Buyer Myths Explained Away
Point2, a realtor news and info site had an article a few weeks ago that went over a few myths that many buyers believe. The original article is here, but I have highlighted the major points, because they are worth addressing.
Here’s a look at four real estate myths that frequently come up with first time buyers.
1. Working with multiple agents will improve my chances of finding the perfect home.
All agents have access to the same MLS listings in your area. It is in your best interest to find an agent with a communication style and commitment level that matches yours, and let them do the hard work for you.
Remember, there is no such thing as the perfect home. It is extremely likely that none will have the exact combination of features you’re looking for on the street you want at the price you like, so make a list of the must have features and start there.
2. If I see a house I like, I should call the number on the bottom of the yard sign.
The agent listed on the yard sign is the one who represents the seller, so they are being paid to act in the seller’s best interest. That is great and exactly as it should be, but it doesn’t mean that they will act in your best interest.
It is best to call the agent you are already working with and ask them to set up a time to view the house. This is yet another reason why it is good to establish a relationship with a dedicated buyer’s agent.
3. My first offer should be a lowball offer.
Of course it makes sense to offer a lower price than you ultimately planned to pay and negotiate your way up, but there are times when this strategy can backfire.
The best thing to do is ask your real estate agent for advice and then make an offer that you are comfortable with.
4. If a house appraises well, I don’t need a home inspection.
Home inspections and home appraisals are two entirely different things. An appraiser notes the value, whereas an inspector notes the condition. Even if the home you make an offer on appraises for the sale price, there could still be broken or unsafe elements. In some instances, you can negotiate with the sellers to have these items fixed. This is just one way a home inspection comes in handy. Click here to discover what buyers need to know about home inspections.
Of course, there are many more home buying myths, but these are a great place to start