Last Updated on April 1, 2022 by Kravelv
The real estate domain is a dynamic one, with recurrent changes in market demand and pricing. This makes it difficult for the buyers and sellers to understand the market well enough and make the right decisions at an optimal time. Since there is a lot of money involved, you need to understand every single aspect of the market. However, there are several myths and misconceptions that cloud your judgment and leave them puzzled about buying and selling. Let us debunk some major real estate myths and misconceptions for you.
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Real estate is predictable
If you think that real estate trends and forecasts can help you in determining the optimal time to buy or sell, you are absolutely mistaken. This is one market that is anything but predictable. It is best to close a deal when you find that it is good enough, whether you are a buyer or a seller. Getting expert opinion can help but real estate is more about luck and chance as the market may change in one day.
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Starting with a low offer helps
A classic mistake that buyers make is by quoting a low offer for the property to begin with. They usually do so because of the misconception that it will help them buy the house cheaper. But the fact is that sellers do not take such buyers seriously who undervalue their property. The best way is to quote an optimal offer price because negotiations will still be there but you will be seen as a serious buyer at least.
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Multiple offers give sellers an advantage
A common misconception on the seller’s side is that they have an advantage if there are multiple offers on their property. When there are a number of buyers interested in your home, you will probably be able to fetch a good price for it. But you may go wrong with this one, once again due to the unpredictability of the market. Buyers may change their mind anytime and it is better to sell when you have a good deal in hand.
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You can buy or sell without an agent
As the concept of DIY becomes popular, buyers and sellers may be interested in making deals on their own rather than enlisting a professional agent for the job. This is a misconception that can cost them a lot. Not only does an agent streamline the deal for them, he also understands the loopholes of the industry and can explain them to you. So it is advisable not to think about saving on agent’s commission when you plan to buy or sell a property.
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All real estate agents are the same
Another widely prevalent myth in this industry is that all real estate agents are the same. Their only motive is to make money from the deal and they are least bothered about the client’s interest. But it is exactly the opposite. A majority of them make their best efforts to set up the best deals for their clients. Just a few unscrupulous people have given them a bad reputation.
The best thing to do is to partner with experts to help you in securing a good deal within your budget and according to your requirements. Visit http://flats-in-mohali.in/ if you are planning to buy an apartment in tricity. We deal in budget and luxury apartments and serve simplified solutions for clients who want to secure the best deals.