Don't Let These Home Buying and Selling Myths Hold You Back

Home buying and selling are usually a mix of importantance, stress, and rariety; after all, most of us only engage in these processes a handful of times in our entire lives! When you take these characteristics into consideration, it's no wonder that both selling and buying are shrouded in a number of myths which almost everyone is willing to simply believe without challenge. In order to shed some light on the situation, here a few that we tackled.

Home Buying Myths

Myth #1: If a home has been on the market for a long time, then it means that the sellers have to be flexible on the price and conditions.

Reality: Sitting on the market doesn't necessarily mean that the home isn't drawing interest/offers. Sometimes, the sellers simply aren't in a hurry or are still waiting for the right buyer.

Myth #2: You should always default to a 30-year fixed-rate mortgage.

Reality: You should explore any and all financing options and choose whichever one best suits your situation and finances. One size does not fit all!

Myth #3: You have to put 20% down on a mortgage.

Reality: Home buyers often put down far less than 20%. There are some loans out there that require as little as 3% down. Not to mention the many resources out there that can assisit with the down payment, especially if you are a first time home buyer here in Arkansas. 

Home Selling Myths

Myth #1: An open house is key to your home sale.

Reality: While an open house can be helpful, only about 4% on average of buyers found their home by attending an open house.

Myth #2: You should initially list a very high asking price to leave room for negotiation.

Reality: Over-pricing your home will deter buyers from ever even considering it, reducing competition and often resulting in a lower eventual sale price.

Myth #3: You should price your home based on online estimates.

Reality: Online estimates are generated by computer models without considering any of the details of your specific house, such as styling, cleanliness, or updates. Only a local real estate professional can confidently and accurately price your home.

Of course, no rule is always right or wrong, but these are some of the most widely-held beliefs which aren't actually backed up by fact! If you aren't sure about how you should proceed with buying or selling a home, feel free to contact one of our amazing agents today!