According to Merriam-Webster Dictionary a myth is an idea or a story that is believed by many people but that is not true. Well, myths not only exist in Greek or Roman mythologies but also in Real Estate industry. Well, just because you read something about real estate on the internet it doesn’t mean that it is all true. It is also the same with hearing or learning something from a family member, a friend or a co-worker is also true. There are a lot of real estate myths and some of them are very common and we need to “debunked” them by giving them the proper explanations for all those myths. Here are 10 most common myths of real estate according to a blog written by Kylie Hiscock on http://www.rochesterrealestateblog.com/ 1. All Real …show more content…
Getting Pre-Approved Is Done After Finding Your Perfect Home One of the hardest myths to break for real estate agents relates to financing. Many home buyers believe that getting pre-approved doesn’t need to take place until they have found their perfect home. This is a huge mistake for many reasons. A buyer should be and want to be pre-approved for a mortgage before they house hunt. House hunting can be time consuming, exciting, frustrating, and many other things. Before getting involved in a full out search for that perfect home, eliminate the chances of any disappointment down the road by getting a pre-approval from a mortgage lender. A buyer can be devastated if they find a home they love, write an offer, and have it accepted only to find out in the future they have been declined for a mortgage. Another reason why a buyer should get pre-approved for a mortgage before finding their perfect home is in the event their perfect home is receiving multiple offers. A multiple offer scenario is a dream for a seller and a nightmare for a buyer. A buyer who has been pre-approved has a significant advantage in a multiple offer scenario. 6. Open Houses Sell …show more content…
A common real estate myth is that an open house is a great way to sell a home. The fact is that according to the National Association of Realtors, 2% of homes are sold as a result of an open house. Can a sale result from an open house, YES. Is it likely, NO. You’re probably asking yourself why many real estate agents push open houses. When interviewing potential Realtors to sell your home, ask them why they want to hold your home open every Sunday. If the answer is because it will sell your home, you may want to reconsider hiring that prospective Realtor. The primary reason why a real estate agent would swear by open houses is because they see them as an opportunity to pick up new clients. It’s possible that a buyer walks through an open house and does not have a real estate agent they’re working with. This is a great opportunity for the real estate agent to convert the potential buyer into a client. Before deciding whether an open house is something you would want to take part in when selling your home, consider all the possible drawbacks of an open house. 7. Selling a Home “For Sale by Owner” Saves Lots of