Crazy Untrue Real Estate Myths!

     

     

    People don’t know what they don’t know. Sometimes misinformation can trickle down the line and unfortunately make real estate processes seem intimidating. Let’s clear up some common misconceptions.

    1.Real estate agents are paid a salary. 

    Despite what many say or think, typically, real estate agents work for 100% commission. As an independent agent, without guaranteed income, you can rest assured my job is to work as hard as possible to find the best home for you, or sell your home. I am here for you every step the the process. My goal is to use my expertise and my advanced marketing systems to help you meet your goal. That’s the only way I get paid!

    2. It will cost you money to use a Buyer’s Agent.  

    While every real estate market differs in how commission is paid, here in the St. Louis area, it is the norm for sellers to pay the commission to both the listing agent and the buyer’s agent. As a buyer, my services are 100% FREE to you. All I need is your time, and I will personally walk you through the process until we find your dream home. I work for you, not the seller.

    3. Marketing expenses aren’t the agent’s responsibility. 

    Marketing costs can vary from the cost of real estate board dues, flyers and postcards, open house signs, paid advertisement, etc. As a real estate advisor, I absorb all costs associated with marketing your home listed for sale with me. There is no cost to list your home for sale, to market it to the most qualified buyers, and negotiate contracts on your behalf. You don’t pay me a dime until your home closes.

    4. A home will either pass or fail an inspection.

    The home inspection is not a pass or fail test. Every home will have at least minor things noted on the inspection report. The inspection is to give you piece of mind and alert you to any unknown issues. Items on an inspection report (which you will receive after the inspection) are typically graded as satisfactory, monitor, or issues. Photos are usually taken of any issues as well.

    5. A home inspector’s job is to find issues in a home. 

    A home inspection really isn’t about trying to find issues with the house you are ready to buy. A home inspector is trained to check multiple areas in and around the home for common problems. The goal is buy your home in confidence, know what to expect in the future upkeep of your home, and to give you some negotiating room with the seller should the inspector find anything that needs to be addressed.

    6. The most serious home buyers go out on the weekends to see homes. 

    While it’s true that many home buyers are out on the weekends looking at homes, and going to open houses, there are many more buyers who choose to tour homes during the day or evening of business days. Many home buyers are driven and ready to find their dream home. The real estate market in St. Louis is HOT and buyers know that homes go under contract quickly. It’s important to have a clear plan, and tour homes you are interested in as soon as possible. After all, if you don’t make it yours, another buyer soon will.

    7. Zillow is the most accurate source for real estate. 

    Zillow can be a good tool for browsing homes casually, but for serious buyers and sellers, you need a professional site. Our website RyanMillerHomes.com pulls listings directly from the listing site all St. Louis area realtors use. Everything is updated every hour, so you get 100% accurate information. A common issue with mainstream real estate websites is they don’t update on a regular basis, and sometimes not even every day. You may find a home you love, and contact a recommended agent, only to find out the home is under contract or even sold. Using a professional agent with access to all the home listings, hourly updates, and always a call/text away, means that you can rest easy, and enjoy the process of finding your family’s next home!

    8. Overpricing your home is always better, as it gives you room to lower the price over time. 

    Overpricing a home can be tricky. Logic may tell you that it gives you more negotiating power, but buyer can be scared off by a home with multiple price reductions, or a home that has been sitting on the market for awhile. And once you reduce your listing price a few times, buyers may feel more comfortable coming in with “low ball” offers and undervaluing your home. Do the smart thing, and allow me to create a FREE home value report for you, so you know exactly where you are at, and where we can go.

    9. When you make an offer on a home, you should make the lowest offer possible. 

    Making a low offer on a home can not only irritate a seller, but in a seller’s market with limited listings and multiple buyers, the goal is to find your home and “claim” it as soon as possible. Do you want to risk losing the home, or appearing to not be a serious buyer? Be prepared to offer a fair amount and be open to negotiating. That’s what I am here for! I will work hard, be honest and up front, and handle all the paperwork. I even have a great lender contact to make sure we have you pre-approved and ready to go. Let’s go find your next house!

    10. If a home has been on the market for awhile, that always means the home has issues.

    A home that has been on the market for weeks, or even months, has a good chance of having nothing to do with issues in the home. Many times inexperience listing agents will overprice a home, not make timely price drops, or not market a home effectively and professionally. Location can also provide another home selling hurdle. If the home is right off a busy road, too far from the nearest Quiktrip, or in an undesirable school district, buyers may concentrate their home search in other areas. Using a professional who knows the area and is confident will lead you to success and a contract!

    11. Frequent price reductions mean the seller is desperate. 

    Multiple price reductions may, at first, appear to be a seller who is desperate to sell their home. Sometimes, a listing agent, or even the owner, may be overpriced the home to begin with, and are now working on bringing the price to where it should have started. Never assume a seller “has to sell” or you may walk blindly into negotiating that doesn’t go your way. I have multiple ways of researching homes you are interested in. I can provide you with their past and current approximation of values, any known disclosures or issues, and my professional opinion. After all, my job is to be your real estate ally!

    12. Multiple offers on a home give the seller the advantage. 

    Multiple offers may seem like only beneficial to the seller, but sometimes, it can be quite the opposite. It can be easy for a seller to envision dollar signs when they have received more than one offer for their home. As a buyer, just remember, your job is to make YOUR best offer, not the best offer for the seller. There are many things that make up a contract besides the amount of money you are offering. Contracts often include contingencies, such as when the buyer is prepared to close, if they need to sell their own home first, and if they are financing or buying with cash. Multiple offers can mean that the home was already priced right, or in a fantastic area, which are both good news for you. I will guide you through 100% of the negotiations, and work on your behalf to get you the best deal, on the best home.

    13. All real estate agents are the same. 

    This is probably the most common myth about real estate. Education and professional requirements vary from state to state. Many real estate agents have been in the business for 20 years and sold 5 homes a year. Some have been in the business for 5 years, and sold 20 homes a year. Many parts go into choosing the best agent. Read reviews online, ask a agent for a list of homes sold in the recent years, and take time to meet with an agent. Buying a home is probably going to be the biggest purchase of your life. But it can also be stress-free, and even fun. As an experienced, proven agent who knows how to guide you to success, give me an opportunity to do so!

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    Ryan Miller

    Welcome to my site! I am a successful real estate adviser who knows the St. Louis area as a native. Prior to real estate, I worked in sales, giving me the edge in superior negotiating, marketing, and client relations. Reach out to me for your home buying and selling needs!

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    Our agents write often to give you the latest insights on owning a home or property in the local area.

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