Unveiling the Truth: 7 Common UK Property Myths Debunked
At Putterills, we're committed to debunking these myths, ensuring you're well-informed and protected from potential missteps in your property journey.
In every sector, including property, misconceptions and myths abound, leading people to accept half-truths as reality. It's crucial to distinguish between myth and fact, especially when navigating the property market. Just as urban legends like throwing spaghetti against a wall to test its readiness or believing that uncooked rice can harm birds persist, the property industry is rife with its own set of myths.
Myth: All Estate Agents Are Identical
This is a common one. Not only are individual estate agents different but companies are also very different and will go about your sale differently. Look around and find the perfect agent for you - after all this is a big job and you need to have complete trust in the person you choose to do it
Myth: Overpricing Your Property Leaves Room for Negotiation
The Internet has allowed potential buyers to research the local area resulting in them being able to see what similar properties sold for. If you price your house too high, not only will you put buyers off, but you also run the risk of not getting any offers, leaving your property on the market. Once a property has been on the market for an extended period, people begin to wonder if there is something wrong with it. Instead, focus on pricing your property on its worth. Many properties are sold at or above their asking price these days!
Myth: Your Home Doesn’t Need to Be 'Sale Ready
Whilst some empty houses do sell, houses that already look like 'home' often sell better. People want to be able to envision their own family in the property. It is also important to clean your home and repair any minor problems or DIY mistakes as if left, a potential buyer will begin to think about the things they can't see. Most people want a home that is in a move in condition, even if they plan to do some renovations.
Myth: Spring Is the Optimal Time to Sell
While spring is a popular time to sell, properties move throughout the year. Every season has its advantages, and there's no universally 'best' time to sell.
Myth: Choose the Agent Who Promises the Highest Sale Price
You should choose an agent based on their experience and knowledge of the local market. Pricing your home high may be appealing but it will just end up on the market for too long, causing suspicion with potential buyers. Instead, choose an agent who you trust and have faith in, offer great marketing and know your area.
Myth: Low Offers Reflect Poor Agent Performance
It is very easy to point the finger of blame at an agent if your sale isn't going as fast or smooth as you'd like. If your offers aren't matching the asking price, there could be many reasons, from overpricing to terrible marketing to an unfavourable market. Ask your agent to explain why it may not be selling and get them to give regular updates on what they are doing to get your home out there.
Myth: Estate Agents Will Say Anything to Secure a Sale
Much of the estate agent business is done on referral and if an agent constantly lied, they wouldn't receive business. Word of mouth will soon spread about an untrustworthy agent. Check reviews and ask people in your local town to find the best agent for your property and you.
Navigating the property market can be complex, but understanding the difference between myth and reality is a significant first step. For any further guidance or queries, Putterills is here to assist you every step of the way