An Urban Real Estate Myth…. Revisited.

The most common question I’m asked, as a Realtor is, “Is it a buyers market or a sellers market?” It’s a fair question…. It’s predictable, but fair. What people are really asking me is how are the market conditions and am I selling any homes. People love to talk about Real Estate, and thank heavens, so do I.

I was at a party the other evening, talking real estate of course. On the way home I got thinking about a post I had written on another blog. The post was about An Urban Real Estate Myth and how some buyers have completely unrealistic expectations of the market.

Consider this…

There is the “sell high, buy low” guy. This is the person who can’t seem to wrap their mind around the idea of competitive pricing and smart buying.

There’s the “low baler”…this person wants to offer 25% less than asking price regardless of how accurately priced a property is.

But my personal favorite is the person who buys into the “Urban Real Estate Myth”. A term I coined after I’ve hear a few too many people tell me stories about their “friend’s friend” who got this great deal.

The truth is that only a VERY small segment of the homes on the market are priced far below market value; and the truth is the majority of these homes are in desperate need of an overhauling.

I’m not suggesting that people can’t make money flipping real estate. Many, many people are very successful with it. I’m just pointing out that the average homeowner, who pays a contractor for their home improvements, will ultimately end up having just as much invested in their home as their neighbors who paid a fair price for their homes. And the home that was improved by a “do it yourselfer” is typically easily identifiable.

The truth is a “great deal” is subjective.

Find a Realtor you can trust and listen to their professional advice.