8 Common Myths and Misconceptions About Real Estate

There's lots of misleading information out there regarding real estate processes. We're here to help debunk those and set the record straight.

Buyers get a better deal if they don’t use an agent Agent commission for both the buying and selling agent is paid for by the sellers. As a buyer, your agent’s services are free. Benefits to having a real estate agent include negotiating a fair price, access to the latest listings to find a home that fits your needs and budget, someone to walk through homes with you to give professional input, and more.

Agents just want the sale ? At the end of the day, our goal is to help you buy or sell your home, but we’re more than just salespeople. We like to think of ourselves as experienced guides. From the minute you reach out to the moment you’re handed over the keys to or from your home, we want to be there. We love when clients become friends or when we keep in touch and hear about the experiences in their new home. We’re just people helping people make a well-informed life-changing decision.

You need 20% down to buy a house ? Making a 20% down payment is great to avoid private mortgage insurance (PMI), but you’re actually able to lock down a good rate for as little as 5-10%.

All you need is a down payment before moving in? There is no guarantee that the seller will cover closing costs, and it’s almost a given that you’ll run into expenses after moving into your new home. Experts suggest estimated costs to be around $3,000, but some of these costs can be offset by DIY’ing.

School districts are irrelevant to those without kids ? Yes, homes in more desirable school districts are more expensive. But, when it comes down to selling your home, you’ll be in a much better position if you’re in a good school district.

Springtime is house hunting season ? Sometimes, you find the best deals during the off season. In the US, the end of summer usually sees the most frantic offers. This is typically driven by families looking to purchase a home in time to enroll their child in school.

You shouldn’t bother getting pre-approved ? Getting pre-approved is actually one of the smartest things you can do. Not only does it help you know how much you can afford when buying your home, it also shows the seller that you are not just ready and willing, but capable of buying the home. Also, getting pre-approved has no affect on your credit score.

Mortgage is the only recurring cost after settlement ? Homeowners insurance and property taxes add up quickly, and general home maintenance is estimated to cost 1-4% of the home’s value, on average.