10 Chicago Real Estate Myths, Debunked

We’re here to set the record straight!

Myth: Agents will say anything to get you to buy a home.
If they’re going against rules and regulations to get you into a home quicker, then they aren’t a good real estate agent. Agents rely so heavily on word of mouth and recommendations of their good business, so you are being given as much information as they can provide to help you make the best decision.

Myth: Inspection failures are a thing.
Nope! When an inspector analyzes your potential home or home for sale, they give a list of things found when checking every nook and cranny on your behalf. Does it pass or fail? In the end, it’s your call.

Myth: Overpricing guarantees your home sells for more.
Pump the brakes! In no way is this the case. Overpricing a home nearly guarantees your home won’t sell as quickly, and interested buyers will be deterred by the higher price tag. If they’re anything like every other human in this decade, they’ll look up similar homes online and decide yours is just too much.


Speaking of online…
Zillow’s Zestimate is not as accurate as you think. As a jumping off point, it’s a great tool to glance at, but you shouldn’t be discouraged when you see your home’s Zestimate isn’t close to your offer, and you don’t always have to believe the number when you finally find one you love after hours of scrolling. The only way for an interested buyer to determine the home’s value is for them to research and see it for themselves.

Myth: Reviews are a direct reflection on every agent in the agency.
Not at all. Did you have a poor experience with an agent? Reach out to the agency and let them know, and they can hook you up with another one. If you’re upset, the agency likely will want to help make it right! And if they don’t, they aren’t worth your time.

Myth: Low offers are fine. Owners should take what they get!
Sound the alarm, do you know how uncool a ridiculously low offer can look to the seller? They might pass right over your offer and not give it a second thought. If you want to be taken seriously, seriously consider what you’re offering.


Myth: You MUST update your kitchen and bathroom before selling.
Is your kitchen and/or bathroom(s) super out of date? Do they not function the way each room is supposed to? Consider replacing the parts in need of replacing, and keep it neutral. If it’s somewhat updated and works well, adjusting price for it being not immaculately designed or not having granite countertops may be a better plan. If it’s been very recently entirely rehabbed, it may deter buyers if they aren’t a fan of the decor or appliances. No one wants to replace something that’s perfectly new, and no one wants to buy a home with a kitchen or bathroom they don’t like. It can go either way.

Myth: Selling your home yourself saves a ton of money.
Do you know how to market to the right groups of potential buyers? Are you able to easily add your home to all the real estate websites available? Can you put in the many hours that go into showing your home to clients? If you’re answering yes to all of these questions, then sure, you can possibly sell your home on your own. But will you be able to actually get what it’s worth?

Myth: Agents are reimbursed for transportation, closing gifts, and marketing
Agents travel, give gifts, and market themselves all on their own dollar. If you think their agency is paying for the bottle of wine or vase of flowers you may receive upon moving in, you’re wrong! Those awesome videos you see on their pages? They paid for those, too. And if they’re meeting you where it takes two trains and three buses, they are doing so from their wallet.

Myth: Every real estate agent is rich.
False. An agent’s commission is based on many factors for the home, neighborhood, and market at time of sale. Commission is negotiable, and often times earnings can be depleted after accommodating for outside costs for the agent. Agents can be very successful, but it takes time, talent, and dedication.



About Fulton Grace
Fulton Grace Realty is one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors, seasoned property managers, and customer-service oriented staff. Whether you’re looking to find a new home, sell your home, or have your property managed, let us be your trusted real estate advisors.


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