The Myth about 3 of the 5 Myths of Real Estate in Parade magazine

Did you see the article in Parade magazine last week? (see the link below) I was quite surprised by many of the myths the writer proposed. I didn't see many facts to support her statements about the myths of real estate.

As a Realtor for the past 20 years who has worked in all kinds of markets, I feel qualified to comment on myth #1, #2, and #5.

My take on myth #1 -Only a licensed Realtor should sell your home.

The writer states a home owner knows more about their home which is very true. However, the home owner doesn't know all the details involved in the sales process. Selling a home and obtaining the highest possible price is a result of many factors, a multi-staged process, and the result of a successful partnership between a good Realtor and a home owner.

A good Realtor knows the competition inside and out. I showed a home today that has a great view of the mountains and the lake. You couldn’t see any rooftops or other houses. Something like this is priceless and not something you find from the internet. Do internet evaluations know these subtle, but very valuable differences? Positioning the home properly against the competition is often the key to making the most money for a home owner.

A good Realtor knows the current absorption rate, how many homes are available and how many are selling. Even in my local market, the eastside of Seattle, there are “mini” markets that demand different pricing structures.

A good Realtor minimizes the stress of a home sale. A home is not a commodity, like a car or boat. It is a measure of one's personal taste and lifestyle. Having strangers/buyers come into your home is stressful enough, without having to deal directly with the buyer.

A good Realtor is your advocate and will negotiate from a position of strength and experience and is able to evaluate all the terms and conditions of an offer. Offers can run between 10-15 pages.

A good Realtor is a strong negotiator in a multiple offer situation. This can be tough for even the most experienced Realtors, let alone a home owner who has never done any negotiation.

A good Realtor knows the sale of a home is a three stage process:
-Assisting the home owner with presentation, staging, pricing, and top notch marketing
-Marketing the home to Realtors and buyers
-Following the transaction through the inspection, appraisal, financing all the way to a successful close.

My take on myth #2- Your broker does not want you to get the highest price for your home.

There is no data in the article to support or explain this statement.

Home owners should know the answers to the following questions before reviewing an offer:

Are you selling in a fast or slow market?
How many showings have there been?
Has anyone come back to your home for multiple showings?
How many hits have there been on various internet sites?
Are any of the agents calling to ask questions about the house?
What is the buyer/agent response after viewing your home?
What is the average market time for a home in your local area?

Working with a knowledgeable, reputable Realtor, home owners will have the answers to these questions. The home owner can then make an informed decision about the offer price. Maybe the price is too low and should be countered. Maybe it should be accepted because it’s what the market will bear.

My take on myth #5-your home must be turned into a showplace before it is listed.

A home should be a showplace when selling. The homes in mint condition sell for the most money. Since agents are hired to help home owners make the most money, agents should be advising them to make their home a showplace.

A good Realtor should recommend the most cost effective improvements to bring the home to show condition. Realtors should use their contacts to help home owners do inexpensive fixes. New carpet, paint, and lawn maintenance will bring home owners more money. If some of these things are not done, it can cost a home owner dearly in the sales price of the home. Buyers always think it costs more to do these things and can choose to buy another home that is more market ready.

Remember buying and selling is an emotional process for both parties, the home owner and the buyer. Presenting a home for sale that is maintained well, staged beautifully and photographed by a professional will create the warm ambiance a buyer is looking for when purchasing a home, not just a house. A good Realtor will position your home so that its best qualities will shine and excite buyers. The home will be priced so you get what you deserve, a great price and a stress-free transaction!


Any thoughts about this article?


http://www.parade.com/articles/editions/2007/edition_04-08-2007/5_Real_Estate_Myths