In the world of real estate, unless you are an agent yourself, there’s a good chance you may be believing some myths about the real estate industry. As a real estate agent, I value my relationships with my clients, and strive to always help them navigate the home buying and selling processes smoothly. This includes letting them know the truths and lies when it comes to home buying and selling. In this blog, I’ll outline some of the most common myths surrounding real estate, and the truths surrounding them so you can be smart when you embark on your next real estate journey.
Real estate agents get rich quickly.
For some reason, the media has portrayed the real estate profession as one that is glamorous, and helps you get rich quickly. This is untrue. Being a real estate agent means that your client’s needs are above your own needs, always. Often, this includes your income. There is no base salary or reimbursement for the time and money real estate agents spend, no matter the outcome. The truth is that the agent’s time and expenses are all on them.
Paying rent is a waste.
Many people believe that paying rent is a waste of money, while owning a home is a wise financial investment. Half of that is true. Buying a home can be a good investment if you stay in it long enough to see a profit. For most of your time living in a home, it can be a financial liability. It takes money out of your pocket every month. However, renting is not throwing money away, it sometimes makes more sense financially than incurring all the costs involved with owning a home depending on your situation. Renting is a great option for those who are on a budget, or are not in a state of life to see their home become profitable. That being said, buying a house is not something to mess around with. There are a great deal of upfront costs, and it’s important to make sure you’re financially ready to take on the costs. Hiring a real estate agent is a great way to make sure you’re ready to take the leap.
You don’t need a home inspection.
The truth is, you do need an inspection. Even if the home is brand new, inspectors look for over 1,600 specific items in the home. This helps you avoid tricks that hide a home’s flaws. The results of an inspection are great measures to determine how much you’ll truly be spending on your potential home.
It’s better to price your home on the high-end.
This is a very common myth in real estate. Sellers often want to protect their asking price, so they think overpricing is the effective way to prevent selling too low. However, overpricing leads to the home not receiving much interest. If a home is priced competitively from the start, it will attract optimal traffic. Your real estate agent will help you price your home in a way that attracts buyers.
Looking at homes is your first step.
It’s common to get excited at the prospect of a new home, and begin looking right away. However, the smart first step is to get a preapproval letter from a lender. This will prepare you to make an offer when you can afford to do so, as well as help your real estate agent refine your search within the price range you are comfortable with and qualify for.
All agents are the same.
Every agent’s approach to real estate is different. A dedicated and honest agent makes all the difference. If you’re looking for real estate in Fort Lauderdale, call a real estate agent you can trust. Contact me today at Debbi Casa Realtor.