5 Common Real Estate Myths Debunked
Buying or selling a home is a major life decision, and it's important to have the right information before you make any big moves. There is so much information available online and from friends and family that it can be difficult to know what's true and what's not.
At Capital North, we’ve debunked some common real estate myths so that you can make the right decisions about your next home purchase or sale.
Myth: Looking at homes is the first step.
Truth: People think that if you spot your dream home first everything else will fall into place. However, this can make the home-buying journey more difficult because you may get attached to a house outside your price range. The first step is to get pre-approved for a mortgage so you can establish a workable budget. Once you have done this, you can narrow down your search. This will also make you better equipped to make sound decisions if you’re bidding against other buyers.
Myth: You don’t need a real estate agent to buy a home.
Truth: It is not a requirement to hire a real estate agent, but it is highly recommended. They have experience in the market and they can help you navigate the deal-making process. Real estate agents also have access to listing information that may not be available online, which may expand your options.
A team of professionals, like ours at Capital North, can provide support and guidance throughout your home-buying journey. They can negotiate on your behalf and handle the paperwork involved, taking much of the stress and uncertainty out of the equation.
Myth: A down payment is the only upfront cost.
Truth: Although the down payment is your largest expense, there are additional costs. Be prepared for the closing costs, inspection fees, appraisal fees, legal fees, and land transfer taxes. There are also ongoing living costs, for example, homeowners’ insurance and utility costs, which are important to account for as you set your budget and make your decisions.
Myth: When selling, staging the home doesn’t matter.
Truth: Although staging is not a requirement when selling, it certainly makes a difference. It may help buyers envision themselves in the space or appreciate some of the home’s more marketable features (e.g. high ceilings, big countertops, open living spaces). Staging may make it likely to sell quicker.
If you’re thinking about staging, start with the following:
- Make minor repairs and updates
- Make a good first impression (i.e. pay attention to outdoor landscaping)
- Use your existing furniture and décor
- Ask for help from a professional
Myth: The longer a home is on the market, the easier it is to negotiate.
Truth: It may seem that the longer a home is on the market for that the sellers are desperate to sell, so you can negotiate a better deal. But additional factors could be impacting the sale, for example, location, current market conditions, etc. And while personalities also play a role, market conditions are often the overriding factor.
These are just a few of the common myths when buying real estate and there is a lot more out there that you need to consider before purchasing a new home. If you’d like to speak with a professional you can trust, contact our team at Capital North today.