Hmm... Myth or Fact? “Spring is the best time to buy. Wait until then because there’ll be a better selection of homes.”

Do you believe that?

It’s a myth. The real estate market in Tampa Bay is hot and knowing facts versus fiction will help you keep a calm, cool head when making one of the most important decisions in your life. Let’s talk luxury real estate because there are plenty of myths that people believe when they’re simply untrue. Here are 10 such misconceptions that can make it seem like buying or selling luxury real estate is more challenging and complex than is the case.

Myth # 1 – You should remodel your kitchen/bathroom before you sell.

Ask a professional at Smith and Associates for an honest opinion. If your bath and kitchen are functional, up-to-date, and have a clean appearance, there might not be a need to remodel. We can stage these rooms (as well as the entire home) to make it show like new or advise on small updates that will have the biggest impact on sales pricing.

Myth # 2 - Weekends see the most serious buyers. That’s another myth. The most serious and ready-to-buy buyers will want to see your home immediately. More than 90% of our sales are repeat business, so people looking to buy in the Tampa Bay-St. Pete area seek us out. They know we have the listings and the service that will meet their needs. We arrange private showings and work with our luxury affiliations to match the right buyer with your home.   Myth # 3 – You need to have open houses to sell your home.

If you want to invite the neighbors over to see what you’ve done with the place, invite the neighbors over to see what you’ve done with the place. Have a dinner party if you would like. An open house might not attract the serious buyers you want, just those that are curious, and it may not be worth the risk. The National Association of Realtors found that just 2% of homes are sold as a result of an open house. Some real estate agents hold open houses to find potential clients, not to sell your home. At Smith and Associates, our goal is to sell your home at top dollar, not to use your home to market our services to others.

Myth # 4 – You’ll do better if you buy your home through the listing agent.

Saving a commission may wind up costing you a lot more in the purchase price. The listing agent has a responsibility to be fair and honest to both parties. However, they still must represent the seller’s best interests. Think about it: a listing agent isn’t likely to drop the price of a house they’re listing for some buyer whom they’re not representing. You need a buyer’s agent to exclusively represent your best interests when you purchase a luxury home.

Myth # 5 – You should inflate the asking price so you can negotiate.

While the Buccaneers might tell you that the best defense is a good offense, you shouldn’t overprice your luxury home to anticipate a lower offer. Smith & Associates Real Estate knows what’s currently available and what’s coming on the market. Our comprehensive market knowledge and analysis make us the best in the Bay. We sell homes and have the highest per agent productivity of our class in Tampa Bay. Our experienced agents know the area and know how to price a luxury home. Plus, working in the luxury real estate space, we know the agents representing buyers, who also know what the market will bear.  If you overprice your home, it may stagnate on the market and not get much interest. Pricing your luxury home competitively from the start guarantees the most interest from serious buyers and the best price.

Myth #6 – You should make a lowball offer to start negotiations when buying a luxury home.

You’re not going to get a steal on a luxury home. It doesn’t work that way. Just like our agents, sellers’ agents are sophisticated and know the market in the Tampa Bay-St. Pete area. We know the value of a home and the appropriate price range. An unrealistically low offer may get no response, so work with your experienced Smith & Associates Real Estate agent to arrive at a fair and realistic offer.

Myth #7 – The more time a luxury home sits on the market, the better chance of negotiating a great deal.

Another myth, and the exact opposite may be true. There are a variety of factors that may cause a luxury home to be on the market for a length of time. These include its asking price, lot size, layout, location, neighborhood, and condition of the home.

Myth #8 – If you know your home is worth more than the rest of the neighborhood, ignore the comps.

Of course, everyone thinks their home is super special and unique. As such, everyone believes that their luxury home is worth a lot more than the neighbors’. It’s a nice notion, but it’s a myth. Why? Because a buyer and his or her real estate agents will do their homework and research the sale prices of comparable homes with the same number of bedrooms and baths, same approximate square footage, and age of other homes in the area that have sold in the past several months. If the development has non-custom or semi-custom homes, there will be many similarities. So, if a nearby luxury home that’s almost identical to yours sold recently, your list price should be close to that when you price your home to sell. Of course, your home might be able to be priced higher than the comps in your area if it has added features. These might include more bedrooms or bathrooms, a larger lot size, golf course access, an outdoor kitchen and entertainment area, or a tennis court.

Myth #9 - Your offer should never be full price.

Many of these myths concern trying to save money. Never offering full price on a luxury home you want to purchase is not only a myth but also just a plain mistake. As you’ve seen, our Smith & Associates Real Estate agents know what’s currently available and what’s coming on the market. Demand is high for luxury homes, and you shouldn’t try to save a few bucks only to see your dream home go to someone else. You want to offer a competitive price. That just may be the asking price. And if demand is great, you may need to go above asking price. Our agents have the experience to counsel you on what to offer for a luxury property.

Myth # 10 – All real estate agents are all the same.

Perhaps the most common real estate myth is that every real estate agent is the same. We know that’s a myth, and you will too when your partner with us. Again, a full 90% of our sales are repeat business. That means we have buyers and sellers of luxury homes working with us for years. They’re thrilled with our hands-on attention to detail and service to our clients.  There’s a reason that Real Trends 500 lists Smith and Associates as one of the top real estate companies in the country for both sales volume and number of transactions. We sell homes and have the highest per agent productivity of our class in the Tampa Bay-St. Petersburg area. Our experienced and knowledgeable team of real estate professionals work in only the luxury space. We attract buyers and sellers through our global affiliations with Luxury Portfolio, Leading Real Estate Companies of the World, and Mayfair International Realty to provide our listings around the world. You’ll see the difference, and you’ll see that this myth is 100% false.

Takeaway

It’s no myth that Smith & Associates Real Esate is truly full service with six conveniently located offices throughout the region and more than 300 associates. Our professionals will give you the straight scoop to help you find your dream luxury home in the Tampa Bay-St. Pete area.

Ready to buy or sell? Click here to start working with a Smith & Associates Real Estate Professional.  

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