Which of these misconceptions have you believed in?
Most people walk into the home buying process full of excitement and, by the time closing rolls around, they're exhausted and just ready to plop down relieved into their new home. If you walk in with realistic expectations, though, you can make the process a lot more enjoyable and comfortable.
In this article, we'll bust 5 common home buying myths.
#1 You’ll Find A House That Meets All Of Your Expectations
Don’t expect to get everything on your wish list. Instead, focus on what features are most important to you. It's best to make a two-part list of things you absolutely must have (need) and things you'd like to have. If you give this list to your realtor, that will make sure that they can show you homes that fit your criteria, saving both of you time.
On your need list, you should have practical aspects like home size, parking, location, price, and so on. On your want list, you can include more flexible things like an updated kitchen or bathroom, a big yard, and so forth.
#2 You’ll Receive 100% Accurate Information On The Listing
Sometimes information isn’t fact checked, even by listing agents. That's why it's best to be proactive and check for yourself by calling the listing agent and asking them directly if you have questions. Sites like Zillow can definitely help you find new homes that you may be interested in seeing, but a realtor is ultimately going to be the person who will help you get into homes and figure out which one may be right for you.
#3 You’ll Find A House Quicker By Using Multiple Realtors
The truth: not necessarily. This could lead to confusion and more time wasted on your end. It's best to pick one great realtor and work with them throughout the entire process. Again, provide them with your need list and your want list so that they can find more properties that match your needs.
Working with a single realtor will make it easier for you to convey what it is you are looking for, and it is more respectful of the people you are doing business with. By building a good relationship with your realtor, you can also ensure they'll be patient enough to show you however many dozens of houses it may take before you find the right one. They'll also be more apt to provide recommendations on inspectors and lenders.
#4 You’ll Negotiate A Better Deal On Houses That Have Been On The Market For A Long Time
This is not always the case. Sometimes it means the seller is determined to hold on to their price and won’t budge on their end, but it's still worth trying. This goes back to having a good relationship with your realtor. If you do, your agent will be able to do some digging and maybe even speak with the listing agent.
Ultimately, this will allow you to have more information on the seller's situation and how motivated they may be. You may also get some insight into whether other buyers are looking at the house, how the interest has been, and whether any offers have been made on the home.
#5 You’ve Offered Too Much If Your Offer Is Immediately Accepted
Why question the bottom line? As long as you stuck with your goal and you’re happy with the offer you gave, then it’s a win-win situation. The seller may have had a thousand reasons for accepting your offer: they need to move fast, they're tired of waiting for a full price offer, or they've just been low-balled and are now questioning the value of their home.
The point is, always walk into a deal knowing how much you are willing to pay for a home. If they accept your offer, you've got the house--congrats!
Horizon Lending Services offers a wide portfolio of home mortgages, including a reverse purchase mortgage. Get in touch with us to learn which loan best meets your needs.