Home prices crashed through the ceiling today hitting all-time highs, as reported by the latest S&P Case-Shiller index, a measure of national home prices. In February, prices increased 5.8%, up from January's 5.6%, marking the fastest growth in nearly three years.
With the promising news and spring time upon us, many people think this is the best time to shop or sell their home. But is it true? And what about those much-needed renovations, are they hurting your chance of selling? FOX Business caught up with Redfin real estate agent Noah Goldberg who busted down the biggest housing myths.
Myth #1: Spring is the best season
When it comes to the season, Goldberg agrees that spring is a great time to sell. “There are the most amount of active buyers on the market,” but it’s not necessarily the best time. Winter is also an active. “There’s less competition and there is just as many buyers looking online.”
Myth #2: Renovations are mandatory
Is your kitchen out of date? Are you debating major renovations in order to sell? “You don’t need to do that. You’re better off making your house clean and presentable as opposed to doing major upgrades,” says Goldberg. The risk with making last-minute renovations is what you put in, you may not get out. The most important thing is pricing your home at market value.
Myth #3: An open house will guarantee a sale
“The biggest mistake sellers typically make is not having enough access to their home,” says Goldberg. Just having an open house here or there isn’t enough. A lot of times buyers will want to visit and revisit a home to make sure they like it.
Myth #4: You have to lose to win?
Although not always the case, Goldberg says that yes, there is definitely a learning curve to buying. “A lot of buyers will see their offers improve when they submit for the second or third home,” says Goldberg.
Be sure to watch Noah Goldberg’s full myth-busting insight above!