Скачать или смотреть 5 Common Real Estate Myths Debunked

You know how when you start talking about buying or selling a home everyone you know has advice? Well, some of that advice - no matter how well intended - could end up costing you thousands. In this video I go over some of the more common bits of advice that are actually real estate myths.

And the first myth answers the question of "do I need a 20% down payment?" The answer, no. It used to be pretty good advice, in the modern real estate market the 5% down conventional loan is very common. We also see many buyers using an FHA loan which only requires 3.5% down, and for some the ability to get a 0% down loan through the USDA programs or the VA is also possible.

When we're getting ready to sell our homes we want to get top dollar, and so often we end up with our second myth, we need to finish all of our updates first. Unfortunately many updates or renovations don't pay back in sales price as much as they cost. In some markets you may actually be better off to skip them all together and just take care of the important repairs. Since each market is different though I always advice asking your real estate professional "should I renovate before I sell?"

The third myth is about when to sell your home. So often the advice is that you should only sell your home in the spring or summer and people often wonder "should I sell my house in the winter?" While yes, there are more buyers on the market in the spring and summer months, there are also more people selling their homes. The reason being - you probably already guessed it - that kids are out of school and it's the easiest time for families to move. However, people still need to buy homes in the winter as well, and looking at the first few months of 2022 shows that there is still a lot of buyer demand even in the winter months.

In really hot and competitive housing markets it's easy to think that it is a good idea to wait for home prices to "correct". Unfortunately housing price corrections is our 4th myth. While yes, we do see some home price reductions in some markets from time to time, the overall average since WWII shows only two nationwide housing price drops, one of which was the housing collapse in 2007/8 which was completely driven buy a lending market gone crazy. Since then lending standards have become very strict and while home prices have soared, it has largely been driven by a lack of supply.

The fifth myth is one that I often get a ton of disagreement on, but to me it is something vital for all homeowners to know, and that is that your home is not your biggest "investment". True, historically our home's value will increase over the years as long as we take care of them, but not usually as fast as other true investments. Now I'm not saying that a house can't be an investment, but I'm talking specifically about the house you bought to be your home. The place where you've made your space your own, where you have friends and family over and where you share meals. Our homes are an emotionally attached thing and we need to remember that when we're buying/selling them.

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Your Agent Guide is brokered at Keller Williams Everett

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