Aside from location, condition, and price, features play an essential role in how long a house is on the market. Smart devices certainly count as alluring features that will help a home sell faster.

Smart Homes Attract Tomorrow’s Buyers

Even if homeowners have no plans to sell in the near future, they’ll do well to remember that more millennials will be entering the housing market in the future. And almost half of that demographic already uses smart home devices. Homes that do not include those devices won’t be as attractive to those futures buyers.

Smart home technology may still be developing, but there are already several options for homeowners and sellers to consider. Consider the following.

  • Smart thermostats can be controlled from a variety of mobile devices and can be programmed to turn on the heat only when people will be home, promising comfort and cost savings.
  • Smart home security options include cameras, locks, sensors, and carbon monoxide detectors, all of which can alert homeowners when necessary.
  • Smart lighting is ambient and convenient and can even save homeowners money.

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Buying a Dog’s House: How Pets Influence Real Estate Purchases

People love their pets. One study by the National Association of Realtors found that 99% of pet owners view their pets as part of the family. Most of them take their pets into consideration when choosing a place to live and more than half renovated their homes for their pets. Animals simply have a huge impact on the choices that consumers make in the real estate market.

Demand for Pet-Friendly Housing is High

Pets are extremely popular in the modern world, so much so that more households have pets than children. That means that many people who are looking for homes are trying to find places that can accommodate their animals. Houses and apartments that offer pet-friendly amenities, such as big yards or fences, are particularly appealing. Homes that are close to veterinary clinics, parks, or other pet-friendly attractions can use those amenities as a selling point.

Investors also love pet-friendly housing. Apartments that accept pets tend to be more profitable than those that ban animals. Sellers can also raise the value of a property by renovating it to be more appealing to pet owners. Those amenities can also make it much easier to find someone to buy or rent a property. Many landlords are reluctant to accept pets, so those who do accommodate animals face relatively little competition in many markets.

Popular Improvements

Pet owners and investors alike can benefit from renovation projects. Fencing projects are among the most popular, but far from the only option. Pets tend to be messy, so they benefit from replacing carpets with laminate flooring to simplify maintenance. Smaller changes, such as installing bathroom fixtures that are appropriate for cleaning animals, can also make a big difference.

The Bottom Line for Investors

Modern homes need to meet the needs of both their human inhabitants and a variety of pets. They should be safe and comfortable for as many different species as possible. Investors and builders who make a point of accommodating pet owners are likely to do better than those who ignore the needs of cats, dogs, and other species. Just a little bit of extra effort can lead to higher profits for investors and a lifetime of joy for pet owners.

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