Common Real Estate Myths, Debunked

Myths associated with flats, apartments and other real-estate-related things are very much common among people. However, the positive thing in this case is that individuals may debunk them based on proper and detailed explanation, as given in this blog post.

Myth1-Every Real Estate Agent is same

Whenever individuals move ahead to buy flats for sale in Bangalore or in any other city, they work with a common myth that every real estate agent is same. This myth results in big mistakes on the side of both sellers and buyers while selecting an agent to present their interests. Reason for this is that each agent possesses different skills, varying levels of experience and different types of personality traits. In addition, a potential homebuyer has to understand that there is a huge difference between the property agents working with buyers and those working with sellers.

Myth2-Real Estate Agents Charge a Huge Amount of Money

Indeed, good and successful real estate agents of the industry make a good amount of money as income. This is because of the amount of time and effort which any good real estate agent spends. However, the common myth is that real estate agentscharge a huge amount as a commission.

Consensus highlights that real estate agents make 6percent of sales price associated with any home. However, this is not true in each case. Instead, there are a large number of things affecting the commission percentage earned by any real estate agent. In addition, the amount of the commission is negotiable.

Myth3-High Sales Price of a Home Creates Room for Negotiations

Correct pricing of any home is obviously an important thing to consider at the time of selling any flat or apartment in a city. However, there is a common myth among sellers is that pricing of any home initially higher will create a room for negotiations with potential homebuyers. This myth results in a huge frustration and causes any home to remain in the market for a long time. In order to avoid the problem, an individual should essentially understand the present scenario of real estate industry and the type of potential buyers. Positive thing is that internet has created a huge influence in the real estate industry, which also makes buyers highly educated.

Myth4-Pre-Approval for the Loan should be After Searching a Perfect Home

Another myth among homebuyers is that pre-approval is not essential before finding a perfect home. However, experts always say that a buyer should make sure to get pre-approval for his mortgages before moving ahead to search a home. Searching for a home is obviously a time consuming and a frustrating job. Hence, before one should involve in a full search for a perfect home, he should simple avail of a pre-approval from a good mortgage lender. It is obviously devastating for buyers if they succeed to get a home, which they love, prepare an offer letter and receive its acceptancebut later on, lose it because of the rejection of his mortgage. Furthermore, a buyer with pre-approved mortgage always remains at the significant advantage in case of a multiple offer scenario.

Myth5-Home require to be prepared for sale

Most of the home sellers have another common myth i.e. their home requires to be prepared for sale. This results in spending thousands of dollars and it develops a negative stigma in the market that the property has been unsold for a long time.