Just like in any other industry, the Mesa real estate market has its share of rumors, half-truths and myths that circulate among buyers and sellers. But just because something is said to be true, doesn’t make it so. Let’s take a look at the seven most common myths of today’s real estate market and divide fact from fiction.
- Any real estate agent will do. -False! A budget real estate agent who is not willing to spend either time or money on properly marketing your property will not yield the same results as a top realtor with extensive experience in the local market. The shocking statistic is that more than 50% of houses put on the market will never sell and about a quarter of all written contracts never make it to closing. A highly qualified (and yes maybe slightly more expensive realtor) can make the difference between sitting on your for sale Mesa home or moving on to where you want to be.
- Sellers can recoup everything they invested in remodel projects on their home. -Mostly false. Sellers probably will never make back 100% on their bathroom addition or kitchen remodel, but on occasion you can make back up to 90% of your investment if you have added desirable features and design and if the update is upscale. Bathrooms and kitchens that have been improved or remodeled are huge selling points for buyers because they save them time, money and future headaches.
- Don’t list your home with an agent that has many listings in your neighborhood. -False! Think of it this way, instead of leading potential Mesa home buyers away from your home, consider all the people that will come to view your house, because they have looked at another one in your neighborhood first. Your local real estate specialist can better promote your for-sale property to buyers who are already looking for a property similar to yours.
- Never buy the biggest house on the block. -Generally true! The biggest house is usually the most expensive one. The most expensive house will appeal to a more limited number of future buyers than a smaller house in the same neighborhood. Even if you manage to sell it with a reasonable margin, chances are that you made way less than you would have with a similar and yet cheaper house. Sometimes, it is even a great idea to buy the worst house, as you generally get bang for your buck and make a nice profit upon selling.
- Properties with pools don’t sell. -False and double false if you are selling in Arizona. Buyers in warmer regions such as Arizona love pool, especially if they have children. Many are even specifically looking for properties with pre installed pools. While in northern state a pool may be a costly drawback, in Arizona, it rarely is.
- Price your home for more than you want to get, so you can lower the price later. -False. Your home will receive more attention shortly after its listing than four weeks down the road. Even if you end up lowering the price later, you will not be able to make up for the lack of interest in those early days. Often it is better to underprice and incite a bidding war, than overprice and have a house sit on the market.
- I don’t need a real estate agent. Give me the For Sale By Owner sign, and I am good to go. – False. For sale signs account for only about 5-10% of properties sold. How big are the odds really of someone driving by your house and thinking that this is what he has been looking for? A real estate agent knows the local market, works with buyer who might be looking for a home like yours, has the tools and experience to properly market and sell your Mesa real estate. A good real estate agent is absolutely worth his money.
Working with an experienced Mesa real estate agent like Ron Brown will help you to tell fact from fiction. Myths need to be placed in context of current market trends and general economic trends. What is false for one property might be true for another. Your Las Sendas realtor will help you to tell one from the other and sell your home at a great price or find you the home of your dreams. That’s a fact!