Common Misconceptions Among Buyers

Reblogger Cheryl Willis
Real Estate Agent with RE/MAX Solutions- OZARK MISSOURI

Another great post from a peer that I want to share with my readers.

This season I have been very busy working with Buyers.  Several are finding out how true the Misconceptions are.  In reality, if one is looking to purchase before April 30th, the time to schedule your appointment is now.  Agents in my office are working overtime to accommodate our buyers needs.-  cw

Original content by Retired Notworking

Misconception: confused clientIf you pay list price, you're paying too much.

If you don't know what the current market value is for homes in the area and whether the market is appreciating or depreciating, you don't know what a fair price is and you're likely to miss out on a great deal by trying to low ball a house that's already priced well.

If the house meets your goals, is within your budget, and is priced competitively, it's a bargain and you should make a strong offer. Get assistance from a professional to help you recognize a good deal and grab it before it's gone.

 Misconception: Foreclosures and short sales are the best buys

Many buyers find out the hard way that foreclosures and short sales are full of headaches, may need extensive repairs, require great patience over an extended period, often don't have the criteria that's most important to you, and may never close. 

Short sales abound in Tallahassee and many people are starting to avoid them because the pain isn't worth the gain.  Foreclosures can be less troublesome, but often in poor condition with challenges that may take longer than normal to resolve.  Market prices have corrected in many places, including Tallahassee, and it's possible to find great deals in homes that are priced like short sales, but don't have the headaches.

Misconception You get a better price if you buy directly from the owner.

Bargain hunters sometimes avoid Realtors, thinking that they will get a better price if they buy directly from a FSBO.  Meanwhile, the sellers are also trying to save on the commission, so they're not getting expert advice either and often price their homes above market value. 

The end result is often that a buyer pays too much or the FSBO is unable to get the house sold. A savvy Realtor working on the buyer's behalf, armed with market data and great negotiation skills, is much more likely to get a great deal than buyers can by negotiating for themselves.

If you're buying a house, it's a great idea to find a good Realtor and listen to their advice.

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Ambassador
1,197,155
Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

Cheryl,

Great post.

This is good information and a great myth-breaker.

Apr 07, 2010 04:20 AM #1
Rainer
115,094
Kerry Knudson
Cherry Creek Properties, LLC - Colorado - Castle Rock, CO
Broker, Realtor, SFR

Hi Cheryl ~ thank you for sharing this post.  These are definitely common misconceptions!

Apr 07, 2010 04:27 AM #2
Rainmaker
264,436
Pat & Steve Pribisko
Keller Williams Greater Cleveland West - Westlake, OH

I read the post by Colleen McConnell, yesterday.  It contains spot on info for Buyer's Agents.

Apr 07, 2010 04:37 AM #3
Rainmaker
905,530
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Cheryl, you fellow office workers are working hard.....just like you.  First time home buyers don't have much time left.

Apr 07, 2010 01:46 PM #4
Rainmaker
197,582
Cheryl Willis
RE/MAX Solutions- OZARK MISSOURI - Mount Vernon, MO
MO Broker - Mt Vernon, Monett, Aurora, Barry & Law

Ralph, Kerry & Pat, good advice is good advice.

Kay, buyers are writing an offer tomorrow after doing a second walk through.  I can't believe how fast things are going this spring.  Their 'dream' house just got listed yesterday.  Amazing!-  be good  cw

Apr 07, 2010 02:59 PM #5
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Cheryl Willis

MO Broker - Mt Vernon, Monett, Aurora, Barry & Law
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