The housing market is still considered a sellers’ market, however, conditions for buyers are becoming more favorable. With shifting market conditions it’s crucial for both buyers and sellers to understand the process in its entirety. Whether you are selling your home or looking to buy, there are a lot of misconceptions in the housing market. This can make it daunting and extremely challenging to enter the housing market with confidence. Here are some common home buying and selling myths you SHOULDN’T believe!
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Common Home Buyer Myths
1. It’s better to get pre-approved after you find a home you want to buy.
Getting pre-approved BEFORE you begin your home search is a crucial step in the home-buying process. Your pre-approval letter provides clarity on your budget and is based on a credit check, job history, finances, and tax information. Start the pre-approval process today by downloading our app!
2. I should wait to buy until home prices and mortgage rates fall.
When it comes to the housing market, there is no crystal ball to predict the future. Waiting to purchase a home based on market predictions is a risky decision that could end up costing you more overall. Check out our blog to learn how you can set yourself up for success in today’s market.
3. I should waive the Home Inspection if I want my offer to stand out.
Although a home inspection is not required to purchase a home it is highly recommended, as it can reveal unforeseen problems that could end up costing you thousands in repairs. Learn more about home inspections and the items an inspector will review to ensure the home is right for you both financially and functionally.
4. Always start with your lowest offer when buying a house.
You may not get a second chance to raise your offering price so make sure you form a competitive offer based on how much you are comfortable paying each month. Set your home purchase price level beforehand so you know where to draw the line. Review our competitive offer checklist to understand the different home buyer strategies, you can implement.
Common Seller Myths
1. The best time to sell a home is in the summer
Many have commonly accepted the idea that spring is the best time to sell or buy a home. With the right guidance, choosing to wait until the fall or winter months to sell your home comes with its own advantages. Review these advantages in our blog, Benefits of Buying a Home in the Fall Season!
2. Renovating your home before selling will always net your money when you sell.
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. Moreover, some renovations are less expensive than others. Read our blog to learn about the 4 best home renovations that could provide the greatest return on investment.
3. It is better to price your house on the higher side when you are listing your home.
If your home is overpriced, you may miss the opportunity to attract buyers. Rather than focusing on raising the price, focus on making your home competitively priced. This will make the home sell faster and attract more offers. Check out our Expert Tips for Selling Your Home for the best practices to help ensure you receive the best offer!
4. All real estate agents are the same and will get you the same results.
Real estate professionals are a vital part of the process and are there to assist and walk you through the entire process of selling your home. Furthermore, they are there to protect your interest and ensure you get the best deal possible. Learn how real estate professionals keep you safe by reading our blog!
You Got This!
Don’t let these common misconceptions stop your reality of becoming a homeowner. With more clarity on these home buying & selling myths, you are ready to go. If you’re looking to purchase a home or have any questions about the mortgage process, we would be happy to help. Contact Direct Mortgage Loans today