Whether you’re buying or selling a home for the first time or the third, you want good advice at the beginning. Many will ask friends and relatives for their opinions on the matter, and while they mean well, it’s not always sound advice. There are five common real estate myths to watch out for when going into the home selling or buying process.
Myth 1: Open Houses Don’t Sell Houses
While selecting just the right photos of your home for your online listing is very important, so is opening your home to be looked at in person by potential buyers. Chances are you didn’t choose to buy the home without looking at it in person, in fact you probably attended an open house that helped you realize that this was the home you wanted to live in. Allow your potential buyers to have that moment for themselves; only so much can be grasped through a picture on the internet.
Myth 2: Spring is the Best time to Sell a Home
While it is true that spring is the popular time for families to be looking for a new home, it doesn’t mean that’s the only time to sell. Potential home buyers aren’t just families working around the busy school year anymore, so your home sale does not depend on a particular season. When the real estate market inventory is low is actually the best time to sell your home, and a lot of times that falls in the winter months.
Myth 3: Real Estate Agents are a Thing of the Past
When it comes to buying or selling a home you want expertise on your side. While it is true virtually everything is available online these days, the information, know-how and support that a real estate agent can offer you will be invaluable. Since you don’t buy a house every day, you want someone that knows how the market works and how the process of buying or selling works, not to mention having someone there to speak to when things become overwhelming, emotional, or frustrating to talk you down off the ledge of panic.
Myth 4: A Home is only as valuable as its Appraisal
There are a number of things that go into the appraisal of your home’s value. Views, furnishings, fixtures, neighborhood specifications, and a number of other things all factor into what your home is worth. The appraisal tends to show the home below the actual market value; this is where having a real estate agent on your side will come in handy, helping you to set a price that is both fair and fits the value of your home. In the end, the overall value of your home is what you and the buyer can agree on in the open market.
Myth 5: You must have 20 percent down
While the housing crisis has made getting a mortgage in the last few years increasingly difficult, with many hoops and lines to get through, it is not impossible. Millenials with huge student loan debt often feel that home buying is something they can’t achieve in the near future, but that’s not always the case. It used to be considered a starting point to home buying to be able to put 20 percent down, however with verifiable income, assets and great credit its possible to get a loan with as little as 3 percent down.
In the end, whether you’re buying or selling a home, you want to be successful, and while your family and friends mean well there are many real estate myths to avoid during the process. Keep an open mind about the entire process and find an agent that knows the ins and outs of the real estate that can help you through the buying or selling process.