Keeping up with Chicago's North Shore Real Estate Market!

Contact Ann

call or text me: 847-691-1111 or email: ann@rannjones.realtor

Wednesday, July 18, 2018

5 real estate cliches that are true...

One of the cliches I have found in this business, is that many clients believe and think being a real estate agent is straightforward and not too challenging.   While I beg to differ, that's another blog post.    But there are cliches in this industry that I find are straightforward and common knowledge...  here are 5 that I think stand the test of time:

1) Location, location, location

It's often said that this is the first rule of real estate.   It's absolutely true.   The value of a property is not in the house or the construction -- it's in the location.  A gorgeous house in a lousy location will often sell for less than a fixer-upper in a prime location. 

Which leads to the next cliche:

2) Worst house, best street
You can always change a house, but you can't change an address.   I would always recommend selecting the neighborhood(s) first -- then finding the house.   When I first moved to the city, I lived in a pretty lousy apartment -- but it was a wonderfully safe neighborhood ...

Choosing a property that needs renovating, on a great street, can be a great way to create a long term investment.

3) The first offer is the best offer
I have found this cliche to be pretty accurate.  While there are exceptions, it has been my experience that the longer the market time, the lower the asking price.   Sellers sometimes reject early offers only to find themselves accepting a lot less later. 

4) You only get one chance to make a good first impression
I have found this to really be true.   Buyers rarely revisit homes that they reject initially.   If the house is overpriced, in the buyers' mind it's eliminated from consideration in the future.  If the landscaping is a mess -- if the house is cluttered or dirty -- if the neighborhood looks messy -- if the photographs on the internet are lousy -- all these things impact first impressions.  First impressions can make the difference between a property selling or sitting.  Note how bad pictures can impact your impression:




5) Time in the market, not timing the market
I remember a client telling me that they made a killing in real estate -- but they made the killing when they bought the property -- not when they sold it.   It was an interesting thought, that made a lot of sense.  Home buyers should probably be leary of buying a home too high a price at the top of a boom.  Real estate markets can be hard to predict and those buying in for the short-term might feel the pain.

So what cliches do you hear about real estate and how accurate have you found them?

No comments:

Post a Comment