Buyers and Sellers have often passed around real estate myths. Some myths may be true; however some are downright false. Educating your buyers and sellers on these myths is extremely important. These myths should be discussed in depth so your client makes smart choices.
#1 Homes with swimming pools are harder to sell
Answer: False
Many buyers including those in warmer climates (like the one we live in here in Pensacola) are specifically looking for homes with pools. Certain customers including older home owners and seasoned investors shy away from homes with pools. Never remove a pool if you have one. You can use this as a tool to attract those specific buyers.
#2 Because of noise and safety concerns always avoid first-floor condos
Answer: False
First floor units can actually be a bargain and a wonderful place to live. One positive buying a floor unit is never having to wait for an elevator or climb stairs. One way to soundproof the unit is having a good fitting door and sound dampening acoustic panels on the interior side. Some window treatments can be used such as “top down, bottom up blinds, which allows privacy but allows light to come in. Typically you can get these units slightly cheaper as the flood zone is an issue, but proper insurance can mitigate.
#3 Before selling your home, change bold paint colors to neutral.
Answer: False
Sometimes a room needs a bold color to divide a room in two visually, accent an architectural feature, or even add cheer when there is little natural light. Sometimes sellers can tone down a strong wall color with a calming rug or nice tranquil green plants.
#4 At resale time Sellers should expect to earn back everything they invested in remodeling projects.
Answer: False, but
A cost vs. Value survey will show sellers that it is nearly impossible to recover 100% of the money they put in a redo when they sell. However, many realtors suggest that remodeled kitchens and bathrooms are a huge selling point to perspective buyers. Keeping a house updated and in line with similar homes in a community is smart. The only time not to make changes to a home is in a downward market…… and even this advise could be debatable depending on the circumstance.
#5 Never purchase the biggest house on the street.
Answer: Usually True
Buying the largest house on the street could affect the appraisal due that the price is usually much higher than other homes in that neighborhood on comparative analysis. Value of investment is important when looking at the local market of future buyers.
#6 Buyers will never go inside if they don’t like an exterior
Answer: Often true
Curb appeal is very important to buyers. Buyer’s agents should ask the buyers in advance what styles of houses they like or dislike before seeing the house in person. Usually, if a buyer is more interested in layout of house, number of bedrooms and bathrooms and a backyard then the exterior may not matter all that much. A seller can do small changes to the exterior such as adding landscape, painting shutters and perhaps the front door for attention. Shane has a separate post on 6 ways to increase your curb appeal
Educating buyers and sellers on the truth of these widely held myths can save everyone time and money in the long run.