Although all real estate is local, there are 4 real estate truths that are always true, whether you’re in a buyer’s market, a seller’s market, or a transitioning market. Although the local real estate market is anything but static, but rather changes from year to year, and even within one year, some things never change.
Four Real Estate Truths For Any Market:
Home Buying Truth #1
1. When looking for your real estate purchase, always consider resale. It doesn’t matter if its the last house in the neighborhood that you’ve always dreamed of… don’t buy the house under the power lines, next to the highway, upwind from the dump… you get the picture. And don’t buy the house with the floor-plan that has fatal flaws. Some things just cannot be remedied. Carpet can be replaced, paint and new fixtures can make up for a lot, and sometimes an addition can make a home much more livable.
Home Owner Truth # 1
2. Don’t over-improve for the neighborhood… if you expect to get a healthy return on your investment. Unless you have the mindset that you really just want to make the improvements for your own livability, you will be throwing money away. Not only will most buyers be unwilling to pay more than they would for a comparable neighborhood home, the reality is that the home will not easily appraise for an inflated value because you try to get more for it.
Home Seller Truth #1
3. Don’t overprice your home out of the gate. Nothing does more damage than a incorrect pricing on a home for sale. You will end up limiting the showings from the very buyers who are most likely to purchase your home. Additionally, you will squander the first and most important 30 days of marketing time. Remember, sellers don’t determine the value of their home…the local market does. A home is only worth what current buyers are willing to pay for it. Pricing a home correctly is the number one reason a home sells for the greatest amount with the least time on market.
#1 Truth for Buyers and Sellers
4. Don’t assume that the Real Estate professional with the most/biggest/baddest … car/diamonds/billboard… is always the best. There are plenty of people in any industry that you could name who have sales numbers to boast of, but in the end aren’t particularly known for looking after the needs of their clients/customers first. [and remember… bragging doesn’t always mean its true] When choosing a real estate professional, be sure to check out their recommendations. Also, a personal referral is worth so much more than a glitzy advertisement.
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Chris Highland, Broker eXp Realty Maryland
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