Home buyers and sellers may have false assumptions about the real
estate transaction process, believing in myths that could rob them of a purchase opportunity or keep them from selling for more money.
1. The longer a home has been on the market, the more negotiable the deal is. There are many reasons a property may be on the market for a long time that have nothing to do with price or condition. Buyers shouldn’t automatically assume time on market indicates the sellers are more willing to haggle over the price.
2. An open house must be part of the marketing plan for a home. Open houses actually aren’t terribly effective when looking for potential buyers. In reality, o
nly 7 percent of buyers find the home they buy through an open house, according to a 2017 survey by the National Association of REALTORS®.
3. A 30-year fixed-rate mortgage is the best form of financing. Every buyer’s situation is different, and not everyone will benefit from a 30-year fixed-rate mortgage. “If you don’t plan on staying in your home for 30 years, you need to evaluate other options, like a 7-year fixed-rate.
4. Overpricing your house leaves room for negotiation. While negotiations are a part of most real estate transactions, if you price your home too high, you run the risk of not getting buyers to the table at all.
5. Online evaluations can give you an idea of home value. Automated valuation models don’t take every factor into consideration when determining the value of a property. Environmental hazards, recent nearby sales, and renovations, for example, aren’t calculated into AVMs, but they can certainly affect the home’s price. “The best way to check your house’s value is to ask a real estate professional,” Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need.
6. You have to put 20 percent down on a home purchase. While buyers can save money on financing costs by bringing a higher amount to the table, it’s not necessary to buy a home. Conforming loans will enable your clients to buy a home with as little as 3 percent down. There are other resources for buyers struggling with down payments.
Not quite ready to buy a home? You may qualify for the Lease with a Right to Purchase program. Call me and I'll give you the details on how you may qualify to get into the home you want, get settled and then purchase it when you are ready! If you prefer a more personal touch, CALL 801-809-9866 today.
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