A myth can be defined as an invented idea, story or concept. In most cases when people want to start their investment or homeownership journey, they turn to the internet to get information on how to go about this. However, how do you separate factual information from false information? There are common myths about real estate and this being a big financial decision, it is imperative to set the record straight and debunk some of these myths.
Myth 1: You do not need a real estate agent
Real estate agents have the experience and also know the current market trends which make them the best to negotiate on your behalf, whether you are buying or selling a property. Moreover, they always put their client’s best interests ahead of anything else. They are a valuable resource, especially for first-time buyers who might be mentally and emotionally overwhelmed by the process.
Myth 2: Listing at a higher price leaves room for negotiation
Ambitious sellers might price their property higher than its market price. This can turn out to be one of the worst mistakes you can make due to the fact that gaining in real estate is determined by being realistic rather than being bold. Doing so will lead to scaring away potential buyers and since they will not bother looking at the property there will be no room for negotiation.
It also leads to the property sitting on the market for a long time. Today, potential buyers are armed with knowledge and information relevant to purchasing a property. Therefore, it is a huge risk to price your property too high.
Myth 3: Schools districts are irrelevant for those who have no kids
Homes in school districts cost more, this is a known fact. Therefore, buying a house in a school district is an investment in itself since when it comes to reselling, the property has better value and more return of investment due to its desirable location.
Myth 4: Selling a home For Sale By Owner (FSBO) saves one money
Many sellers believe that they can save the commission money that real estate agents gain by selling a property on their own. However, selling property is not as easy as one thinks. Many FSBOs risk losing money if they do not hire a professional. This is because they might overprice or underprice the property which results in shunning potential clients or leaving money on the table during negotiations. Agents are well versed in the financial and legal aspects of real estate and ensure you get the right price and terms when selling your property. They also save the seller time and effort since selling a property is a full-time job.
Myth 5: Online resources are all the research you need
The internet is filled with lots of information which is beneficial for interested parties in real estate. Although this is true, there is certain information that one can only get on the ground. The information from the internet does not depict the full picture of the property. Agents have more in-depth knowledge of the local market and know the ins and outs of what to look for in a property as per the client’s requirements. This ensures the best result and client satisfaction.
These are a few of the real estate myths you should be aware of when diving into the real estate industry. Real estate agents are the first people to turn to when interested in real estate. Not only do they assist you in getting the best deal possible but also aid in answering your questions and clearing up misconceptions that you may have come across.
If you are looking for a reliable and trustworthy real estate agent, Daykio has got you covered.
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