Stay, Play, B.L.A. - a blog

By Isaiah Moengen, Realtor® 

Welcome to the world of Real Estate. Ever heard some of those wild stories about buying and selling houses and thought, 'Can that really be true?' Well, you're not alone. Whether you're looking to buy your first place, thinking of investing, or just curious about all things real estate; we're here to guide you on your journey! 

Myth #1: Spring is the Best Time to Buy or Sell

The Truth: While spring is a popular time for real estate, it's not the only time to make a move. Every market is different, influenced by local economic trends and the balance of supply and demand. The right time to buy or sell is when it matches your personal needs and the market's conditions.

Myth #2: You Need a 20% Down Payment for a Home

The Truth: The notion of needing a 20% down payment is outdated and can discourage buyers. While a larger down payment avoids private mortgage insurance, there are many loan options with lower requirements. For instance, FHA loans can go as low as 3.5% down. It's important to explore various loan options and seek advice from a mortgage expert to find what suits your financial situation best.

Myth #3: Renovations Always Increase Home Value

The Truth: Renovations can enhance your home's appeal, but they don't always translate to a high return on investment. Choosing the right renovations is key. Do your research and consider seeking advice from a real estate expert before committing to major changes. Interestingly, simpler upgrades like painting your front door can be surprisingly effective in boosting home value.

Myth #4: The Listing Price is Final

The Truth: Listing prices are often starting points for negotiation. Sellers generally anticipate some discussion on price, so buyers should feel encouraged to make reasonable offers. The process is a give-and-take, so engaging in negotiations is a wise strategy to reach a beneficial deal for both parties.

Myth #5: All Real Estate Agents Offer the Same Service

The Truth: Each agent varies greatly in their skills, specialties, and knowledge. Assuming they all provide the same level of service might mean missing out on the perfect match for your needs. Look for an agent with relevant experience, knowledge of the local market, and a communication style that aligns with yours. A well-chosen agent can significantly enhance your experience in the real estate market!

Have more questions on buying or selling? We're happy to help. Reach out to Isaiah here.