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  • Tim Kraemer

5 Common Home Buying and Selling Myths

The real estate world can be very confusing. It basically has its own language and rules that are involved in buying and selling homes. Often times people do not fully understand the basics of real estate happenings. Below are 5 common myths associated with buying and selling real estate.

Myth #1: Using an online tool will give you the value of your home. Most online tools are estimates and estimates at best. These tools do not take into account all the factors which determine the property value. For example, environmental hazards, recent nearby sales and renovations are all items not calculated into online estimators. The best way to know your house’s value is to ask a real estate professional.

Myth #2: A home either passes or fails an inspection. Inspections are meant to assess the condition of a home. Inspectors do not just pass or fail a home. Their job is to provide a report explaining the issues found in the home and summarize the age of systems throughout the home such as plumping, electric, HVAC, and the roof.

Myth #3: It is better to price your home high. Often times sellers think overpricing a home is an effective method to ensure they can sell for their asking price. But overpricing a home often leads to the home sitting on the market. Choosing a competitive price from the start increases your chances of attracting optimal traffic and buyers.

Myth #4: You have to have an open house. Often times open houses bring in curious neighbors and people just interested in seeing the interior of your home. Approximately only 7% of buyers actually find their home from an open house. You can skip the open house as most serious showings tend to happen during the week.

Myth #5: You have to put 20% down. Though having a bigger down payment can save you money on financing costs, it is not absolutely necessary for purchasing a home. Some loans require as little as 3% down.

It is important to do your research when you are looking at buying or selling real estate. Much like any subject, there are plenty of myths in the real estate world. Do your research on your own or enlist the help of a real estate professional.

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