There are a lot of misconceptions about buying and selling a home, which can make it challenging to navigate the current real estate landscape. Read below for some clarity on 5 common real estate myths so you can be fully prepared for the red hot 2021 market!
MYTH: It’s better to get pre-approved after you find the perfect home.
TRUTH: You should always get pre-approved before you begin your home search. This can help you determine your budget so you can act quickly when you’re ready to make an offer. Obtaining a pre-approval letter beforehand may also give you a leg up if it comes a to bidding war. It will show the seller that you are fully qualified for the loan and that your documents have been reviewed entirely and you are ready to proceed with the purchase.
Right now rates are at historic lows, hovering around 2.8 – 3% for a 30 year fixed rate! If you would like to get pre-approved for a mortgage online, please click the link below. Emi is highly qualified and will be able to answer all your financing questions! https://www.grarate.com/loan-officer/emikalic
MYTH: Always start with your lowest offer when buying a home.
TRUTH: The market is highly competitive right now, and if you don’t put your best foot forward from the start you may not have a second chance. Although there is nothing wrong with negotiating, making a low offer might insult the sellers who have placed both monetary and sentimental value on their home. Consult with your realtor about what she believes is the best offer for the home’s value. In the current real estate climate, be prepared and have a highest and best number in mind in the event of a bidding war. Your realtor will guide you with this as well.
MYTH: It’s best to price your home on the high side when selling.
TRUTH: Overpricing your home can lead to a longer time on the market with less buyer interest. In fact, buyers may not even look at your home in the first place if your asking price is too high. Price competitively with homes of similar size, location, and condition to draw in the most traffic during your open houses. A home priced competitively will likely sell faster and attract multiple offers. It may even go significantly over the asking price in today’s market, if priced correctly.
MYTH: It’s safe to skip the home inspection if the house looks good.
TRUTH: Skipping the home inspection is highly risky for the buyer and is not advised. A house may look like it’s in perfect shape on the surface, but there are plenty of serious problems that are not always visible to the naked eye (think structural issues, mold, water damage, electrical problems etc). The inspection is designed to give you confidence as a buyer so that you know the home is worth your offer. If a major issue does arise, you have the right to negotiate repair costs with the seller through your attorney, or even back out of the deal all together if the problem are significant enough. This may be one of the biggest investments of your life – make sure you know exactly what you are purchasing!
MYTH: Selling your home yourself will save you a lot of money.
TRUTH: While “for sale by owner” may seem like a great idea to save on commission, you could actually end up spending more money in the long run. There are many factors that go into selling a home, including: assessing the market value, staging the home, taking excellent photos, marketing via highly effective avenues, negotiating offers, communicating with various professionals, executing paperwork, and more. When you hire a real estate professional, they take care of the entire process seamlessly and cover the costs, especially the significant advertising and marketing costs which will bring you the absolute best results. For most people, it is far less stressful and far more profitable to hire a great agent!
Check out my VIP Marketing Plan to see the various avenues I use to sell homes quickly! I include professional photography, staging, print advertising, a professionally designed website, TV and YouTube promotions, printed and mobile property brochures, targeted online advertising, and more!