“Everything must change, nothing stays the same”. This belief is still being debated in the realm of metaphysics would likely be true in the practical and observable context of the thought itself. Viewing it from a real estate perspective, change is indeed one of the many truths to be observed in the said industry.
Technical knowledge and norms experienced decades ago have already changed and therefore its applicability have also seen tremendous changes for the home buyer and sellers looking for that perfect home to buy.That is why it would be very useful as buyers and sellers you would regularly update yourself with the current trends in real estate, especially if you haven’t really had a formal education about the subject matter. For thinking that you already know the ins and outs of real estate industry might lead to a lesser chance of putting yourself on a selling or buying vantage point. So to clarify some real estate myths and facts, as discussed by many industry experts; below are some tips you might want to consider if you are considering selling or buying a real estate, especially if it’s your first time as a buyer or if you’ve purchased in the past and now you are a first time seller.
This concept is purely outdated or in fact mythical in a sense that it does not guarantee any amount to be reserved for you at all. Buyers should understand that commissions are already built into the property price. And if you will insist on buying a property without an agent, then the agent of the seller would receive the commission whole and entire instead of being split between your agent and the seller’s agent. On one hand, a seller who refuses to have an agent would suffer same fate but in a different manner. For the lack of an agent would precondition a buyer’s mind of a largely discounted price of the said property, which compensates the idea of not having to pay for an agent commission. You may still sell a property successfully without an agent; however, it takes a lot of skills and profound knowledge of the business.
Remodeling Rarely if Ever Pays for Itself
“A professional rehabber can make a remodel job pay for itself and even deliver a decent profit when they buy at the right price.” However, other suggests the difficulty of selling a remodeled house, for the house may stay longer on the market unless price is adjusted downward. A suggestion coming from experts is to remodel the house few years before you sell it. In such a manner you may still enjoy using the remodeled house or part of it which may “compensate for not recovering the full cost at the time of sale.”
The Right Open House
Open house to the public may sometimes may not be profitable from either the buyer and seller perspective. That is why it would be good to try an open house exclusive only for particular agents that clearly have idea of what you want or need. Thus, it would avoid wasting time talking to agents who are simply looking for other sellers or buyers in the market.
These are but the few tips that a buyer or a seller should have in mind. I might have missed something important, feel free to share and comment below.
Bobby Fenner is a Full Time Realtor with over 30 years experience in the Virginia, Maryland and Washington, D.C. Real Estate Markets. He and his team of Real Estate Pros offer the highest level of service. If you’re buying or selling a Coastal Virginia home, call (757) 439-5779 or email [email protected] We’ll be happy to assist you in your move.