When you first consider buying or selling a home in Irvine, misconceptions about real estate can make the whole process seem confusing. However, once you realize that many common misconceptions are actually just myths, you may have an easier and more profitable time buying or selling a home.
1. Appraisal Value Is the Same as Market Value
Often, sellers end up asking for roughly the price of their home’s appraisal, but it turns out that market value can actually be higher. The true value of the home is merely whatever a potential buyer may be willing to pay. If the home is in a desirable location or has a nice view, people may be willing to pay significantly more than the appraisal value.
2. An Open House Is Unnecessary
It is true that online listings and real estate videos can provide some of the benefits of an open house. However, nothing compares to the actual experience of viewing a home. At an open house, buyers can truly examine and enjoy the property and, more importantly, envision themselves living there.
3. The Internet Makes Real Estate Agents Unnecessary
Now that all of the information about most available properties are online, some buyers attempt to skip the real estate agent and do everything themselves. This can be one of the biggest mistakes buyers and sellers make. An experienced real estate agent in Irvine provides expert information about the entire process of finding or marketing a home, negotiating a price, and closing on a property.
4. You Need a Lot of Money for a Down Payment
Many first-time buyers mistakenly believe that they need to provide a 20 percent down payment. This is due to past strict regulations after the housing crisis, but it is not necessarily true today. With an excellent credit score, a strong income, and other financial assets, you may be able to put down as little as 3 percent of the total price.
Whether you’re a first-time buyer or seller, make sure you get the best deal by working with a trusted real estate agent who is familiar with the area. If you’re thinking of listing your current home or you’d like to see houses or condos for sale in Irvine, reach out today and let us help you through each step of the process. For more information, call (714) 454-6304.