5 Myths About Real Estate

When it comes to real estate and the housing market, there are bound to be myths created. Some are just misinformation that can lead a buyer or seller to think a certain way. Regardless of how they are made, myths are also made to be debunked!

Keep reading below to look at the debunked real estate myths:

1. All Real Estate Agents are the Same: One of the most common myths that both buyers and sellers have is that all real estate agents are the same. This is a myth that can be debunked! Real estate agents vary by area of expertise, experience, and skillset! A real estate agent of two years will not give you the same experience as a real estate agent fifteen years in the business. Additionally, a real estate agent that specializes in waterfront properties may not be suited to help you find the perfect ski home for vacations. The real estate agent you choose will determine what your buying or selling experience on the market will be like.

2. When You Are Selling a Home, You Price it Higher to Leave Room for Negotiations: While this is a common myth, it’s also a common mistake! Often, a buyer will miss out on viewing your home because of the price. Since the internet is a big factor in today’s market, if a buyer is searching by price and your inflated price is out of their range they could miss out on seeing your home. If you list your home $25,000 higher for negotiating, just know that many buyers will pass over your home.

3. Buyers Should Get Pre-Approved  After Finding the Perfect Home: A lot of myths of real estate come from misinformation about financing. Many buyers believe that they will not need to get pre-approved for a loan until they find their perfect home. But, a buyer should be pre-approved before they begin the search with their realtor. House hunting is time consuming, and getting pre-approved can help lower the frustration. If you find your perfect home before pre-approval and find out that your mortgage lender won’t approve you for it, that can be devastating! It is best to get pre-approved ahead of time, and know your budget.

4. Open Houses are the Only Way to Sell Houses: Many buyers will buy into the myth that sales come from open houses only. However, studies by the National Association of Realtors show that only 2% of homes are sold as a result of an open house. While yes, it can happen, but it is not the only way to make a sale!

5. Real Estates Will Do Anything to Sell a Home and Make Money: Another myth about real estate is that the agents are just salesman. But, many real estate agents have a strict code of ethics and rules they abide by. They want to find a house that works for you, and makes you happy! Many real estate agents rely on word of mouth to keep their business growing. That means that happy customers will make more customers!