Common Real Estate Myths You Might Believe

magnifying glass over newspaper debunking real estate myths

There are many aspects of the real estate market that are misunderstood, and therefore many myths have taken hold that people now take as gospel. Check out some of the most notable real estate myths, and learn how to not let them hold you back during your next home purchase or sale.

Never offer asking price when you’re buying a home

Conventional wisdom in negotiating a transaction is to always lowball the seller initially and hope to compromise, but real estate is different than most other products because there’s no other home exactly like the one you’re interested in. Especially in certain markets and neighborhoods, real estate can be extremely competitive, and sellers with attractive properties frequently field offers above asking prices within days of listing their home. If you are truly interested in a property, making what you consider to be a fair first offer is the best way to start off on the right foot with a seller.

You’ll save a lot of money by listing your home yourself

In most cases, knowledgeable and experienced real estate agents in your target market can yield remarkably valuable results for sellers. According to the National Association of Realtors, homes sold by agents in 2017 went for an average price of $265,500, compared to only $200,000 for homes sold directly by the owner. In addition to the potential cost benefit, real estate agents are adept at handling the legal and administrative side of selling a home.

The first thing you need to do when purchasing is start looking at homes

Before you set foot in an open house, go over your finances and set a budget for what you can afford. This will be incredibly helpful as you start looking at options because you can easily eliminate homes that are outside your budget. Once you know how much house you can afford, then you can look at various lenders and get a pre-approval for your mortgage amount. Going to tour homes with a pre-approval letter from a lender will give you a leg up and allow you to act quickly in terms of making an offer when you find a desirable property.

It doesn’t matter which real estate agent you choose

One of the most costly myths you can fall prey to is thinking that all real estate agents are created equal. Different agents have different skill sets and levels of experience, in addition to different pools of resources from their agency that they have access to.

It’s worth doing your research to find the best agent in your area to represent your interests as a seller or buyer so that you can get the best possible outcome from your experience. The agents of Parker Group have extensive experience helping buyers and sellers in the Greenville area whether they’re moving here for the first time or have been lifelong residents. Get in touch with us today so that we can give you the support and knowledge you need in order to exceed your real estate goals in Greenville.

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