Do you have a house and thinking of buying or selling it? Don’t let myths about real estate stop you from taking the next step. undefined
Myth #1: Typically, 20% needs to be contributed as a down payment.
Reality: Many different kinds of loans make it possible for the smallest of a down payment which is usually 3% and even for the first-time homebuyers. Get in contact with a lender of mortgage to review your choices.
Myth #2: Self-Sale Will Decrease The Clearing Costs
Reality: For sale by owner, FSBO could be risky. Proven realtors can assist with marketing, negotiations, and paperwork which may lead to a quicker or even more profitable sold.
Myth #3: Spring is the First in the Ranking for Selling Property.
Reality: The top shoppers shop all year round. A seller willing to sell during the slow season can easily get a good number of qualified buyers because they will have the advantage of reduced competition against peak seasons.
Myth #4: Customarily Come up with a Price Lower than the Asking Price
Reality: The lowest bids are communicating disrespect and are most likely to be declined by the manufacturers. Do your homework and know the Fair market value, then make an offer that you can negotiate.
Myth #5: When Renting, You Always Pay Lower Than You Will in Purchase.
Reality: Home payments can bring you equity while the ones for rent disappear. Home ownership over time turns to a source of wealth generating.
Do your homework and consult with a real estate agent who has all the required qualifications. They will walk you through the process of examining the market, separating misleading information from facts, and help you come with objective decisions to enjoy your own real estate journey.
Busted! Here the Professional shares their story with Real Estate Legends.
Real estate has had its share of myths, legends and beliefs which have somehow managed to be part of its DNA from time immemorial. Rags-to-riches stories are commonly associated with gaining huge amounts of wealth in a single night, and so on. Humanizing it, we can say that these fictions have been passed on for too long. However, I am here to rescue these myths once and for all, using industry experts’ help, evict the mythical monsters from their houses.
Probably, one of the most common mistaken beliefs in real estate is not the fact that you need to have a lot of money, but the ability to save in order to buy. Obviously riches are nice, but possesing them is not at all a requirement for us to succeed in the business industry. The personal growth stories of many successful real estate people who started with just pocket change are so inspiring. It is awe-inspiring how they rose to the top through hard work, dedication, and wise investments. “As real estate professionals will always let you know, it doesn’t mean you have more money, but it’s what you do with such that gets the difference.”
One more myth that prevents people from going into the real estate industry is defiantly a thought that in order to succeed you will have to own some finance’s degree or a background of real estate education. However, having a solid understanding and grasp of these processes can sometimes just help, yet not necessarily assure prosperity. What makes real estate business successful most times is that the people in it come from a mixed field. The career pivot can be from marketing to education to engineering. It would be better for you not to focus on what other people think or say, but on the learning you gain from your mistakes, the adaptation to the changes, and on working hard to meet your desires.
One of the worst stereotypes in the real estate sector is the harborage of this misconception that the industry is selfish and cutthroat. It is a sector that peddles on the backbone of crooks who are solely interested in making money and leave their victims behind in the dust.
