The 21st century has changed the game for many industries, including real estate. There are many “common sense” real estate tips that have been effective for decades, but they are no longer relevant today. Let us take a look at four of the most common tips and review how and why the real estate industry has shifted in a new direction.
Outdated Real Estate Tips: Sell in the Spring for Best Results
In the old days, the people who were buying houses were parents of school-age children. When the kids went back to school in the spring, these parents suddenly had time and energy to move into other homes; thus, the market was flooded. Today, homebuyers have fewer children (or no children at all), and these homebuyers react to market forces. Today’s sellers understand that houses sell best when inventory is lowest, so the cold months of November through January have heated up in many key markets.
Outdated Real Estate Tips: Renovating the Kitchen Sells the House
In most cases, the money that is spent on an expensive kitchen renovation is not fully recouped at a sale. Keeping this in mind, give your kitchen a minor facelift rather than a major redesign. Your buyer will likely want to redesign the kitchen in a different style than the one you would choose, anyway.
Outdated Real Estate Tips: Do Not Worry About Repairs, Just Lower the Price
The current generation of homebuyers is not the handiest. If your home needs significant repairs, it might not sell at any price. Bite the bullet and replace the roof, fix the electric equipment, and modernize the plumbing. These improvements will make homebuyers who feel like they cannot handle repairs much more likely to consider the purchase.
Outdated Real Estate Tips: Price High, Then Negotiate
“Pricing high” assumes that buyers are unsophisticated, which is often not the case today. Potential buyers will likely immediately know if the property is overpriced, and they will pass it up without displaying interest. Price the home correctly, and you will quickly see who the real buyers are.
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