3 Big Myths About Home Shopping
There are numerous rollercoasters in life, and buying a home can be one of them. But, when done correctly, the 'real estate rollercoaster' doesn't need to be terrifying. Instead, a real estate transaction should resemble riding the gentle curvy track at the carnival.
There are myths about the home shopping experience that I like to educate my clients about when it comes to buying a home. As a realtor, my goal is to save pain and stress for both the buyer and seller. I strive to make the home-buying process end with a smooth transaction and skip the scary ride. The tips below, plus several other tools I have up my sleeve, will help you make a successful home purchase.
Myth #1: "That house has been on the market so long I bet we can easily work the seller down."
Maybe, but not necessarily. Days On the Market, abbreviated as DOM, is the time between listing a home on the MLS and the date it is sold or removed from the market. In Prescott, a house is currently on the market for an average of 72 days. There were times in the past when the average days on the market were much lower and when it was a little higher. A home on the market for 100 days isn't necessarily going to go for a 'bargain' just because of the days on the market. Exceptionally high days on the market could mean almost anything. The seller could be unrealistic about their price. Alternatively, the seller may not be particularly motivated to sell for emotional or other personal reasons. At this point, the experience and training of your realtor are beneficial to a successful transaction.
Myth #2: "I want to look at foreclosed homes because they're a real bargain and the banks need to unload them."
Unfortunately, there are several reasons a home may arrive in foreclosure. It could be a death in the family, illness, or divorce. Once the house is in the hands of the banks, the rules of negotiation change. It may be challenging to determine why a bank rejects an offer for a foreclosed or distressed property.
Financials can cause rejection, which seems counterintuitive. Many distressed sale transactions can be longer and more stressful than regular sales. If you are looking for a bargain or a fixer-upper, contact me. I can set up a personalized search that will alert you when inventory that meets your criteria becomes available.
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 is excruciating to see a client fall in love with a home but fail to make a move to purchase that home. If you fall in love with it, someone else will likely fall in love with it as well. Just because a property has been on the market for a little while doesn't mean it will stay on the market. If you don't make an offer on a home, are you comfortable losing this home?
My job as an agent is to represent your interests and do my best to protect you along the way. If you're pursuing a home purchase soon, please get in touch with me today at (928) 308-0101. There are many other ways I can lower your stress and help you find a great home.
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