It’s Time to Kick These Outdated Real Estate Myths to the Curb
January 5, 2019
The real estate market is constantly changing, and it can be hard to discern fact from fiction. However, there are some false facts that have been circulating for far too long. Buyers and sellers, beware: here are just a few of the most common real estate myths and misconceptions to kick to the curb for good.
It’s always a good investment to purchase the worst property in the best neighborhood.
This has long been considered a piece of great advice in the real estate world. Unfortunately, it’s not always true. About 50% of the housing stock today is 37 years or older, and most of these aging homes have roofs, furnaces, flooring and appliances that have reached the end of their lives. Plus, there could be other factors that detract from the home’s potential for appeal:
“The strategy of searching for a low-priced steal in high-priced ZIP code isn’t always the best game plan. If the cost of making the house livable will be sky-high, or if it has too many drawbacks that can’t be fixed (for example, if it’s located next to an interstate or a noisy business), then the house may not be such a bargain after all,” writes Debra Immergut on Bob Vila.
As a buyer, you should always put down a 20% down payment.
This isn’t always true either. There are many different ways to finance your home, and if you don’t have a 20% down payment, you can still arrange a payment plan that works for both parties.
It’s not a good idea to sell my house fast for cash.
It’s a common misconception that paying cash for homes is a bad idea. Some homes may be best sold for cash: for example, if your home needs kitchen or bath remodels, a new roof, or foundation repairs, there’s an 80%-plus chance your buyer is going to be an investor, and in many cases, they’ll pay cash up front because they can get a better deal. Examine your home carefully to determine whether or not paying cash for homes in Lincoln is a good idea.
Ultimately, understanding these tips is the key to making the best real estate decisions for your needs. For more information about getting cash for homes in Omaha, contact us.