Southern CA Real Estate Myths

There are an abundance of preconceived notions when it comes to real estate, much of it based on inaccurate information. Relying on inaccurate information is dangerous in real estate. Do not fall for these Southern CA real estate myths.

Pricing Does Not Matter in a Hot Market

Everybody wants maximum value. You hear from everyone that houses are receiving greater than the asking price, so you start your house on the high side anticipating an even better final price. Pricing too high may be a huge mistake. Other homes might have sold for higher than asking price given their starting price was competitive. You should not expect that you will receive similar results no matter what number you choose.

You Receive Back the Full Cost of Money Spent on Property Repairs

This is a very common misconception. Unfortunately, the cost of home repairs is not usually recovered when a home is sold. Even though repairs do increase the value of your property, the amount depends on the type and quality of work. Baths and kitchens, for instance, tend to provide better returns than other rooms.

It Is Better to Offer a Concession Than Make Repairs Ahead of Time

Whether you have damaged carpeting or have painting that must be completed, extending a closing concession is not automatically the best approach. Some items influence buyer opinions. This may influence people to offer less. Necessary repairs will often lead to reduced sale prices on top of the concession offered.

The Only Thing That Matters is Location

Every town has that fabulous location that all buyers want to buy in. Homebuyers pay a premium price and believe that it must be a sound investment. The most desirable neighborhoods are not always good investments since prices could be near the max. Therefore, there may be less opportunity for appreciation. In many cases, the moderately popular communities result in better returns.

Selling Without an Agent Will Definitely Improve Your Net

Selling on your own may save on paying broker commissions, but it will not necessarily lead to a higher final figure. Real estate professionals understand the market and know how to best present your listing. Without that knowledge, you will likely overprice, waste valuable marketing time, or reach fewer buyers. All of this may produce a decreased selling price, perhaps even lower than what you are saving on commission. There might also be other pricy errors that you can make along the way without the assistance of an experienced professional.

Staying Away from Southern CA Real Estate Myths

A home is one of the largest investments that you will make. When buying or selling homes, it is critical that you are educated and make informed decisions. Refer to real facts instead of the Southern CA real estate myths. Work with knowledgeable real estate professionals to help you in the steps. This will allow you sell your property quicker, for more value, and with fewer issues.