7 Common Real Estate Myths and the Truth Behind Them

Real Estate is a very complex process that most people aren’t well-versed in. Therefore, they used to believe inaccurate information. A person may have bought a house 15 years ago and may tell you outdated info. A person may have purchased a home 15 years ago and may say to you obsolete information that they heard back then. If you are in Washington, it is best to contact the most trusted real estate agents in Mill Creek to help you buy or sell a house.

Here are some common Real Estate myths and what the truth is behind them:

Myth 1: The first step is to look for homes. It is very tempting to look for a house, and one could be very excited about it. You would even drive through the neighborhood and talk

 to neighbors and friends. However, it would help if you were prepared and organized so that everything will go smoothly.

Truth: Get a preapproval letter from the lender of your choice first. To kick off the search process of your new home, learn about all the lenders that will help you get a preapproval letter and know how much you can borrow so that you will have an estimate and know which price ranges of houses would work well with your budget. This is one of the specializations of the most trusted real estate agents in Mill Creek, they can help you find and buy a house that works well within your budget.

Myth 2: Having an agent and having no agent makes a big difference. You can sell your home without an agent and buy a house without an agent. Sites like StreetEasy, Zillow and Trulia provide easy information for consumers, but many aren’t informed how a good agent makes the process easier!

Truth: If you are looking to buy a co-op, condo or rental property, it is always best to have an agent who understands the market. Why? Just like the top real estate agents in Mill Creek, Gwen, and Darren Munson, they put your best interests in every transaction. Market experts can help you find the best deal and ensure that you have a smooth transaction from start to finish. They’ll walk you through the process and handle all the paperwork. They’ll show you the risks and benefits of each vendor and help you find the best deal based on your wants, needs, and budget.

Myth 3: There will only be a few repairs in the following years if you opt to purchase a new home. Commercial builders must build swiftly and inexpensively to generate the most revenues and pursue the next project. With this, the results are low quality, and some construction details are missed.

Truth: Before you close a deal, hire a home inspector specializing in new home construction to discover problems that may arise in the future. This is a relatively cheap way to ensure that the house you are buying will not fall apart later on.

Myth 4: Prepare for 20% downpayment and additional closing costs. Having extra money and putting a 20% downpayment for purchasing a home is excellent, but it’s unnecessary.

Truth: There are many loan programs that you could avail of, such as FHA mortgages, VA loans, and conventional loans. Having the most trusted real estate agents in Mill Creek can help you with the paperwork and smoothen out the process for whatever loan fits your credit score.

Myth 5: Preapproval of lending firms will harm your credit. Many believe that getting pre-approved will make their credit scores suffer, so they won’t even entertain the idea of going to lenders.

Truth: Going to lenders and getting prequalified will be a soft hit to your credit. It’s a little to zero impact. It’s good to consider prequalifications, especially when your budget is tight and you know you can be approved for any loans. If you are in Washington, the top real estate agents in Mill Creek are knowledgeable about this and can advise you on what’s best.

Myth 6: In a competitive market, waiting to acquire a loan acceptance letter until you discover a house to make an offer puts you at a disadvantage.

Truth: A lender approval is necessary for most purchases, and potential buyers who have it will be at an advantage compared to those who do not have it.

Myth 7: It is no longer acceptable in any local real estate market to make low-ball offers on move-in-ready homes. A reasonable and competitive offer is required when the housing inventory is limited, and demand is exceptionally high.

Truth: It can be very insulting to sellers if your offer is low. If you genuinely desire the house and it is priced decently, make an offer near to or at the house’s asking price. In some markets, you may even want to make an offer that is more than the asking price to obtain the home of your dreams. This is where the best real estate agents in Mill Creek can help you.

You should gather as much precise information as possible before purchasing or selling a home to prevent making costly mistakes.

And if you’re ready to buy or sell a home, let us know! The most trusted real estate agents in Mill Creek, Gwen, and Darren Munson, are ready to help. Feel free to contact them at 425-338-9400 if you have any questions. You may also email them at Darren@Windermere.com or visit their website at www.millcreekhomes.com. You can also check out their Google Business link by visiting https://g.page/darrengwenmunson?share.

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