Busted! Don’t Believe These Real Estate Myths!

Author: Karen Johnston | | Categories: Home/Property Buying & Selling , Homes For Sale

Busted! Don’t Believe These Real Estate Myths!

Buying or selling a house is not something most of us do every day. It’s something that’s done once a decade and at times, even once in a lifetime. When in doubt, leaving it to the experts is the best idea, but that doesn’t mean you should bury your head in the sand and be devoid of crucial information.

Most of us think we understand how real estate works, based on the experiences of friends and family members, stories we have heard and things we have read. However, there are some myths in circulation that can hurt your chances of buying or selling the right home at the right price.

To help you achieve your dream real estate move, I’m going to bust three myths to help you get a deal that ensures you are the real winner, irrespective of whether you’re selling or purchasing.

Myth 1: All real estate agents are the same.

Au Contraire…everyone brings their own of skill set to the table. However, it is this myth that can lead buyers and sellers to make big mistakes when selecting an agent. Every agent has different abilities, experience levels, and traits. For example, a real estate agent who has been selling property for two years is not going to have the same skill set of an agent who has been in the business for 20 years. When selecting an agent to suit your needs, choose wisely.

Myth 2: You get a better deal when buying a home through the listing agent.

The thought process behind this myth is that listing agents will cut their commission because they are receiving from both "sides" of the transaction. However, what the buyer may not understand is that the listing agent is also representing the seller. If you are using the listing agent, consider how hard the listing agent is going to negotiate the price with the seller, who also is their client. Same goes for any negotiations from the home inspection findings. As a buyer, you need to consider what representation you will receive by using the listing agent whose first obligations are to the seller. Buying a home can be a complicated process. Hence, it is imperative that you have a great agent representing your best interests and one that is looking solely after your own needs.

Myth 3: Get pre-approved after finding the perfect home.

No! Don’t make that mistake! A buyer should be pre-approved for a mortgage before they start their home search. As a buyer, you will be left deflated if you find the home you love, make an offer and have it accepted only to find out you have been declined for a mortgage. A buyer who has been pre-approved has a significant advantage in a multiple-offer scenario. Getting pre-approved also lets the buyer know how much they can borrow, so they do not end up looking at homes that are out of their price range.

Myths will always exists but to dispel doubts and help you build foundations in real estate on the truth, get in touch with Karen Lee Johnston. I provide the most comprehensive real estate services with personal, professional, and compassionate guidance to deliver great results, in Toronto, Ontario. If you have any questions about Karen Johnston - Royal Lepage Estate Realty, I’d love to hear from you. Contact me here.

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