Selling and Buying Misconceptions
I work with a fabulous team of real estate agents at ERA Cornerstone Realty in Denton, Texas. We get together weekly and talk agent talk…top secret agent stuff. NOT. We do, however, often come across the discussion of how sometimes sellers can be misguided in their thoughts.
I want to share some of these with you and clear up some real estate misconceptions.
Quote 1. I looked up my house on Zillow and got a Zestimate, and it told me it is worth 50k MORE than what you told me it was worth! And it came from a computer….off the internet…so it must be right. Let me explain how Zestimate gets their numbers. Short answer, they take the price you paid for your home and multiply it by the number of people they think are living in the house. Tadaaaaaaa!!!! Truth be told, Zestimate doesn’t know your home. They haven’t walked through it. They don’t see the wear and tear OR the new upgrades you have done. They haven’t done a comparative market analysis (CMA). Their estimates are too far from accurate.
Quote 2. I love this house, but it is way over-priced. I am going to offer $25,000 less than the sellers are asking. This can often be a strategy, but it can also backfire, especially if there are multiple offers on the table. I have had a seller get a low-ball offer and not only refuse to counter, but say, “Buzz off.” It can be a risk, which is why having an experienced North Texas Realtor is vitally important.
Quote 3. I’m not giving my home away! I agree. Don’t. But also let me help you price it according to your situation. If you aren’t in a hurry, and we have some wiggle room…let’s wiggle.
Quote 4. Remodeling this kitchen is going to increase our home value by $75,000 (even though it only cost us $30,000). This is what I call an optimist with rainbows, butterflies, and an Instagram filter. How amazing would this be if it were only valid? There are things you can do to add value to your home, and then there are things that you can do that you THINK will add value. Let’s chat about the difference.
Quote 5. My Uncle Mike, who was an agent 107 years ago, said that I should list my house at $475,000, even though I only paid $145,000 last year for it. Does Uncle Pat work for Zillow in the Zestimate department? If so, kiss his little cheek, thank him for the advice, and tell him he was a brilliant agent back in his day. And leave it at that.
-Your favorite North Texas Real Estate Agent - Brenda Debus