Let’s talk about out the ugly but honest truth about real estate reality television shows…
Real estate reality TV shows are popular because everyone dreams of finding their dream home.
Or about building the perfect house.
Or moving to a new neighborhood.
Just like the TV show Lifestyles of the Rich and Famous was popular many years ago, real estate reality shows let people dream from the comfort of their couch. There is nothing wrong with dreaming. Sometimes I look at classic cars online that I know I will never be able to afford or that will never be for sale.
So I can relate if you find yourself glued to the sofa in a marathon session of This Old House or HGTV. If you watch many real estate reality television shows, you need a healthy dose of the ugly but honest truth.
These shows make it look like it is easy to find and buy your dream house. And if you want to sell or remodel your home? Well, that is NOT a problem and they will explain how easy it is after the next commercial break.
Well, give me a freaking break! Buying and selling real estate is NOT as easy or simple as these shows might have you believe!
Reality TV Shows vs. Real Life Real Estate
Myth #1: House buyers see a few properties and decide to buy one of them.
Truth #1: There might be a few house buyers that fall in love and buy the first home they see. NAR says the typical purchaser looks at 10 houses during their search.
So how many houses should you look at?
There is no magic number about how many properties you should look at. You can save time by understanding what your must-haves and deal breakers are.
Also, it is important that home buyers understand what is possible within their budget. Some buyers develop unrealistic expectations because they aren’t happy with what they can afford.
You need to learn the difference between the things you can change and the things you can’t. For example, ugly wallpaper can be changed but a home’s location cannot. Some things can be changed cheaply and some things cannot. You must understand the difference and no amount of wishing will change reality!
Myth #2: The houses the buyers are looking at are actually for sale.
Truth #2: Many of the houses on real estate reality shows have already been sold and are no longer for sale. You must understand the difference between reality TV and a documentary. Some of these homes are not actually for sale and are included to bump up the entertainment level.
Myth #3: The buyers have not selected a home.
Truth #3: There is no way to show all of the home buying process in a 30-minute television show. So these shows usually pick house buyers that are farther along in the process. Most of the people you see have already decided on a home to purchase.
Myth #4: Homes Always Sell at the Open House.
Truth #4: As much as I wish this were true, it is not! Open houses are great to expose a home to the maximum number of buyers. But they are only a little slice of the actual marketing and advertising of your property. Please understand that most houses are purchased during regular listing appointments.
The ugly but honest truth is some unscrupulous agents use open houses as a promotional tool to meet home buyers and sellers. The effectiveness of open houses for selling a home isn’t what it used to be. However, they are still great lead generators for these agents…
Myth #5: Property owners decide to sell their house following a 5-minute discussion.
Truth #5: The majority of the sellers spend a long time thinking about selling their homes. Selling a home means keeping it “show ready” and being ready to show it at the drop of a hat. This is something that many people are not willing to do.
Selling a home means spending money on repairs, updating, painting, cleaning, sprucing up the landscaping, etc etc. And many home owners do not want to spend the money to get their home ready for the market!
Myth #6: Paperwork? What paperwork?
Truth #6: These shows almost never talk about the buyers getting a Pre-Approval Letter. Or the Seller Disclosure. Or the inspection uncovering what a flaming bag of poo that a home actually is. Or that working with a buyers agent means actually signing a Buyers Agent Agreement.
Myth #7: Time travel is possible on real estate reality television
Truth #7: These shows conveniently leave out the time between when an offer is accepted and when the closing occurs. This is when many different things that can make or break a home sale occur.
Buyers need to be aware that just because their offer was accepted, it does not mean that the home is theirs. Until you walk out of closing, the title is recorded and the keys are in your hand, the property is NOT yours.
Sellers should not count their chickens before they hatch. Until you walk out of the attorney office with a big fat juicy check in your hand, the home is NOT sold.
The Ugly But Honest Truth on Real Estate Reality TV Shows:
You can make your dream home become a reality by having an experienced REALTOR in your corner!
Please do not make the mistake of thinking what happens on real estate reality TV hows is 100% true or accurate.
If you have any questions about buying or selling real estate in the Anderson SC area, please contact me!