When it comes to real estate in Champaign County, most people think they know about what’s involved. This may be even more true if they’ve bought or sold a home in the past, assuming not much has changed since then. But times do change, and what was the case years ago may not be accurate anymore. This can lead to false perceptions of a profession that already is surrounded by damaging assumptions.
Here are the top myths about real estate.
Real Estate Agents are Paid a Salary
Most people are not clear about how Champaign-Urbana real estate agents make a living. They see evidence that agents have a constant salary because they appear so professional and well-groomed, along with hosting events and open houses.
The truth is that these expenses and time are all on the agents. No matter how much time an agent puts into selling a house, they make the same amount in the end. They may spend their time going through hundreds of messages and emails, doing research and giving advice, making many trips to the property for showings, and so on.
Of course, this is all part of being a real estate agent. The more time and effort an agent puts into helping clients, the more chance they have of selling a home. But they only make that money IF the home sells.
A Home Can Pass or Fail Inspection
A home inspection is for the purpose of understanding the condition of a home. It’s not like a test at school. The inspection reveals if there are problems that need to be addressed when the home is purchased, along with a summary of the age of key systems.
Zillow and Trulia Know Everything
These websites are indeed useful for getting a good idea of the lay of the home and neighborhood. But they don’t know everything. That’s why talking to a local agent is important.
For example, a Zillow Zestimate can give you a general idea of the home’s value. But it’s certainly not an exact value. In fact, even the CEO of Zillow, Spencer Rascoff, sold his home for 40 percent less than the Zestimate showed in 2016.
It’s Better to Price High
Overpricing does not work in real estate. Sellers want to protect their asking price, so they try to price it higher thinking that it will protect them from selling too low.
What really happens is that the home doesn’t sell at all, or takes much longer to sell. You end up chasing away prospective buyers, as they may not even want to look at the house at all. Remember that many people look for homes using a maximum price range on the internet, so your home may not show up in their search at all if you price it too high.
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