Home ownership will be part of just about everyone’s lives at some point, right? So it’s perfectly natural for you to think, “Hey, I know how this home buying stuff works.” But once they’re out there looking for their dream home, prospective buyers find the process to be a bit more complex than they first realized. Too many buyers are basing their plans, strategies, and choices around long standing assumptions that turn out to be myths. We’re here to help. Today we’re debunking 10 of the most common myths homebuyers believe – and sharing the facts instead. Ready? But wait, before you go further, be sure to also check out tips for first time home buyers. Myth #1: It’s a buyer’s market, so make a lowball offer and it will all work out. Fact: Well, it’s a little more complicated. If you want to make an offer that’s significantly lower than the asking price, there are several factors that should be in play, including:
- Your offer should still be in tune with prices for similar recently-sold homes in the neighborhood.
- If possible, include a list of comparable sales that justify the offer price.
- The seller should be highly motivated and able to sell at the lower price you’re suggesting.