2021 Real Estate Myth Busters
The image shows 5 common misconceptions about today's competitive real estate market. Here are our comments on each one:⬇️
#1 - It is absolutely necessary to be pre-approved before starting your home search since you will need to move fast once you find the one you love. In a multiple offer situation, if you don’t have a pre-approval with your offer, sellers will most likely overlook your offer.
#2 Many homes are going for over asking price which is forcing buyers to put their best offer first in order to have a chance at getting the home.
#3 We see it first hand when homes are priced competitively they typically reach more buyers in different price ranges and bring in multiple offers versus homes that are priced too high typically limit their exposure to buyers and can potentially sit awhile on the market before receiving just one offer.
#4 Sellers typically have the mindset of renovating before listing to get more money for their home; however, with so much buyer competition it’s most likely that renovations aren’t encouraged since buyers would be more than willing to do it themselves as long as it means they get the home they want. We let our sellers know what projects on their list would be beneficial and which ones might not be worth doing.
#5 We don’t encourage our buyers to skip a home inspection contingency as it’s a HUGE risk to them. But again, with this market we are noticing some buyers feeling forced to skip the inspection in order to be competitive enough to get the home they love.
We hope this helps you get a better understanding of the current real estate market.
If you have any real estate related questions or needs please let us know!!