ReSET Blog
Blog · September 29, 2021 · AUTHOR: Nomathamsanqa Mathembisa

Top 5 Real Estate Myths

Just as the saying goes - "don't believe everything you read", you shouldn’t believe everything you’ve heard when it comes to real estate. As a potential home buyer or seller, there are loads of useful information and processes that exist in the business of real estate that aren’t always easily available. 

Real estate myths have led countless buyers and sellers to make uninformed decisions based on preconceived ideas and misconceptions about the industry. 

Some of these tales may seem harmless but may deter the home shopper in the buying or selling of their home. 


Let's bust the top 5 real estate myths 

1. You don't need a real estate agent to buy or sell a home

The buying or selling process can get complicated, especially as a first-time buyer. While it is possible to represent yourself in a real estate transaction, working with A real estate agent ensures that you have expert-level representation that has your best interest. The facade behind this myth is driven by the notion that you will be paying more or incurring unnecessary costs. While we understand that not all agents will be ethical and fair, it is imperative to choose the right agent to fit your needs and wants to have a smooth sail in purchasing and selling property. 

2. The down payment is the only upfront cost 

Research shows that 72% of American first-time homebuyers will exceed their planned budget, and this is due to this myth. Buying a home is an exciting part of anyone's life, but can become a nightmare if you haven't prepared for all the costs involved. From transfer duty to bond registration costs -  always consult with a professional real estate agent to see how much you'll need to budget for other costs you may not be aware of. 

3. You should never offer full price 

This myth is layered as different situations require a different approach. So how should you go about putting down an offer on a house?  Every homebuyer wants to score a deal, but making this a quick decision can have you lose out on your dream home. You will have to check what market you're in, the list price of the property, how long it's been on the market, and many other factors before putting pen to paper. 


4. You need perfect credit to buy a home 

In a perfect world, having a perfect credit score would be the most ideal situation, but life isn't always perfect. With home loan options and ways to better your credit, there are always means to purchase your dream home. 

5. Springtime is the perfect time to buy a home 

With real estate, market trends are always unpredictable. Some may say winter is a better time to make that purchase, while others may lean towards summer. So which season is really the best? Well, it all boils down to the advantages that accompany the different seasons and matching them to your needs and wants. A purchase in spring would be appropriate for families - kids are finishing off their school term which allows room to settle into your new home just in time for the holidays, and for sellers, this means that winter, rather than spring, may be the best time to attract a pool of serious buyers who will want to capitalize on home listings.

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