3 Real Estate Myths Debunked

June 13, 2010

Common REAL ESTATE MYTHS

MYTH #1 If I use a Realtor to help me find a home, I will have to pay more.
FALSE. As a buyer, a Realtor will save you time and money. Hiring a Realtor when you begin the process of searching for your new home is the best way to be sure you will get the most accurate information on the current market. Getting the most accurate information will help you avoid over paying for a home as well as saving you countless hours contemplating homes that are not even on the market anymore. Many websites are not up to date with the current inventory of homes, but your Realtor is!.
( for more information see my blog post.. With the Internet, why do I need a Realtor? )
And no where else can you get professional representation and not pay for it..That is right, the sellers of the property pay the commission to YOUR buyers agent.
I repeat, you get the benefit of a trained Real Estate Professional ,a Realtor, to help you search for homes, line up financing, tour properties, study market conditions, perform market research and THE SELLER PAYS FOR IT.!!


MYTH #2 If I list my house with a Realtor, I will not make as much as if I do it myself.
VERY FALSE. Many people want to sell their homes on their own and “save money”.  If saving money is your goal, cut back on your expenses and find a cheap hobby like bird watching. IF you want to make money, hire a Realtor to analyze, list and market your home.
Some people may have the time, money and knowledge ( and patience ) to list and sell their own home. But most do not. The typical scenario goes like this:
A homeowner wants to save the 6-7% commission he would pay a Realtor and do it himself.  Most homeowners are not objective about the real value of their home and naturally think its worth more than it really is. The market dictates the price point for the home, unfortunately, not the amount of  blood, sweat and tears the homeowner has into it. So they over price the home and it sits on the market as other properly priced homes sell around it. Then after months of interrupted dinners with people wanting to see the home, and tons of calls and questions about the home they get someone who says : I LOVE IT, I WANT IT ! Unfortunately, this person has no money and no credit…they are not pre -approved and could not buy the home at any price. All this is found out about 3 weeks after the homeowner stops running ads and has stopped trying to sell his house thinking it was sold….Back to square one and he has 5 months wasted..I could go on…HIRE A Realtor at the beginning, get it priced right, get the proper information,get it marketed right,  show the home only to qualified buyers and get it sold.


MYTH #3 Bank Foreclosures are the best way to get a property below market value.
FALSE AGAIN Many people assume that because its a bank foreclosure, it’s gotta be a steal. Not true. Bank foreclosures are sometimes very hard to get to settlement. Dealing with the bank and getting clear title can take more time than some buyers can afford. Additionally, just because the property was foreclosed on and is now up for sale, does not mean that is priced under market value. It could just as easily be priced over market value because the bank is owed way more than its worth. The person who determined the price may know nothing about the local market.
The best way to get the most accurate real estate information is to talk to a professional Realtor…..Most Realtors will be happy to answer your questions without any obligation.
Cal Williams
Realtor
Accredited Buyer Representative

http://www.CalWilliams.com
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