5 Home Buying Myths: BUSTED - Northwood Realty Northwood Realty Blog


5 Home Buying Myths: BUSTED

You have decided to buy a new house.  That’s great!  Of course, you want to share the news, but the moment that phrase crosses your lips, everyone that you know and trust becomes a real estate agent with lots of advice.  You can’t blame them though, as they mean well and some of the advice may even be from their own experiences.


But as knowledgeable as they may seem, there are still a lot of myths and misconceptions about buying or selling a home.  The most accurate source of information and expertise?  Your real estate agent.  But in the meantime, here are five common home buying myths BUSTED!


1) Buyers Without Children Can Ignore School District Information



BUSTED: Regardless of having children, planning to have children, or never having children, buyers should ALWAYS consider the quality of the school district when buying a home.  High-quality school districts bring high-quality buyers when you sell your home in the future.  Or at the very least, if life throws you a curveball, you would already be in a great school district.  But, be careful! You could end up falling victim to the next myth…


2) Buy the Worst House in the Best Neighborhood



BUSTED: Those looking for a low-priced steal in the middle of a high-priced neighborhood fall into this trap especially in a hot market.  An endless supply of money, resources, and time will never change the fact it is located on the loudest street or wedged between two businesses.  If a home is a bargain, there may be an underlying issue that you cannot see on the surface. If you choose to pursue “the deal of a lifetime”, remember to include a contingency that a home inspection be conducted.


3) A Home Inspection is Optional/Waive the Home Inspection to Sweeten the Deal



BUSTED: Waving the home inspection is almost always a mistake.  Saving yourself $200-500, or accepting a property “As-Is” could cost you more down the line.  Hiring a LICENSED & REPUTABLE home inspector might slow down the home buying process a little, but it will help you uncover any major problems with the house.  If your inspector finds any issues, they can be used while in negotiations to establish a final price. 


4) Your Accepted Offer is Set in Stone



BUSTED: Even after both parties have agreed to an offer, it does not mean the terms and conditions are 100% permanent.  Financial changes, title issues, inspection issues, appraisal conditions, and even accidental damage by weather can alter the accepted offer.  That is A LOT of variables that may not be under your control.  The good news working with your real estate agent will help you navigate this complex, and often overwhelming, transaction.


5) Skip Using A Real Estate Agent and Do It Yourself



BUSTED: “I can find everything online anyway, I’ll just do it myself”.  While it might seem easy, think again.
A real estate agent does more than just opening a lockbox and touring you through a home. They also 1) Help you find a home that fits your needs & wants.  2) Provide a buyer with insight into comparables in the market.  3) Provide ALL the necessary resources and documents to write an offer.  4) Most importantly, break apart the entire process into easy to digest pieces.  Here’s a sneak peek at what the buying process looks like…⬇️⬇️ Still seem easy?


Northwood Realty

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