Everyone seems to have an opinion about buying, selling, or investing in real estate. While most people mean well, they are often unqualified to offer advice regarding your particular situation, especially when dealing with high-end luxury properties.
Elise Losasso has the experience you need, with an in-depth knowledge of Denver, Colorado, and the surrounding areas. With hundreds of successful closings under her belt, Elise brings her competitive edge to every deal to ensure her clients get the best possible representation. As a skilled negotiator with a professional approach, she can help you buy or sell luxury property in Denver, Centennial, or Greenwood Village.
Elise Losasso is one of the most successful real estate agents in the Denver market, recognized in the top 1.5% of Realtors® nationwide. She can help you dispel the following real estate myths, providing unsurpassed services to achieve your real estate goals.
Myth #1: Luxury property homeowners prefer cash deals
Myth #2: Selling your house on your own saves money
The National Association of REALTORS® reported that 86% of sellers used a real estate agent to sell their home. Only 10% of 2021 home sales were FSBO, with the average home selling at $225,000 compared to agent-assisted home sales at $330,000. Sellers who worked with a real estate agent made significantly more in the purchase price than in the potential savings they predicted by working alone. FSBO sellers said they had the most difficulty understanding and performing paperwork. A knowledgeable agent can ensure all documents get properly executed to avoid deal-breaking issues at closing.
Myth #3: You need a 20% down payment to purchase a luxury property
However, with luxury properties, traditional terms do not apply. A jumbo loan is needed for multi-million dollar properties that exceed the 2023 threshold of $726,200 for traditional loans. Lenders will take a deep dive into an applicant's financial stability to determine creditworthiness, with the down payment amount varying depending on the property's purchase price and the loan terms.
Myth #4: Buying new construction means less anticipated repairs
Myth #5: If you don't have kids, the school district does not matter
Myth #6: You should price your home high to leave room for negotiation
It is important to remain realistic when setting the purchase price of your home. Your real estate agent can evaluate your property and compare sales data from neighboring properties to give you an accurate range for pricing your home.
If you drive away too many potential buyers, there will be no left to negotiate with. Setting a realistic price will attract the right buyers, helping you secure an offer close to or at your original asking price.
Myth #7: If you see a property listed online, it is still available
A qualified real estate agent can help you navigate current MLS listings, making sure you don't get your heart set on a property that is already off the market.
Myth #8: Home renovations will provide a dollar-for-dollar ROI
Pre-sale improvements are not always frowned upon, but it is crucial to understand what can help you sell the home quicker, what will get you a higher sales price, and what changes won't make a difference. A qualified real estate agent can help you determine what, if anything, needs to be taken care of before listing your property.
Don't be fooled by real estate myths, and get the facts from Elise Losasso
Contact Elise Losasso to learn more about the current market trends in Denver, allowing her to assist you in meeting your real estate goals.