Debunking 7 Common Real Estate Myths
The real estate market is a complicated beast, with plenty of misconceptions and outright falsehoods floating around. It’s important to stay on top of the facts to make sound decisions about your home or investment property. Here are seven common myths that you may have heard before, debunked for your convenience!
1. You Can Get a Better Deal by Not Using a Real Estate Agent
A realtor is a necessary part of the home buying process, no matter where you live. Agents know their local market intimately and understand how to navigate its complexities, often working deals that you wouldn’t be able to make on your own. Additionally, most lenders require buyers to have an agent representing them during the loan application process — realtors have the connections and knowledge necessary to get you pre-approved.
2. All Realtors Are the Same
Just like with any other profession, there are good realtors and bad realtors. Do your research to find an agent with a proven track record in your market and who meshes well with your personal style. Ask friends and family for recommendations, or search for online review sites to get third-party opinions.
3. Home Price Increases Are Predictable
It’s difficult to predict what will happen to the housing market at any given time, let alone in several years or decades. Some experts have asserted that buying now is a good strategy because prices are expected to keep rising before the next economic downturn, but there are no guarantees. Staying informed and being flexible are the key to making smart decisions regarding real estate.
4. You Can’t Sell a Home in a Bad Market
Actually, you can sell a home in any market — it’s just going to take longer and may result in a lower sale price. If you’re not in a hurry to sell, or if you’re willing to wait until the market rebounds, then sit tight and wait it out. But if you need to sell quickly or are facing a foreclosure, then consider working with a real estate agent who specializes in short sales.
5. You Don’t Need a House Inspector if You Have a Realtor
A realtor is an expert on local property values, but they’re not always experts on plumbing, electrical wiring, and structural integrity. It’s a good idea to hire a professional home inspector regardless of whether or not you have a real estate agent. Even then, ask your agent for a recommendation.
6. Realtors Are Just Out to Make a Sale
While it’s certainly in a realtor’s best interest to help you sell your home, they’re also working for their commission. A good real estate agent will always have your best interests at heart and will be transparent about what they’re doing to market your property.
7. Selling FSBO Means You Save Money
There’s no guarantee that you’ll save any money by selling your home FSBO. In fact, you may end up spending more on marketing and lawyer fees. Working with a real estate agent means that you don’t have to worry about any of the logistics of the sale, and they’ll likely get a higher price for your home than if you went it alone.
According to Zillow, most buyers (approximately 83%) are looking for single-family houses. But regardless of the type of property you’re interested in, it’s important to work with a real estate agent you trust. Call us today to schedule your consultation.