Even the real estate world has its own share of myths. Although some may seem quite ridiculous, there are a few with some truth to them. Others meanwhile, warrant a more in-depth discussion, as they may depend on several factors.
Whether you’re a buyer or seller, there’s a great chance you’ll encounter some of the common real estate myths we’ve listed below. Knowing which ones to take seriously (or with a grain of salt) may spell the difference between success and failure.
In order for you to sell your home in a particular market, it must have the most popular features.
While having some of the most sought-after features certainly boosts your home’s chances of selling quickly, keep in mind that there are many buyers who buy homes so they can update it. For others, a home’s price point is more of a deciding factor compared to features – with the right price, any home can sell.
Avoid buying the biggest home in the neighborhood.
More often than not, the largest house in a specific block or neighborhood is the priciest, which can affect its appraisal and drive the price even higher compared to other homes in the area. For people concerned about the value of their investment, having the biggest house will limit their pool of prospective buyers in the future, as they’ll most likely need to sell it above market price.
You need to replace bold shades of paint with more neutral colors.
False, but with some exceptions.
Having more rooms with neutral colors is a good strategy if you want your home to appeal to both genders. However, there are certain situations wherein bold colors work better for some rooms. They can be used to highlight an architectural feature, compensate for a lack of natural light, or create a visual effect that divides it into two. But even if your bold-colored walls don’t do any of these, don’t grab a paintbrush just yet – you can balance out vibrant colors by using plenty of fresh greenery or more neutral-colored rugs, drapes, or furniture.
Having great curb appeal will entice buyers to take a look inside.
Having great curb appeal makes a great first impression for buyers. Moreover, majority of buyers nowadays start their search online, so having photos of attractive exteriors proudly displayed on your listing will make buyers more interested to see it in person.