6 Myths of Buying a Home
There are tremendous values
to owning a home!
But as you venture out to into the unknown world of real estate, I would
like to caution you about a few things so you can put your emotions aside
and empower yourself to think clearly and make educated decision regarding
the biggest financial decision you'll make in your lifetime.
Below are a few "myths" to
keep in mind (especially you first-timers or property virgins)"
-
"The Perfect Home"
I don't want to burst your bubble...but, it doesn't exist!
I show approximately 600 homes to prospective buyers each year and I can
tell you first-hand that 90% are so fixated on finding the "perfect home"
that they end up missing out on wonderful properties that would have
otherwise met most of their needs. Your most likely not going to
live in the property for the rest of your life, so I suggest that you
focus on finding the best house, at the best price in the best
neighborhood you can afford.
-
"The Value of a Home Will Increase"
There was a time over the past few decades where the average
value of a home doubled every 10 years! If you have been fortunate
to time the real estate market to make this a reality - kudos to you!
After the mortgage and real estate meltdown in 2008, I did not see how
we'd ever repeat this in the future, but then came COVID and
people lost their ever-livin minds! A severe lack of
inventory coupled with historically low mortgage interest rates
in the 2%, 3% and 4% created a perfect storm for home prices to
skyrocket. It was certainly a crazy time, but post-Covid,
hopefully we can get back to common-sense and fundamental
practices. Homes will continue to
appreciate at a reasonable rate over time, but double-digit appreciation
just doesn't seem possible (at least in our marketplace). Of
course all real estate is LOCAL and the circumstances surrounding each
parcel of property can vary greatly from city to city and state to state.
-
"Low-ball Offers"
Nobody appreciates a smokin' deal more than me! However,
it is
very rare to get a below-market price on a property. Negotiating a low-ball offer on an over-priced listing is not a "steal" -
you're simply agreeing to pay fair market value. Some buyers think
if they pay fair market value that somehow they didn't get a good deal and
that's simply not true. Many factors go into successfully
negotiating the price & terms. I am a Certified Negotiation Expert
(CNE) and will help you get the best price and terms.
-
"Buying As Much House As You Can Afford"
In the mid-to-late 90's it seemed as if buyers unilaterally
decided to buy as much house as they could afford. In many cases,
buyers were opting for "Mc-Mansions" (homes that were too big for their
needs). After the mortgage and real
estate meltdown in 2008, buyers began to realize they could be
perfectly happy with a home that allows them to live comfortably and not
excessively. It was also much friendlier on the pocketbook. Once
again, Covid-19 changed everything. Suddenly everyone,
except essential workers
(aka Local/Heroes) was
thrust into working from home or working remotely and
consequently wanted or needed a bigger home!
-
"MLS Listing Information is Always Right "
Have you ever heard the term call "GIGO"? It stands for
garbage in - garbage out. It means the data is only as good or
accurate as the person who input it and the MLS is no different. Agents or their assistants are sometimes rushed and input the wrong # of
bedrooms, bathrooms, square footage, leave out features and forget to
properly map the house on the right street or neighborhood. I
encourage my buyers not to discard a property simply because what is shown
on the internet MLS listing page. You could be passing up a great
home!
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Anthony Rael |
REMAX
Alliance - DTC |
6465 Greenwood Plaza Blvd #280 |
Greenwood Village, CO 80111 | 303.520.3179
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