There is a wide variety of myths surrounding the world of real estate. Here is the truth behind common myths involving real estate and real estate professionals:

  • A home doesn’t pass or fail an inspection. An inspection is a report that provides details regarding specific issues with a home.
  • Your real estate agent does not keep all the commission from selling your home. 
  • The percent of commission is varies based on the market, type of property, and price.
  • Marketing expenses are paid for by the agent.
  • Weekend open houses don’t always bring out the most ready-to-buy buyers. The most serious shopping actually tends to happen during the week.
  • Zillow’s Zestimate isn’t always 100% accurate. It is meant to give consumers a general idea of the value of a home.
  • It is not always beneficial to price a home on the high side.
  • If you make an offer on a home that is too low, you won’t be taken seriously as a buyer.
  • Price reductions do not always mean the seller is desperate to sell. There are other factors that contribute to a price reduction such as current comparison to the specific market.
  • Multiple offers does not always give the seller an advantage.
  • All real estate agents are not the same.
  • You can’t always get a better deal on a home through buying straight from listing than through an agent.
  • Don’t wait until you find your perfect home to get pre-approved.
  • Open houses only sell 2 percent of homes.
  • “For sale by owner” doesn’t save you money in every situation
  • Real estate agents don’t do or say anything just to make a sale. Reputation is important to agents.
  • Don’t list your home unless it is ready to sell.
  • Just because you don’t have children, doesn’t mean the school district that you home is located in doesn’t matter. A good school district can help you sell your home in the future.
  • Don’t drop your insurance after your mortgage is paid.
  • You don’t need perfect credit to buy a home.
  • Your mortgage payment will not be your only home expense.
  • Vacation homes are not a waste of money; they are an investment.
  • You can’t time the real estate market.
  • Don’t buy the biggest home you can afford.
  • Homeowners Associations are important.