Each property is unique. Therefore my take on real estate myths is just that, they are myths. If every buyer and seller took real estate myths to heart, then not many transactions would take place. Here are the Top 5 Real Estate Myths Debunked:
Myth One: If your home doesn’t have a main floor master or walk-in closet in the master then it won’t sell.
This falls into the same trend that if you want your property to sell quickly, then you must have the trendy features that buyers want. This isn’t always the case. Buyers typically have a ‘must have list’ and a ‘wish list’. While the wish list usually encompasses a walk-in closet in the master and sometimes a main floor master, often these types of items can be overlooked for other wonderful features in the home. If you are a seller that doesn’t have a popular feature don’t be discouraged because not every buyer demands certain features, and the right buyer will eventually come along, it may just take more time. I say Myth #1 is FALSE.
Myth Two: Whatever you put into a remodel and upgrades you get out in the sales price.
Don’t fall victim to this myth as most home improvement projects increase the properties worth, they all have varying rates of return. Typically the kitchen as well as bathrooms return the most bang for the buck on a remodel, but that isn’t always the case. Even if the payback isn’t great, it may put your home ahead of the competition and also provide more enjoyment for you while you own your home. The most common project that returns the highest percentage is a steel door replacement. According to a survey by the National Association of Realtors, a return of 101.8 percent was the national average with the average steel door replacement cost of $1,230. Minor kitchen remodels; garage door replacement and wood window replacement also topped the list of highest return on investment. I say Myth#2 is FALSE.
Myth Three: Holiday decorations should not be in a home when for sale.
Most real estate professionals agree that holiday decorations are fine in moderation. Remember not every buyer may celebrate certain holidays so while it’s nice to have a personal touch on a home you don’t want to make it too personalized nor over the top. Sometimes less is more when your home is on the market in terms of holiday decoration. I say Myth #3 is FALSE.
Myth Four: Noise and privacy concerns make a first-floor condo undesirable.
We have a variety of condo options here at Smith Mountain Lake and let me be the first to tell you that a first-floor condo is anything from being undesirable. In fact, many buyers request a first-floor condo as part of their ‘wish list’ because of the ease of access. No elevator or stairs to climb make it desirable, especially for retirees. Privacy concerns are addressed through different blind and screen options to help let in the light but keep wandering eyes out. Noise isn’t an issue in most units, but can be addressed through special window treatments, ceiling tiles and other noise-reducing measures. I say Myth #4 is FALSE.
Myth Five: Buyers judge a book by its cover. Meaning if a buyer doesn’t like the exterior then they won’t want to check out the interior.
This myth can be true at times. In a lot of cases, a buyer may drive by a property to see if they like the exterior, location, and other features. If the exterior seems unappealing, then they may not schedule an appointment with a realtor to view the property. If you believe that your home has some curb appeal issues, then consider sprucing up the outside. Fix any peeling paint, dress up landscaping and add additional features to increase the curb appeal if necessary. I say to Myth #5 THAT THIS ISN’T ALWAYS THE CASE.
Old wives’ tales always make the real estate industry fun, take each myth with a grain of salt as a property is only worth what someone is willing to pay for it. Buyers and sellers all have their unique beliefs about certain items and as a real estate professional I always enjoy hearing the insight on what one’s personal opinions are about different real estate myths.