Driven Properties LLC

4 Common Real Estate Fallacies

Posted on 16th December 2015 by Driven Properties

4 Common Real Estate Fallacies

Whether youre a buyer or a seller, there are definitely many misconceptions that youve heard about the sales process, which may affect your decisions for the worse. Here are four of the most widely held fallacies about the buying and selling game.

And the truth.

  1. You dont need an agent--just use the internet

False.

It is true that most information about properties can be found online, however real estate agents not only have extensive experience, they fully understand the transaction process and have studied the market which allows them to give you expert advice. An agent wont only focus on the current transaction, but what will happen to the Dubai property over the years and whether its the best choice for you to selor buy at that particular time.

Many agents are also area specialists, knowing every detail about a particular area including the layouts, lifestyle, and prices. Buying or selling a home isnt merely a financial transaction it is a complicated and long process that requires a lot of consideration and paperwork. Your real estate agent will help guide you and take away some of the pressure of the process to diffuse the stress.

  1. You dont need open houses, viewings, or signboards to sell a home

False.

Photos, videos, and 360 tours are great for garnering interest and giving a potential buyer an impression of a property, however they wont always guarantee a sale. Viewing a property is the best way to get a feel for a home and its surroundings, which can determine the buyers decision and bid.

open-house

Scheduled viewings are great for convincing those that have already expressed interest, however open houses attract another set of potential buyers that arent aware of a listing or are on the fence about purchasing a home. Open houses gives them a glimpse into what living in the house would actually be like, as opposed to two dimensional images.

  1. Spring/Summer is the best time the sell

False.

Many buyers around the globe seem to believe that spring and summer are the best times to start looking for a home. This inclination might stem from the fact most people (specifically those with children) have holidays, making it easier to focus on searching for and purchasing a home. Sellers also try to follow this rule by waiting to list during those seasons.

investment

However, this doesnt take into consideration that all buyers arent families some buyers are young bachelors or downsizers while others are looking for an investment opportunity not a home. Their patterns will not follow those of families who follow the school calendar. For sellers, listing a home is best when transactions have slowed down due to low stock, which would be winter.

  1. The appraisers valuation of my home is accurate

False.

The precise value of your home cannot be determined by an appraisal from a bank alonethe real market value depends on that buyers and sellers are willing to pay or sell for. property valuation

Now, this is not to say that an appraisal is unreliable, its that the valuation may be below market price if factors such as finishes, fixtures, views, and furnishings arent also taken into consideration. The price of a home can also depend on the perception of an area, the type of property, and the publics predictions of the future market. You can also visit the link to view our current listings to buy properties in Dubai