Whether you are selling a house or buying a home, 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 real estate myths you SHOULDN’T believe!
It is better to price your house on the higher side when you are selling it.
Busted: Rather than focusing on raising the price, zone in on making your home competitively priced. This will likely make the home sell faster and attract more offers.
It is better to get pre-approved after you find the home you want to buy.
Busted: It is an asset to your home buying journey to get pre-approved BEFORE you begin your home search. This will make your offer stronger and more aggressive to sellers. This also provides clarity on your home buying budget.
Always start with your lowest offer when buying a house.
Busted: Especially in the concentrated and competitive market today, you may not get a second chance to raise your offering price.
It is safe to skip the home inspection if you are confident the home looks good.
Busted: This is a bad idea; a home inspection will reveal unseen problems that may cost you later.
Renovating your home before selling will always net you more money when you sell.
Busted: Many renovations may be important to increasing the value of your home. Keep in mind, not all renovations directly correlate to an increased appraised valuation. Work with a professional to determine what to renovate for the best return on investment.
You Got This!
With more clarity on the home buying and selling journey, you are ready to go. Download the DML app to get pre-approved prior to beginning your home search, and for outstanding mortgage solutions.