There are a lot of things buyers and sellers misunderstand about the real estate industry, and so today we’ll be listing (and debunking) five of the most common myths that are out there.
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There are a lot of misconceptions out there about the real estate industry. And without an accurate understanding of how things actually work, buyers and sellers may have a harder time reaching their goals. With that in mind, we’d like to share (and debunk) five of the most common real estate myths for you today:
1. “Homes ‘pass’ or ‘fail’ inspections.” This myth is mostly a matter of wording. While a home may receive inspection results that are mostly positive or mostly negative, no “pass or fail” system is in place. Instead, home inspections are merely designed to identify problems and assess a property’s overall condition. The buyer, not the results of the inspection themselves, will determine whether the deal moves forward.
2. “It isn’t necessary to prepare a home before you list it.” While there is such a thing as over-preparing a listing, doing nothing at all to get your listing ready for the market is a major faux pas. You need to, at the very least, clean and declutter your property so that it gives buyers a clear, neutral impression. Buyers must be able to visualize your house as their future home.
3. “Buyers must save at least 20% for their down payment.” This is not the case. There are many financing options that require far less than this.
“Buyers must be able to visualize your house as their future home.”
4. “You should find a home before getting pre-approved.” Even serious buyers sometimes make this mistake. In actuality, getting pre-approved before you even begin your search is ideal. Seemingly minor changes to your financial standing can have a significant impact on your ability to afford a home, so speaking with a lender prior to your house-hunting process is critical.
5. “Home improvements always pay for themselves.” While making certain upgrades and repairs prior to selling will help make your deal move more smoothly, and potentially add some value to your home, not all improvement projects will bring a high return—or any return at all. Having an expert by your side to help guide you through the process will protect you from spending unnecessary funds on a project that won’t pay off.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.
