When you buy or sell a home, it is amazing how many of your friends and family will offer their well-meaning opinion. Everyone has a story of a sale that went well and one that went not so well.  That is why it is important that you work with a real estate professional who can advise you throughout the process.


So when you friends or family says something like this, consult an expert before taking this to heart or worse yet, making a financial decision based on the opinion of someone who is not an expert in this field.

Here are some examples:

• “You should wait to list your home until the spring.” Yes, real estate is seasonal. Yes, there is more inventory in the spring.  Do you want your home to be on the market with 10 others just like it?  Of course you don't.  The best time to list your house is when the inventory for homes like yours is at its lowest.

Ultimately, a home that shows well and has good pricing and marketing strategy is the most likely to sell, regardless of when it a hits the market.

• “Look for a deal during the holidays.” Yes it is true that buyers who look for homes at the holidays are more likely to be serious buyers and sellers who list their home at this time are more likely to be sellers who must sell and not simply the ones "checking the market".

Regardless of the time of year, a home that has been on the market for more than the average is one that is typically overpriced so yes, a buyer can get a discount on an overpriced home at any time as long as the seller accepts that the list price is higher than the market will bear.  I call this the false discount.

• “You don’t need an inspection for a new build or recent renovation.” Some buyers are under the impression that they can forgo the inspection for a property that is new or recently renovated. Quite the contrary!  When a home has not changed hands or been inspected by a licensed home inspector, a buyer may not know some items are not installed properly which could lead to damage, injury or even death if not resolved.  It will be money well spent to get that new home inspected before closing so that any items discovered to be not functioning as designed can be corrected before you move in.

Likewise, we suggest every buyer get a home inspection even if the property has been recently inspected by someone else.  All inspectors are not created equal, just like all real estate agents are not equal, so it is best to go ahead and spend the money for the peace of mind of your own inspection.

• “Your home is updated and in a good neighborhood, so you don’t need to stage it to sell.” Even the most beautiful, high-end homes should be staged and photographed by a professional photographer. Listing photos are a critical factor in the selling price of your home, how quickly it sells, and whether it sells at all. We stage all of our listings and professionally photograph them to ensure the highest quality marketing possible for your home.

A professional stager can provide objective advice on how to get your home photo-ready. They see a lot of homes so they can speak to design trends and features that are common in homes for sale in your area. You live in your home every single day and stop noticing little things that make a big difference in listing photos — a frayed rug, clutter in the entry way, chipped paint, etc. Spending a few hours to de-clutter and a few hundred dollars for a fresh coat of paint will go a long way in attracting the most interest from potential buyers.

• “Price your home above the amount you want to get, so you have room to negotiate.” Determining what your list price should be is an art and a science. For us at Wise Advantage, we believe 70% of our marketing is choosing the right price for your home.  Once the price is chosen we have to deliver a product that warrants that price and the market will let us know if there is a disconnect between the list price and the features and condition of the property.

The first 7-10 days on the market for a new listing is the critical period.  The most buyers will view this listing during this period because everyone that is already in the market will view your home online or in person.  After that period, we are now simply waiting for new buyers to hit the market to look at your home.  If you start $10,000 over your competitors and don't offer superior amenities and condition, the market will reject your home at that price and you will need to lower the price in order to attract them back.  Unfortunately, once you are overpriced and choose to lower the price, you are chasing the market and will most likely have to reduce the price below market in order to attract a buyer.  Again, accurate pricing is critical to selling your home.

So now you know the 5 myths and misconceptions that may snag you during your home buying or selling process.  All of the agents at Wise Advantage have the knowledge and market saavy to help you win in the real estate market.