The Truth Behind Some Real Estate Myths

When it comes to real estate, all is not always as it seems. Many buyers — and some sellers — labor under misconceptions that could sink their housing aspirations.

Take the notion that you will hunt for a house until you find the "perfect" one. Sorry. There is no such thing as the perfect house. Even gently used houses come with blemishes. And new homes rarely, if ever, have absolutely everything you want at the price you want to spend.

Another popular myth is that the longer a house is on the market, the more willing the seller will be to negotiate. Not necessarily. A long time on the market could be a sign that the seller has dug in his heels. He could be hardheaded about the price, unwilling to come down and unwilling to bargain. Perhaps it means the seller is unmotivated. Or it could be an indication that the seller is just tired of the long, drawn-out process.

The bottom line: There is no way of knowing how a seller will react to an offer, so assume nothing, all buyers can do is make an offer that makes sense to them at the time and see how the seller responds. Homes are personal, and sellers take such things personally.

Another popular misconception involves distressed properties and the notion held among many folks that buying one would be cheaper and easier than working with a seller who's under no particular pressure to ink a deal. Not so.

Then there's the notion, especially among first-time buyers, that they need the advice of their parents or friends before making a decision. After all, Dad or best buddy knows as much about the real estate market as their agents, if not more. Wrong — especially if these relatives or friends haven't dabbled in real estate for years.

Finally, if you like a place, try to buy it. Don't wait, especially in markets showing signs of recovery. Many clients not long ago found a home they liked, only to lose it because they wanted to wait because the market was still down. As a result, someone else snatched up the place.

When it sells and they didn't get it, they are mad and accuse the agent of not making them act, but if you wait for prices to drop some more, you may have only yourself to blame.