FACT OR FICTION?
5 Real Estate Truths That Separate Fact From Fiction

Some real estate truths never change: "All real estate is local," "Price sells," "Location, location, location." With recent housing ups and downs, some new myths have raised their ugly heads. Some scare buyers and sellers to action -- or inaction -- potentially at the wrong moment. Others are national “trends” that may or may not be valid in our local market.

In reality, today's market offers true opportunities for the smart consumer that may not come around again. That's why it's critical to carefully separate fact from fiction.

As your neighborhood specialists, we make it our job to be on your side, helping you to buy or sell a home, helping you understand the truth behind the myths. We can help you make the right real estate decisions for your situation and avoid mistakes you might make if you took these new myths to be true.

MYTH: No lenders are lending.

FACT: Lenders are still lending money to purchase homes. Full-documentation loans are most prevalent, requiring home buyers to prove their ability to make the mortgage payments. Down payments are generally higher than they used to be, but it all depends on your lender, loan program and credit rating. Call us for lenders in our market who are looking to help home buyers.

MYTH: Qualifying for a mortgage is difficult.

FACT: If you have a good credit rating, reasonable cash for a down payment, a good job history and on-time bill payments, lenders want to talk to you! Getting pre-qualified for a home loan takes the guesswork out of home shopping. We'll help you find the perfect home in your price range.

MYTH: It's better to wait to buy/sell until (pick one)... prices bottom out, sales pick up, interest rates drop, etc.

FACT: Home selection is wide, homes are selling, interest rates are still near historic lows. Waiting for perfect timing (which is only perfect in hindsight) means you may miss a solid opportunity to buy or sell a home now. Contact us to see what homes are available in your area.

MYTH: Sellers cannot move up in today's market.

FACT: Setting an asking price for your home that reflects the reality of the current real estate market -- instead of rumor or yesterday's sales prices -- means you'll sell your home and can start looking for your next one. Homes are selling when they are priced right. Remember, though you may sell for less than you might have two years ago, the home you buy will likely be priced lower too.

MYTH: Fix-Ups, Short Sales and Foreclosures are sure-fire bargains.

FACT: Many distressed properties are available and are priced to sell. Whether you can afford to buy them, fix them up and save money compared to buying a move-in condition home is difficult to judge ahead of time. Every home and situation is unique. Give us a call, and we can help you sort through the pros and cons for the homes available in your area and in your price range.