There are so many myths around us, and real estate is no exception to that. Because not all people know much about this industry, it is easy to create false perceptions about it, which then leads to unreasonable and damaging assumptions.
Let’s look into some real estate myths and dispel these notions to share the truth!
Myth: Working with an agent is just a waste of money
Truth: Real estate agents spent years to study the ins and outs of their profession and earned their license obviously because it requires a lot of skill and knowledge to deal with real estate. Hiring one to help you with your investment is the best decision you can do because they will help you understand the intricacies of the buying process and contracts, successfully negotiate a better price for your property, help you evaluate your financial options, and provide all the support you need when buying a property, especially when it is your first time.
Myth: All agents are the same
Truth: Although the general process of buying or selling a property is the same, real estate agents surely have something that sets them apart from the others. They may also have a different attitude towards their profession, with some being completely enthusiastic about it and others just trying to live off.
Real estate agents also have their own expertise, and it would be helpful if you choose someone who is well-versed with the city or province you’re eyeing to have your property. This way, he/she can help you identify the best location within the city or province and give you valuable insights about it.
Myth: When selling, price it higher to make room for negotiations
Truth: Incorrectly pricing your property can lead to frustrations and leaving it to the market for a long time. If you price it too high to leave room for negotiations, you might just lead buyers to pass on looking at what you’re selling and because it is obviously overpriced. It is important, therefore, to research and compare prices of properties for sale around you, as well as understand who your potential buyers are. From there, you can price your property at a reasonable value.
Myth: Serious buyers show up on weekends
Truth: While many people set aside their property trippings on weekends because of their busy schedules, open house weekends only tend to bring curiosity seekers interested in finding pegs for their home decors and such. There are also people who made it their hobby to join open houses on weekends, without the actual intent to buy.
According to Ameer (2020), it is during weekdays that the more serious buyers show up. “In many markets, it is usually too late to wait until the weekend to look at any properties of interest (Ameer, 2020).
Myth: All lenders are the same
Truth: Choosing a mortgage lender is one of the most crucial parts of your buying journey. Lenders have different terms and products to offer, and it is important to look into each of these to be able to assess which lender best fits your interests and financial capabilities. You may want to look at the differences on their loan terms, interest rates, loan periods, and other details you might deem important.
Like in all other fields, it is important not to believe in assumptions in real estate. Your investments are a huge part of your lives, and it would require you a huge amount of money. Therefore, it is important that you do your proper research and not just rely on hearsays.
Need help with finding the best property for you and your family in Antipolo? I’m your guy! For inquiries, you may contact me at 0927 957 2503 or shoot me an email at dan@danielalleje.com.
References
Ameer, C. (2020). 15 crazy real estate myths your clients probably believe. Retrieved from https://www.inman.com/2017/09/12/15-crazy-real-estate-myths-your-clients-probably-believe/
Hiscock, K. (2019). Top 10 Real Estate Myths Debunked. Retrieved from https://www.rochesterrealestateblog.com/top-10-real-estate-myths-debunked
Palisade Realty. (2020). 10 Real Estate Myths And The Truth Behind Them. Retrieved from http://www.palisaderealty.com/myths-and-the-truth-real-estate/