There are many Real Estate myths, common misnomers and unknown facts circulating about Real Estate. Some of these concepts go as far as contradicting themselves. How does an intelligent consumer sift through all that they are fed to get the real scoop? Many first time buyers are overwhelmed by the number of "knowledgeable" friends and family members who want to help them to make good decisions. Unfortunately, many times Aunt Ida's advice is contrary to Brother John's advice which is the complete opposite of co-worker Sally's advice.
Some of the concepts I would like feedback, questions and comments on are:
•· "You will save money by skipping the buyers agent"
•o Actually, commissions are typically negotiated when a home is initially listed whether a buyers agent is involved or not so not only is the listing agent getting paid more, you leave yourself without someone representing your needs and negotiating on your behalf.
•· "Mortgage Brokers are more expensive than going directly to the bank"
•o Actually, Mortgage Brokers have access to thousands of avenues of financing where the bank only has their in house packages. You may pay less in the short term on fees but you may pay much more in the long run.
•· "It is best to purchase when the market has hit bottom"
•o When does that actually occur? Typically, we know that market has hit bottom once prices begin to go up (meaning you have missed bottom). Interest rates will likely climb during this time as well so your savings, if any, will be minimal. In this market, the best time to buy is now!
There you have it, a few examples of what I am looking for. I would love to hear your thoughts and questions about circulating rumors!
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