Avoid These Frightening Fallacies That Could Haunt Your Wallet
Whether you're creeping into the market to buy your very first haunted mansion or you're a seasoned real estate phantom flipping homes like pancakes, you've probably heard some ghoulish "truths" about buying or selling. But beware—some of these beliefs are nothing more than zombie myths that just won't die.
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Falling for these fables can come back to bite you—right in your bank account. So, grab your garlic, light a candle, and keep reading for several real estate myths that are more trick than treat:
👻 1. "Set Your Price Higher to Leave “Wiggle Room”
Overpricing your home might seem like a sneaky strategy, but it could send buyers running like they've seen a ghost.
And if your home sits too long on the market, it begins to look... cursed. 👀 So don’t scare them off. Start with a realistic price, or you might be haunting your own sale.
🧛 2. “Interest Rates Are Too Terrifying — No One’s Buying Now”
Yes, mortgage rates are higher than the “ultra‑low” pandemic years, but buyers haven’t disappeared — they’ve become more strategic.
Many serious buyers are still in the market, especially those willing to compromise on size, location, or features.
So don’t let rising rates spook you into sitting on the sidelines forever.
🧙 3. “You Must Have 20% Down or You’re Doomed”
That’s a ghost story. Many loan programs today allow 3%–5% down, and some (like VA or USDA) even offer 0% down in qualifying cases.
Waiting to save 20% may cost you more in rising prices than what you're “saving.”
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🦇 4. "Selling Without an Agent Will Save You a Cauldron of Cash"
Sure, FSBO (For Sale By Owner) can be done — but it’s no stroll through a graveyard. You’ll have to market the home, list it in the right places, negotiate like a werewolf under a full moon, and handle inspections, financing, and legal paperwork all on your own.
Here’s where the real trickery comes in: data shows FSBO homes often sell for significantly less than agent-assisted homes. Many FSBO sellers still end up paying buyer agent commissions (often 2.5%–3%), and what you hope to save in listing fees can be eaten up by a lower final selling price.
In short: the commission you avoid might cost you more in lost equity than you bargained for. Better to get a professional guide than be spooked by hidden pitfalls.
🧟 5. "You Must Renovate the Kitchen and Bath Before Selling"
Unless your kitchen looks like Frankenstein’s lab, think twice before a full-on remodel. While a modern kitchen can be eye candy, buyers often have their own (ghastly?) design ideas and don’t want to undo brand-new renovations.
You might end up spending a grave amount for something that doesn’t boost your sale price. Sometimes it’s better to adjust the price and let buyers bring their own magic wand.
🎃 Final Boo… er, Thought
The real estate world is full of cobweb-covered myths that can trick even the savviest buyers and sellers. Don’t let these tales lead you astray. I'm Sandra Nickel, and with my Hat Team of Professionals, we’ll help you dodge the tricks and focus on the treats—guiding you through every haunted hallway of the process. 🧙♀️✨
📞 Call us today at 334-834-1500 or visit homesforsaleinmontgomeryalabama.com to get started.
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