General Rules about Real Estate

General Rules about Real Estate 

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Rule #1: Rules are made to be broken. This is the first rule of Rules about Real Estate because there are no hard and fast rules. Nothing is carved in stone. Nothing works all the time. There is always a situation, a contradiction or an exception.

Rule #2: Be rational, not emotional. Buying or selling a house can be a very emotional situation. For buyers, don’t fall in love with the house and just have to have it. In some neighborhoods, a similar (or nearly exact) house is just around the corner and might come onto the market next week. If you’re selling a home, especially one where you’ve been for a long time, it’s hard to move on. My advice: move on.


Rule #3: The value of a house is set by the home buyer, seller and the market. The appraised value, the listing price, the average house value in the neighborhood is not the value of the house. The true value is what the house sells for. Price and value are not the same thing. Most of us focus on price, not on value. What really matters when buying a home is searching for value.


Rule #4: The location and neighborhood affects the value of your home. Depending on needs and wants, a good location can be: close to a major highway, close to work or near schools, amenities, and parks. It’s better to buy a bad house in a good neighborhood than a good house in a bad neighborhood. Similar houses can be tens of thousands of dollars different in value, depending on their neighborhoods.









Rule #5: The condition of the house and property affects the value. Curb appeal, renovations and updates, condition of the roof, age of the windows, and the landscaping are important. Buyers often have a lot of houses to choose from. Sometimes, it’s a little thing that may knock your home out of the game.



Rule #6: The economy affects the value of your home. Low interest rates lead to higher house prices. But when the market gets overheated or if there is an interest rate increase, the market can stall or prices can drop. The housing market is huge and it doesn’t change course over night.