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Real Estate Today: Myths & Reality

Last month, a few colleagues and I conducted a homebuying workshop to debunk some of the real estate myths that you my be hearing in the media and around the water cooler. Myths such as…

  1. Your home is an investment.

  2. Buying a single family is a better move than buying a condo.

  3. Banks aren’t lending anymore; getting a mortgage is next to impossible.

  4. Price is always the most important factor of an offer.

  5. Spring is the best time to buy a home.

While some of these statements may be true some of the time, they can be misleading, and sometimes downright false.

For example, take the myth about price being the most important factor of an offer. While it’s true that most sellers and list agents want the highest price they can get for a property, we also want a deal that is going to make it through to the closing table. With this in mind, sometimes a lower priced offer with a higher downpayment may be a safer bet — particularly if there is concern over the house appraising for the sales price. Similarly, a buyer who waives their inspection contingency (not something I generally advise for my buyers, by the way) may have a leg up over an offer with this contingency. There are many other factors that go into the evaluation of an offer — dates, the source of the pre-approval letter, and often the personalities of the parties themselves. So don’t be fooled into thinking that the dollar trumps all.

Click here to see the full list of myths, along with the corresponding realities, and if you have any questions, just let me know!


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