Four real estate myths debunked

For the average person, real estate can seem complex and overwhelming. To help demystify this industry, here are four common misconceptions explained.

1. You need a 20 percent down payment to purchase a home
Although having enough money to put 20 percent down on a home purchase is great, it’s not absolutely necessary. In America, the average down payment is between six and 12 percent. There are also loan programs such as FHA mortgages that only require 3.5 percent down.

2. Listing your home at a higher price always leaves room for negotiation
When the real estate market is hot, many sellers believe that listing their home above its true market value will get them the best price. However, this strategy doesn’t always work. Instead, buyers may be turned off by the price and avoid making offers or booking showings altogether.

3. Spring is the best time to sell your home
Although spring is one of the busiest seasons for home sales, it’s not necessarily the best. Putting your home up for sale during a slower time, like fall or winter, could allow you to secure a better price and expedite the sale.

4. Selling your home without an agent will save you money
Many sellers attempt to sell their homes privately instead of hiring an agent to save on commission costs. However, selling your home isn’t as simple as putting a sign in your front yard. Hiring a real estate agent will ensure you price your home correctly, negotiate the best offer and protect yourself from potential pitfalls.

If you need help buying or selling your property, do your research and find a real estate agent in your area that meets your needs. Every agent has different skills, experience levels, and areas of expertise.