3 Practical Real Estate Tips for First Time Buyers or Sellers

Posted by Staff writer on Sep 24, 2015 07:00 PM EDT
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Housing Sales Decline As Market Coolsmore big
PARK RIDGE, IL - DECEMBER 29: A 'House For Sale' sign is visible in front of an existing home December 29, 2005 in Park Ridge, Illinois. Sales of existing homes in November fell, reportedly, by 1.7 percent, spreading concern with economists on the state of the housing market. (Photo : (Photo by Tim Boyle/Getty Images))

"Everything changes and nothing stands still" that is according to the Greek philosopher, Heraclitus. This belief though still being debated in the realm of metaphysics would likely be true in the practical and observable context of the thought itself. Viewing it from a real estate perspective, change is indeed one of the many truths to be observed in the said industry.

The norms and other technical knowledge decades ago might have already changed and therefore its applicability might have also shifted from one point to another. That is why it would be useful if you would be updating yourself with the current trends in real estate, especially if you haven't really had a formal education about the subject matter. For thinking that you already know the ins and outs of real estate industry might lead to a lesser chance of putting yourself on a selling or buying vantage point. Now to help you clarify some real estate myths and facts, here below, as also discussed via realtybiznews, are some of the tips you might want to consider in relevance to selling or buying a real estate property, especially if it's your first time.


Not Using an Agent Saves Money

This concept is purely outdated or in fact mythical in a sense that it does not guarantee any amount to be reserved for you at all. Buyers should understand that commissions are already built into the property price. And if you will insist on buying a property without an agent, then the agent of the seller would receive the commission whole and entire instead of being split between your agent and the seller's agent. On one hand, a seller who refuses to have an agent would suffer same fate but in a different manner. For the lack of an agent would precondition a buyer's mind of a largely discounted price of the said property, which compensates the idea of not having to pay for an agent commission. You may still sell a property successfully without an agent; however, it takes a lot of skills and profound knowledge of the business.

Remodeling Rarely Pays for Itself

According realtybiznews, "a professional rehabber can make a remodel job pay for itself and even deliver a decent profit when they buy at the right price." However, other suggests the difficulty of selling a remodeled house, for the house may stay longer on the market unless price is adjusted downward. A suggestion coming from experts is to remodel the house few years before you sell it. In such a manner you may still enjoy using the remodeled house or part of it which may "compensate for not recovering the full cost at the time of sale."

The Right Open House

Open house for public may sometimes not yield in to something profitable both from a buyer and seller perspective. That is why it would be good to try an open house exclusive only for particular agents that clearly have idea of what you want or need. Thus, it would avoid wasting time talking to agents who are simply looking for other sellers or buyers in the market.

These are but the few tips that a buyer or a seller should have in mind. I might have missed something important, feel free to share and comment below.

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