Don’t get sidelined when looking for your next house.
The Lawhead Team would like to share another great One Cool Thing from the California Association of Realtors about choosing your next house:
There are a lot of assumptions about the housing market, but some of those beliefs may be causing you to miss out on a great house.
Check out some of the biggest misconceptions that home buyers have:
- Assuming you need 20% for a down payment. If you’ve been waiting to save 20% for a down payment, you may be missing out. About 60% of home buyers actually put down less than 6% on their home purchase.
- Refusing to consider a house that doesn’t have everything on your list. A list of everything a buyer wants in a home is a starting point, but compromising is likely for some features.
- Judging a house on price alone. You may find an appealing home that’s way under budget. But if the home is in need of some major TLC, you’ll need to factor in the fix-up costs to determine whether it’s still a great deal.
- An online home value estimator is always accurate. Several real estate websites offer home value estimator to see what a home is worth – but consider this a ballpark on value, not fact. Your Realtor will provide the most accurate estimate, taking into consideration the home and the current market.
- Fixating on a few grand. If you and the seller are only a couple of thousand dollars apart on the sales price of the home, you may want to consider the bigger picture. Is it worth it to lose the home over a few thousand dollars that could merely add only a few dollars to the monthly mortgage payment?
Source: HouseLogic.com and REALTOR Magazine.