It’s important to know what you’re getting into when buying or selling a home, but unfortunately, there can be a great deal of misinformation out there. It can be overwhelming to research everything you need to know about real estate and not all of it is true. Here are a few of the most common myths in the world of real estate:
Myth #1: Save Money by Selling as “For Sale by Owner”
It may sound cheaper to cut corners and sell your home on your own as opposed to hiring an experienced real estate agent, but the opposite is true. According to the National Association of Realtors, homes in 2017 sold at an average of $60,000 higher when an agent was involved than when the owner sold independently. Agents have access to industry tools, a wide network of buyers and sellers, and extensive experience in contracts and legal paperwork to make sure nothing is missed. This is why it’s important to let an agent be involved in the sale of your home.
Myth #2: Never Offer Full Price
Many real estate myths revolve around the need to save money. It may seem like a good idea to negotiate and try to low-ball on an offer, but the market is so hot and demand is so high that offers are extremely competitive and homes often sell at asking price or higher. If you truly want a certain dream home, make a fair offer and build a positive relationship with the seller.
Myth #3: Get Pre-Approved AFTER Finding Your Dream Home
It’s nice to ride through neighborhoods and browse the homes for sale, but it’s incredibly important to get pre-approved for a mortgage before setting your heart on one home in particular. You don’t want to fall in love with a home only to find out you’re not able to secure a mortgage loan for it.
Myth #4: You Don’t Need a Buyer’s Agent
Thanks to the wide array of internet resources, many home buyers believe it’s easier to conduct business without an agent. However, websites can present misinformation when it comes to listings and it’s important to have an agent who knows what is really going on in the market. They can also offer valuable advice when it comes to negotiations and offers. You as the buyer do not have to pay any costs to the agent- the seller is responsible for their commission. So take some time to research and interview the agent that you would enjoy working with to help find your dream home.
Carefully research and seek advice from experts when buying or selling a home. Don’t take everything you read online to be true and avoid taking matters into your own hands.