6 Persistent Real Estate Myths You Really Need to Ignore

Whether you're a home-buyer or a seller, it pays to understand the real estate market if you want to get a good deal. Unfortunately, a series of bad ideas have grown up around real estate, which can get in the way of a smooth transaction for both sides.

Here are six of the worst myths you need to ignore.

1) Spring is the Busiest Season.

Traditionally, the best time to list a home was in spring. This was because parents would try to move home over the summer holidays, minimizing their children's education disruption. Naturally, spring became the busiest season, with the most homes appearing on the market.However, today's home-buyer profile is a lot more varied than in the past. More than half of buyers are unmarried and have no children, and the school timetable is no longer nearly so relevant.Instead, as a seller, focus on getting your home in the best sale-ready condition you can before listing, rather than rushing to meet an outdated deadline. And as a buyer, start your search whenever you're ready to move, whatever time of year that is. 

2) Start With a Low Offer

When you've found a home you want to buy, the traditional advice is to put in a low offer far below what you're really prepared to pay. The idea is to test the water and avoid paying more than you need to.Today, this is poor advice. Whatever the overall state of the real estate market, desirable properties can sell exceptionally quickly. If you put in too low an offer, you risk being outbid by another buyer leaving you no time to react.What's more, most asking prices today are set according to well-established guidelines, and the vast majority of homes are priced more or less correctly. As a buyer, offering an insultingly low figure makes you seem like a time-waster, alienating the seller and souring negotiations from the start.As a seller, if you receive an offer far below what you're asking for, you shouldn't hesitate to reject it out of hand rather than using it as a starting point for negotiation. 

3) Cash is King 

It's often thought that a cash payment is the most attractive option for a seller, and therefore the best choice for a hopeful buyer. This idea is entirely without foundation.

It doesn't affect the seller's net proceeds if you pay cash or a combination of cash and a mortgage. A pre-approved buyer is just as good as a cash buyer. 
The vast majority of homes are purchased using a mortgage, and it's the expected mode of payment. If anything, an unusual cash buyer might raise the suspicions of a careful seller, who may choose to opt for a well-documented, traceable, bank-financed buyer instead. 

4) Making Improvements Boosts the Value 

While it's essential to make your home look presentable if you want to sell it quickly, it's a mistake to think investing in just any home improvements will boost its value by much.

Most improvements won't raise the value by enough to pay for themselves. Your real estate agent will help you choose which improvements pay off and which ones don't.  For sellers, it's usually much more cost-effective to concentrate on fixing problems and improving appearances rather than spending a fortune on upgrades and remodels.For buyers, don't let home improvements you don't need lure you into paying a premium. 

5) You Can't Trust Real Estate Agents 

There's a common idea that real estate agents should be treated warily, and any advice they give is taken with a pinch of salt. It's not clear why this myth has developed.Most agents earn their living from the commission on successful sales, where both the buyer and seller need to be happy for the sale to close. It's in the interests of a real estate agent to help strike a fair deal, not to propose unrealistic prices in either direction.It's in the agents' best interest to build a loyal and happy client base that continually uses their services and refers them to friends and family. You'll find good agents exceed their client's expectations. 
Real estate agents now have buyer's and seller's agreements detailing their fiduciary responsibility to their clients. 

6) Buyers Can Leave Finance Until Later 

Arranging a mortgage isn't as exciting as exploring listings to find your dream home, but it's not something to put off. If you don't get a pre-approval right at the start of the house-hunting journey, you can risk several significant problems later.You could fall in love with a home that's out of your financial reach in reality. And even if you can afford the asking price, starting a mortgage application from fresh can introduce a deadly delay, opening the door for competing buyers.And lastly, seeking a pre-approval will highlight any problems with your credit file, giving you a chance to fix them before getting too deep into the buying process.Buying or selling a home is complicated enough, with plenty of pitfalls along the way. Don't make it even harder by accepting these all-too-common myths that serve no purpose in the modern market.Get the best mortgage rates and terms that you deserve at MyBestMortgage.Site  Get pre-qualified and stand out from other competing offers. Schedule a FREE meeting, and we will be happy to answer all of your questions.