Common Real Estate Myths About Home Buying4/3/2021
Buying or selling a house can be an incredibly overwhelming and complicated experience, especially if you don't know the facts. Even though most adults have likely lived through the home buying process at some point in their lives as a buyer or the seller, there are still a lot of myths out there that can make the entire process seem a lot more intimidating than it needs to be. Thankfully, home buying doesn't have to be so full of mystery – we’re here to help!
Myth: Real Estate Agents Get Paid a Salary
A long-standing myth in the world of real estate is that real estate agents — especially those that are part of a real estate team — get paid a base salary, and every sale that comes along just adds to that salary. After all, those real estate agents always present themselves so nicely and make everything look so good and easy … surely they’re getting paid, right? Well, wrong. In truth, real estate agents do not receive any salary or reimbursements at all. From open houses to perfecting the presentation to driving from house to house, real estate agents depend entirely on selling homes to make a living from commissions, not a salary.
Myth: Reducing the Price of a Home Means the Homeowners Are Desperate to Sell
We've all seen it before: that house down the street started out at one price about six months ago, and it's dropped significantly lower since then. The homeowner must be truly desperate to sell their house if they're willing to drop the price that low. Incorrect! More often than not, these price drops are done to reflect the current state of the real estate market. Good real estate agents are constantly doing their research and are always trying to make sure that the home they're selling is priced appropriately for its location, and this includes making sure the price reflects comparable homes in the area.
Myth: Lowballing the Seller Will Guarantee a Sale Because the Seller Always Asks Too Much Anyway
One of the most pervasive and long-standing myths in the real estate industry is that homes are priced for more than they're worth with the knowledge that potential homebuyers will be encouraged to ask for lower than the listed price once it's time to make an offer. In truth, a real estate agent would be wrong to put an unjustified price on the home — not only does it alienate potential buyers, but it also causes the home to sit on the market longer and thus sell for less in the long run. There's nothing wrong with negotiating the price, but real estate agents are committed to pricing homes correctly.
Myth: The Online Home Value Is Always Right
In recent years, home buying and home selling have been revolutionized by real estate apps like Zillow, Trulia, and Redfin. This is both good and bad: while people are more familiar with the homes for sale around them and are becoming more comfortable with the market itself, they also start to believe that the price on the app is the actual price of the home. This is actually a myth. “Zestimates” are not real prices! Always check with your local real estate agent to ensure you're getting the right price every time.
Myth: There is No Benefit to Using a Real Estate Agent
There are easy ways to search for new homes like using an online tool to find local inventory. However, Realtors have greatly expanded access to listings you may not have the ability to see. The negotiation process can be very stressful once you do find a home. Realtors are professional negotiators, and they know how to find value for their clients. It’s important to know you are not paying the Realtors when you are buying a home. This cost is covered by the seller. Take advantage of this service because it will make the home buying process more enjoyable.
The Bottom Line: The TamraTrickeyTeam Is Here to Help
When all is said and done, the TamraTrickeyTeam is determined to make sure that there are no myths when it comes to home buying and home selling in the Kansas City metro area. There will be no doubt about what's fact and what's myth with this Leawood-based real estate team. Whether you're a potential buyer, seller, or both, the TamraTrickeyTeam promises to do everything possible to make sure your experience is as top-notch as can be.
Interested in learning more? Contact us today.