Have you ever been flipping through the channels, only to find yourself glued to the couch in an HGTV binge session? We’ve all been there, watching entire seasons of “Love it or List it,” “Million Dollar Listing,” “House Hunters,” “Property Brothers,” and so many more all in one sitting.
When you’re in the middle of your real estate themed show marathon, you might start to think that everything you see on TV must be how it works in real life, but you may need a reality check.
Reality TV Show Myths vs. Real Life:
Myth #1: Buyers look at 3 homes and decide to purchase one of them.
Truth: There may be buyers who fall in love and buy the first home they see, but according to the National Association of Realtors the average homebuyer tours 10 homes as a part of their search.
Myth #2: The houses the buyers are touring are still for sale.
Truth: Everything is staged for TV. Many of the homes being shown are already sold and are off the market.
Myth #3: The buyers haven’t made a purchase decision yet.
Truth: Since there is no way to show the entire buying process in a 30-minute show, TV producers often choose buyers who are further along in the process and have already chosen a home to buy.
Myth #4: If you list your home for sale, it will ALWAYS sell at the open house.
Truth: Of course, this would be great! Open houses are important to guarantee the most exposure to buyers in your area but are only a PIECE of the overall marketing of your home. Keep in mind that many homes are sold during regular listing appointments as well.
Myth #5: Homeowners decide to sell their homes after a 5-minute conversation.
Truth: Similar to the buyers portrayed on the shows, many of the sellers have already spent hours deliberating the decision to list their homes and move on with their lives/goals.
Is a Recession Here? Yes. Does that Mean a Housing Crash? No.
Is a Recession Here? Yes. Does that Mean a Housing Crash? No. On Monday, the National Bureau of Economic Research (NBER) announced that the U.S. economy is officially in a recession. This did not come as a surprise to many, as the Bureau defines a recession this way:...
Real Estate Will Lead the Economic Recovery
Real Estate Will Lead the Economic RecoveryWith more U.S. states reopening for business this summer, and as people start to return to work, we can expect the economy to begin improving. Most expert forecasts indicate this economic recovery will start to happen in the...
Unemployment Report Blows Away Skeptics
Unemployment Report Blows Away Skeptics Last Friday, the U.S. Bureau of Labor Statistics released their May Employment Situation Summary. Leading up to the release, most experts predicted the unemployment rate would jump up to approximately 20% from the 14.7% rate...
June is National Homeownership Month
National Homeownership Month Some Highlights National Homeownership Month is a great time to reflect on how we can each promote stronger community growth. Homeownership helps families build financial freedom, find greater happiness and satisfaction, and make a...
The Expert Economic Recovery Forecast
10 Questions to Ask an Elder Law Attorney
10 Questions to Ask an Elder Law Attorney Elder law attorneys cover a wide variety of legal areas, potentially including guardianship, long-term care planning, knowledge of government benefit programs, powers of attorney, estate planning, advance medical directives,...
Three Things to Understand About Unemployment Statistics
Three Things to Understand About Unemployment StatisticsTomorrow morning the Bureau of Labor Statistics will release the latest Employment Situation Summary, which will include the most current unemployment rate. It will be a horrific number. Many analysts believe...
Home Prices: It’s All About Supply and Demand
Home Prices: It’s All About Supply and Demand As we enter the summer months and work through the challenges associated with the current health crisis, many are wondering what impact the economic slowdown will have on home prices. Looking at the big picture, supply and...
The Benefits of Homeownership May Reach Further Than You Think
The Benefits of Homeownership May Reach Further Than You Think More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens...
Pandemic Mortgage Relief
Clients who are struggling financially because of the pandemic may look to you for advice if they can’t pay their mortgage.Keep up on mortgage relief options, so you’re prepared to guide them to appropriate resources.For instance, thanks to the Coronavirus Aid,...
