Are you in the market to purchase a home in Port Alberni? There’s a lot of information out there about house buying. Some might sound wise and insightful, but it could actually be a misleading home buying myth that will hurt you and your prospects in the end. We’re here to bust 5 common home buying myths to help you avoid harmful advice so that you can make an informed choice in your property search going forward.
Myth #1. “Wait for home prices to go down”
The home market is always fluctuating. Although there are definitely trends in the real estate industry, purchasing a home is often less about timing the market and more of a long term investment or a necessity. REALTOR® have learned to read the predictions of the real estate market, and they can help you evaluate the climate and your options to purchase. A qualified REALTOR® can help you get started on the buying process and give you key market data to make informed decisions. With a good agent at your side, you’re sure to navigate the changing climate no problem and avoid waiting indefinitely to time a market going up or down.
Myth #2. “You don’t need to use a real estate agent.”
On the contrary, a real estate agent can be your greatest asset. The market is always changing. Having a knowledgeable real estate agent at your side to guide you through the ups and downs is extremely valuable. An expert agent with years of experience will know how to help you find the right kind of home, in the right area. Not only that, but REALTORS® often have the inside scoop on properties and can get you a head start on the process – something you wouldn’t be able to do on your own.
You might think that buying a home is simply finding a property you love and purchasing it. That sounds like bliss, but it unfortunately can be an understatement. Buying a home comes with a mountain of paperwork, something that’s best left to a professional. Even a small mistake could lead to an enormous loss. A quality real estate agent will act as your guide and lifeline through the whole process and help you negotiate the best possible agreement.
For more information about how to find a good REALTOR®, check out 5 Questions to Ask Your Port Alberni Real Estate Agent.
Myth #3. “Make a lowball offer and negotiate up from there.”
Although each property and price negotiation will be different, making a low offer could potentially start your negotiations off on the wrong foot. The seller doesn’t necessarily know that you do intend to negotiate to a higher price. Submitting an underwhelming offer could portray you as unserious. A seller might overlook your offer, assuming that a genuine homebuyer would know how much the home is worth and start higher. In a competitive market, a low offer could make the difference between staying in the running or losing the bid. Ask your real estate agent for advice as each situation is unique.
Myth #4. “Never pay full price.”
If you hear advice in absolutes, “always do this” or “never do that,” take it with a grain of salt. When it comes to real estate, you need to take the situation case by case. Paying or not paying full price will depend on the property and the market. There are some situations where it might be necessary to settle at the asking price. For example, if it’s a seller’s market, then paying full price (or even more) might be the only way to secure the property. For more advice on how to succeed in this kind of market, read 7 tips for buying in a seller’s market.
Another situation that could call for paying the full price is if there are multiple-bidders on the property. If you’re happy with the house based on the REALTOR®’s report, the home has been properly inspected, and you think the property is the perfect fit for you, then offering the full price right away could be the ticket to persuading the seller to sign the deal. Rely on your REALTOR®’s expertise and advice to help you navigate through the bidding process.
Myth #5. “Don’t bother hiring a home inspector.”
Home inspection should be taken care of by a professional. Some individuals might claim that you don’t need to hire a home inspector if you know where to look. Even if you have insight into building structure or some expertise in plumbing or electrics, it’s better to be safe than sorry. You never know what problem could be hiding, just out of sight. Even if you get a home warranty from the seller, it’s better to get the home professionally inspected for your peace of mind, your safety, and your wallet’s sake.
We hope that busting these 5 common home buying myths have been helpful to you as you embark on your home-search journey.