It is already 2021, but many baseless myths still surround the world of real estate. While most of these myths are harmless, some of them have an impact on the way people perceive agents and ultimately affect their real estate buying or selling decisions.
Well, you shouldn’t be burdened by those senseless myths. As such, the experts at The Blake Hayden Group have listed down five most common (and most absurd) myths about real estate and the truth behind them:
Myth #1: When Pricing a Home, You Should Leave Room for Inevitable Negotiations
People who believed in this myth will tell you how big a mistake it is to follow this baseless advice. First of all, when you price your home too high because you know buyers like to negotiate on the price, you are actually pushing away potential buyers who could have afforded your home’s really worth. Secondly, pricing too high increases your property’s likelihood of sitting on the market for longer than it would if you priced it right.
Myth #2: You Should First Look for Your Dream Home, Then Get Approved for a Mortgage
This myth has been around for so long, but it’s surprising that some people still believe it. Don’t make this mistake, though. If you are buying a home, you want to make sure that you get pre-approved for a mortgage first – it only makes sense.
But why should you waste your time looking at houses that you aren’t sure you can afford? When you get pre-approved first, at least, you have a better idea of how much you can actually spend and will only look at houses that are within your budget.
Myth #3: Real Estate Agents Are All the Same
Here’s the thing: do you think that all teachers are the same? How about doctors or lawyers? If you answered ‘no,’ then it doesn’t make sense to believe that all real estate agents are the same as well.
Real estate agents are people with different skills, experiences, and personalities, so you can’t expect the same level of service or even the same approach from two different agents. This also means that you need to take extra care when choosing the agent you want to be on your side during your home buying journey.
Myth #4: Real Estate Agents Say Whatever the Buyer Wants to Hear Just to Make the Sale
Some people believe that agents only do or say anything just to convince a buyer to purchase a home. Well, there may be some who do that but trust that the majority don’t.
Aside from the strict rules and regulations agents abide by, the real estate industry heavily relies on word of mouth and referrals. This means that when an agent lies about a property to a client, their reputation will likely be ruined, and they won’t be able to make a living as an agent again.
Myth #5: You Should Start With a Low Offer When Buying a Home
Just like with the first myth mentioned, making a low offer has no reasonable basis whatsoever. Still, many buyers believe this myth and start their negotiations with a very low offer.
Negotiations are undoubtedly a part of the home-buying process, but if you know that the home you’re eyeing is within the right price range, making an offer that’s too low could alienate the seller. Worse, your offer might not even be entertained!
What your trusted Owensboro realtors shared above are just five of the most common myths surrounding the real estate world. Whether you are selling your home or looking for a property to buy, you must be aware of myths like those mentioned so that you won’t make mistakes that could hurt the sale or get in the way of you getting the best deal possible!
Do you need help navigating the real estate market? The Blake Hayden Group is among the most trusted realtors in Owensboro, KY. Our team of real estate experts will be happy to share with you our expertise and ensure that you get the most out of the property you’re selling or buying. Get in touch with us today to see how we can help!