When helping home buyers purchase a home, I strive to make the process as stress free as possible. One of the ways I can accomplish that is to address various concerns and questions that buyers have about the home buying process. In many cases, buyers hear or read things about the process that may not always be 100% accurate. Today, I will address 3 common myths or misconceptions which seem to linger about buying a home.
Myth #1: “That house has been on the market so long I bet we can work the seller down easily.”
Not necessarily. Exceptionally high days on market could mean almost anything. The seller could be bull-headed about their price. The seller may not be particularly motivated to sell for emotional or other personal reasons. Don’t forget: A sales-weary seller isn’t likely to respond to your host of rational reasons why their house should be a bargain.
Myth #2: “I want to look at foreclosed homes because they’re a real bargain and the banks need to unload them.”
Banks, like entrenched sellers, don’t always make decisions which seem rational based on obvious information. You can have a hard time divining the reason a bank chooses to reject an offer for a foreclosed or distressed property, and their decision may be based on financials which seem counterintuitive. The truth is, many distressed sales can be longer and more fraught than regular sales.
Myth #3: “I liked this house a lot, but with this market, I bet it will still be there if I decide to buy it.”
It’s very, very painful to see a client love a home but fail to make a move to purchase that home. If you fell in love with it, why wouldn’t someone else? Just because a property has been on the market a little while doesn’t mean it will stay on the market. The bonus myth in this one? Your “perfect” home is probably going to be a home with some small compromises. If you don’t make an offer on a home, you’re effectively saying, “I’m comfortable losing this home.”
My job as your agent is to represent your interests and do my best to protect you along the way. If you’re pursuing a home purchase in the near future, please get in touch. There are many other ways I can lower your stress and help you find a great home.