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3 Real Estate Myths Debunked


I know many people are enamored with home improvement and real estate tv shows like House Hunters, in fact there is an entire tv station dedicated to these types of shows. Many times, as a Realtor I find that what home buyers and sellers see on tv, they think is the reality of Northeast Ohio Real Estate. In fact, the market has changed so much over the past 10 years that a lot of the “real estate rules” of the past have changed dramatically. If you are thinking about selling your home in the next year, please do not fall prey to these three common myths.


1. HOMES ONLY SELL IN THE SUMMER

I have been a real estate agent for over 20 years now and I tell people all the time houses sell year round. I can tell you a number of stories over the years where I personally have helped people buy or sell a home on Thanksgiving, Christmas Eve, and even on Easter. In fact, a great time to sell your home is NOW. I have sold a number of my personal homes and I always put them on the market in March. The reason March and April are such great months is because many people like to move in the summer. Once a house goes under contract it can take 60 days for the closing. If a buyer wants to move in June that means they need to be under contract on a home in April. So by putting your house up for sale in March you give the buyers time to look for a home and decide upon what they want.


2. MY HOME HAS TO BE PERFECT FOR THE REAL ESTATE MARKET

Everyone’s idea of perfect is different but right now we are experiencing a huge shortage of homes for sale. In fact, we have 28% fewer homes for sale right now than we did in 2021, but we have the same number of buyers. Interest rates are starting to creep up so many buyers who have been waiting to buy are finally getting off the fence. 10 years ago you had to make sure everything was perfect, there wasn’t any wall paper, you had granite countertops, and the house was staged and depersonalized in order for it to sell. STOP worrying and stressing about this stuff because the 2022 real estate market is completely different. I visit people’s homes all the time and they think they need to update a kitchen or bathroom or do a bunch of repairs, but in reality their home is already prepared for today’s hustling and bustling real estate market.


3. I NEED TO PRICE MY HOME SO THE BUYER THINKS THEY ARE GETTING DEAL

In Today’s fast paced real estate market it is best to price your house in line with other similar sales in the past 30 days. The days of having to price your home $20000 higher than you think it was worth is over because in today’s real estate market if your home is priced right instead of negotiating down you are choosing between many offers on your home. Statistics show that houses have been selling at 100%-104% of their asking price in Lorain County since October 2020. In fact, buyers are expecting to pay your asking price and in many situations, they are expecting to pay $2000-$10000 more than your asking price if your home is priced right and is in good condition. I recently sold a house had 5 offers on it and some of the offers were up to $27000 above the asking price.


My best advice is don’t fall prey to these myths in today’s real estate market. If you are wondering what your home is worth please give Jennifer Herron-Underwood a call at 440-371-2862 for a free market valuation and also a free downsizing guide to help you in today’s real estate market. If you mention this article I will also provide you with a free radon test kit.

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