Adam Law Group Blog

The Truth Behind Common Real Estate Myths

One of the many challenges that realtors face is separating widely spread myths about property transactions from the truth. By buying into myths about property transactions, realtors risk losing money or even not making a sale at all.

Below are some of the most common myths about property transactions in Florida. 

Myth 1: A Home Seller Sets the Price

It is true that home sellers make the final decision concerning the amount that a home will sell for, but there are ultimately a number of factors that influence the price at which a home is sold

Some of the factors that influence the price for which a home is sold include the state of the local real estate market, the location of the property, and the property’s size. 

In many cases, the owner of a property has a particularly difficult time gauging the price of a home because the owner is too emotionally invested in the location. As a result, when arriving at a sale price, it is best to examine a number of factors instead of just listening to the home’s owner.

Myth 2: Asking too Much Ensures Negotiation Will Occur

The goal of negotiation is that two parties will eventually land on a mutually agreeable price. If you ask too much for a home, you will likely experience difficulty in arriving at a price or even getting the other party to begin negotiations. 

Because potential home purchasers are more informed than ever before, it is often a bad idea to ask too much for a home in the hopes that this will necessitate negotiations. Instead, it is critical to make sure that you ask a reasonable sale price.

Myth 3: Receiving a Quick Offer Means a Home is Priced Too Low

Some offers simply come quickly. This does not always mean that a home is priced too low. Some potential home purchasers have simply seen everything that is for sale and eagerly respond to an offer when something new comes along. 

Rather than worry about offers that come too quickly, you should take comfort that you did everything right in selling a property including attach a correct price to the residence.

Myth 4: Online Valuations are always Correct

There has been a great deal of discussion about the effectiveness of online home valuations in recent years. Some analysts argue that online valuations are capable of arriving at valuations that are more reliable than the calculations performed by real estate agents due to complex algorithms they employ. Others hotly contest this point. Although online valuations can be helpful, they should not be viewed as a substitute for the years of knowledge that a real estate agent can possess. 

In some cases, online valuations can lead to wildly inaccurate and inconsistent results. There are simply too many variables involved with most real estate transactions to leave things in the hands of an algorithm. 

Speak with an Experienced Real Estate Property Attorney

The property transaction process is complex. If you need the assistance of an experienced real estate attorney, do not hesitate to contact the Adam Law Group today to schedule a free initial consultation with a knowledgeable property attorney.