Real estate has been one of the hottest topics in the news over the last several years. Reporting on these topics has made homeowners aware of the trends that have been occurring throughout the housing market. The downside to reading these trends doesn’t mean it makes homeowners an expert and is able to cause some misconceptions about what’s happening in both national and local real estate markets. Here are some of the top 2014 myths that may have skewed buyers and sellers ideas about today’s real estate market:
Myth 1: You have to sell and move on: talks of inventory shortages, price increases and a more normal housing market are creating thoughts of selling among many property owners. Why? They want to profit off their investment and move to something bigger, smaller, or better. Unfortunately, the most common debate to sell or not to sell leaves out the option of the idea of becoming a landlord. Your seller prospects that show up wanting to list to get in to their next property may need a reality check. It might be useful to use resources such as the rent vs. buy calculator, which shows what potential homeowners would be making if they created a rental property.
Myth 2: Buying today has less short-term risk: prices are up, interest rates are down, and buying must be ‘safe’ again, right? Wrong. During market upturns many buyers thing that the ‘worst’ in terms of market change is behind them. If you’re not buying a house to live in for the long haul, don’t buy because there’s a good chance you’ll have to sit through some down cycles. Buying will always have risks. That’s why choosing the right home for the right reasons is critical.
Myth 3: It takes top-dollar to win a bidding war: while price is one of the biggest factors in any housing deal, it doesn’t stand-alone. Many buyers in the housing market are anxious because of the constant talks of price increases. They may think they can’t afford to compete for the home they really want. In a super competitive housing market and a multiple offer situation, there are other motivators buyers can use to win the deal including: committing to a quick closing date, limited or no concessions, accepting responsibilities for some needed repairs, and heart-felt letters that share why buying a particular home is important.
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