Whether you are a buyer or seller in today’s housing market, DO NOT let these common misconceptions about today’s competitive real estate market fool you. Here are a few common myths to avoid when buying or selling a home!
Buyer Myth: I should wait to buy a home until mortgage rates and home prices fall.
Fact: It’s no secret that mortgage interest rates and home prices are on the rise. It is best to act now if you are planning to purchase or refinance, or it could end up costing you more overall. Learn more on our blog, Great Reasons To Not Let Interest Rates Discourage You.
Seller Myth: I can set the asking price for my house at whatever I want.
Fact: According to Keeping Current Matters pricing your home appropriately for the market takes expertise. It is best to hire a real estate professional to help, read more on our blog, Real Estate Professionals Keep You Safe!
Buyer Myth: If I want my offer to stand out, I should waive the home inspection.
Fact: The home inspection will assure the home is safe, in a livable condition and will notify you of anything that must be fixed prior to closing. You do not want to skip this as it can be costly to repair a home. Once the report is completed, thoroughly review the inspection to ensure you are aware of any necessary updates that must be made to the property.
Seller Myth: I must renovate my home before selling it.
Fact: If you want to make a profitable return on your home investment, being strategic about which renovations you complete plays a significant role. Not every home renovation will equate to a higher selling price. In addition, some renovations are less expensive than others. Learn more on our blog, 4 Home Renovations for Greater ROI!
We hope these myth busters keep you informed in this competitive market. Connect with a Direct Mortgage Loans Loan Officer to help you separate fact from fiction. Learn more about the mortgage process by enrolling for FREE in our Homebuying for Beginners Course.