There are A LOT of common home buying misconceptions out there when it comes to Real Estate and REALTORS. It’s important that potential home buyers avoid believing these common home buying misconceptions at all costs! Here are just a few…
I Don’t Need an Agent To Buy A Home
Agents can use their resources to help you find properties that fit exactly what you’re looking for within your budget and notify you immediately as soon as these homes are listed. Not only will your agent help guide you through the entire process of buying a home, including negotiating prices and terms, but she will hold your hand through the entire closing process. It’s important to understand that a buyer will not be responsible for paying their real estate agent. Typically the seller has contracted a listing agent who thereby pays for your buyers agent representation. Having a top-notch buyers agent can not only make the home buying process less stressful but also can give an you the advantage needed in a competitive sellers market.
Homes Values On The Internet Are Accurate
If you have checked homes on the internet, it is likely you have stumbled upon a site called Zillow which provides an algorithm to determine an estimate of your homes value. This zestimate gives a client a “general idea” of the value of a home — sites call it a “starting point”. Websites can’t compare the difference between why homes on one street or in a particular area may be a different value than those just two streets over. It also can’t tell the client why the last 3 sales sold for the prices they did or distinguish what updates or remodeling have been done to the inside of a particular home.
I Need A Large Down Payment To Purchase A Home
In the past, first time home buyers were required to put up a 20% down payment, but not today. In fact, most first-time home buyers make a down payment of 5% or less. We work with only top-notch reputable lenders who have zero down programs available as well. So requiring a large down payment is definitely a home buying myth!
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Real Estate Agents Are Dishonest
When purchasing a home, most REALTORS make the process much easier and less stressful, however, ALL agents are NOT the same. REALTORS are legally bound to represent their clients to the best of their abilities and are held to a very strict code of ethics with many rules and regulations. If they are caught doing otherwise, they could be forced to pay hefty fines and even lose their license to sell real estate. When buying or selling a home, it’s extremely important to select a very trustworthy Realtor who you can trust and are comfortable with.
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Have you heard other real estate myths that you’re wondering if they are fact or myth?
If so, we’d love to write about them, so contact me, Caron Koteles 248.379.6651 TODAY!
Caron Koteles Riha is a licensed Real Estate Broker with Real Estate One.
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