Whether you’re in the market for your first home purchase or consider yourself a seasoned professional when it comes to house hunting and closing on properties that make your heart sing, you may have come across some common real estate myths in the process. Buying a home can be complicated for anyone. From a pre-home search checklist to a comprehensive closing guide, it can be overwhelming to ensure you’ve nailed everything down before move-in day. So don’t let common misconceptions about the real estate world send you into a tizzy.
Read on to learn about the 5 most common real estate myths- debunked.
1. Myth: You should pick out a house you love, then get a pre-approval.
Although the ultimate goal in any home search is to secure the home you love and live there for countless years after a seamless real estate transaction process, you must follow specific steps to get there first. It is beyond tempting to jump onto a home buying site in search of the perfect home that fits your criteria, but how can you know exactly what you can afford without a pre-approval? You can’t. It is always best to speak with a real estate professional and lender first, then proceed to home searching after you’ve received a pre-approval letter.
2. Myth: Open houses are a waste of time when you’re trying to sell.
There is no such thing as a waste of time when it comes to finding creative ways to sell your home. Open houses are the perfect opportunity to reach a broader group of potential buyers in the current seller’s market. Without requiring showing appointments, the amount of foot traffic you could receive on your home increases astronomically, which will ultimately turn into more offers on your property. Nix the worry that comes with hosting an open house and let your realtor take care of the details to increase the demand on your property.
3. Myth: Home inspections don’t matter.
Although it sounds incredible to save a couple hundred bucks after you’ve spent a lot of money securing your new home, don’t skip the home inspection. During this process, a specialized home inspector reviews your home from top to bottom, looking for over 1,500 things throughout it. From electrical and plumbing to the home’s foundation and ventilation system, a thorough inspection is completed that is worth its weight in gold. It is much better to know the ins and outs of your potential home upfront rather than discovering issues down the road post-purchase.
4. Myth: You’ll save money when you sell your home without a realtor.
It’s tempting to try and take on the sale of your home on your own. Unfortunately, many first-time sellers believe that a “for sale by owner” option is the best way to make the most bang for your buck. Although this may be true to an extent, having a real estate professional on your side to help you sell your home is invaluable. In these scenarios, buyers often overpay, or sellers undersell their property because they do not have a complete picture of the market. Realtors are trained to understand the full extent of the industry better than anyone else; trust them with your purchase or sale.
5. Myth: The only cost of buying a home is the down payment amount.
Often, when first-time homebuyers decide on buying a home, they don’t realize the costs associated with the large purchase outside of the price of the actual property. Along with the down payment cost, buyers often incur other costs such as a home inspection fee, termite inspection, and closing costs which typically range from 3% to 5% of the total purchase price. Make sure that you are in a healthy financial state with substantial savings to cover all costs associated with a home purchase. If you are unsure of what other fees may be involved, don’t hesitate to talk with your lender or realtor to learn more.
We understand that navigating the real estate market can feel like driving for the first time. A lot of uncertainty comes with diving headfirst into a home purchase, whether it’s your first or tenth time. We are here to help you understand the process from start to finish and guide you through the entire journey, allowing you to make informed decisions and secure the home of your dreams. Contact us today if you’re in the market to sell your home or want to take the next step in your homebuying journey. We can’t wait to help you.