There’s a great deal of information one can find about real estate, whether it’s through the internet or by talking to family and friends. But a lot of hearsay gets passed around, too. So how do you separate fact from fiction?
Here are 7 of the most common real estate myths you might have stumbled upon:
- Pricing your home higher can land you a better deal
- The best time to buy or sell a home is during spring
- Pre-qualifying for a mortgage is the same thing as getting pre-approved
- It’s okay to skip the home inspection
- The down payment and mortgage payments are going to be the only major expenses
- You can do you want to your property
- All real estate agents are the same
In an attempt to gain the upper hand, sellers will often price their homes way higher than what it’s really worth. However, overpricing can have serious consequences because it turns off potential buyers and forces your home to stay on the market longer. Buyers and their agents are well aware of the local housing market trends and prices, so it doesn’t pay to overprice.
Spring may be one of the most popular times to buy or sell a home, but that’s not always true. Ultimately, the right time to buy or sell a home depends on your property, its location, and the state of the local real estate market.
Contrary to popular belief, getting pre-qualified for a mortgage and getting pre-approved are two different concepts. While both steps are crucial to the mortgage application process, one carries more weight than the other. Pre-qualifying is the initial step a home buyer needs to take in order to learn how much loan they can qualify for.
The next step, which is getting pre-approved, involves a deeper examination into your debit, credit, and overall financial history. A pre-approval indicates the amount you may be able to borrow to buy a home.
Homebuyers who want to save money often make the mistake of forgoing the home inspection process. However, inspection is crucial because it gives you an accurate picture of the property’s condition and indicates safety issues that need to be addressed.
Homeownership comes with a lot of expenses before, during, and after the transaction. Many homebuyers assume that the down payment and the upcoming mortgage payments are the only expenses that they’ll handle.
Keep in mind that once the home is yours, you’ll be responsible for the utilities, repairs, upgrades, renovations, and homeowner’s association (HOA) fees. So adjust your budget accordingly.
While you do own your property, you still need to abide by your HOA’s rules and regulations. Many HOAs often have rules about the landscaping and on the changes you can make on the structure or façade of your home
Not all agents have the skills, knowledge, and experience that you’re looking for. Some agents specialize in buying and selling residential property while others are focused on commercial real estate. A local real estate agent also has first-hand knowledge of the ins and outs of their community as compared to an agent outside of the community or area you’re interested in moving to.
Let a highly knowledgeable and experienced real estate team like Coldwell Banker Lake Chelan Properties guide you throughout the Lake Chelan real estate process. Get in touch with the team today at 509.682.7777 or [email protected].