1. You need a 20% down payment to purchase a home.
There once was a time when you needed a 20% down payment to even think about buying a home. Putting 20% down will save you the private mortgage insurance, but keep in mind that you can get in a home for as little as 3.5% – 5%. Get the most accurate information by speaking to a lending professional. Andy Gregg Properties can always refer you to a preferred lender for your needs. Some lenders have certain down-payment assistance programs as well.
2. Find your perfect home first, then get your pre-approval.
If you were to find your perfect home, but lose it in the time it took to get pre-approved, it would be devastating. In today’s market a seller wouldn’t even entertain an offer without the pre-approval. It is imperative to do all of the leg work before you even start the search for a home. This will give you the most accurate numbers to determine how much you can afford, and what your monthly expense would be.
3. All Real Estate Agents are the same .
This is far from true. Every agent has a different approach for selling or buying real estate. Some agents specialize in 55+ communities, First Time Homebuyers or specific neighborhoods, which is why you need to find an agent that will work for you and have your best interest at heart. This is why we would love to sit down with you, and listen to what your wants and needs are in any real estate transaction.
4. You don’t need an agent as a home buyer.
Today’s technology does help buyers to view and find the home that is perfect for them. However, once you may have spotted your dream home, knowing what to for the “next steps” is often uncommon territory, or, like above at #2, you are not pre-approved yet. Let us help guide you through the entire buying process, without even having to pay us for our services and expertise. The seller of the home is the one who pays both parties. So let us assist you in finding your perfect place to call home.
5. Your offer should never be full price.
In today’s market, a full price offer is a great starting point. Due to the low supply of homes, the sellers have the upper hand. If a house is priced appropriately, you will most likely have to compete with multiple offers, possibly a few above list price. Lately, the trend has been seen with sellers listing their home on a Friday, and making all decisions Monday after the weekend’s activity. This is designed to benefit the seller and really limits your buying power, but if you love the home, we must put your best and final deal upfront.
As Realtors, we will still research the comparable homes in the neighborhood to insure the strongest price. Then, we can confidently make a competitive offer. The price is one major factor, but there are also other terms in the contract that may appeal more in one offer vs another.
6. Selling a home “For Sale by Owner” saves a lot of money.
The 2019 National Association of REALTOR Profile of Home Buyer and Sellers showed that “For Sale by Owners” accounted for 11% of homes sales in 2018. The typical FSBO home sold for $200,000 compared to $280,000 for agent-assisted home sale. The top two most difficult tasks for a FSBO seller is getting the right/most competitive price, and preparing/fixing up home for sale.
7. A home doesn’t need to be prepared for sale.
Most homes DO need some preparation before listing to achieve top dollar and sell in the fastest time frame. When meeting with us, we will walk the home and create a list of components that we see that will accelerate the sale of your home. Suggestions that we make may be to declutter certain rooms or add a fresh coat of paint. While these repair or improvement costs need to be made up-front, they almost always are fully redeemed in the sale of the home. We are here for referral sources and advice on what we see buyers wanting in a new home.