Reality vs. Expectations – Buyer Myths that Can Cost You a Great Deal

Thomas Gilliam Uncategorized Leave a Comment

As a homeowner, you should now be familiar with how the real estate market works. It’s all about the right timing and perfect staging that gets the buyer market talking. However, when the time will come to put up your home for sale in Oakland County, Michigan, there are some things you need to know about: buyer myths.

A buyer myth makes the seller believe that as soon as their house will go up on the market, the offers will start coming in high and heavy. When a real estate agent is hired, the seller comes to know the cold hard truth that the selling process is not that easy. It takes great planning and a little more time than you expected to sell the house. There are a lot of mistakes that most first-time home sellers make. To help you avoid them, we have come up with a couple of scenarios that will set your expectations straight, as close as to reality:

Expectations Reality
Setting an Asking Price
 

Now that my house has been staged by an interior designer, I know it will sell at a high price, no matter what the market trend says.

 

 

My real estate agent rejected my asking price because according to the comps in the neighboring areas, the price I had set was too high.

 

Selling Profit
 

The first offer I received was making me a high profit and I was ecstatic that the buyer had agreed to my asking price.

 

 

While I was making a profit, it wasn’t that big as I had expected.

 

My real estate agent explained to me that the profit I was getting on my home for sale in Oakland County, Michigan, was going to be used for further repairs, insurance and curb appeal.

 

Agent Availability
 

I was lucky that I got hold of an agent who was booked solid for the next month. He had 5-star reviews on his profile and people claimed that he was an extremely helpful real estate agent.

 

I called the agent immediately and he patiently answered all my questions.

 

 

What most people don’t realize is that just because the real estate agent is on their payroll, doesn’t mean they can call him day and night.

 

Do not invade their private space whenever you feel like it. They might be too polite to say anything but you should have enough sense to be respectful of the timing.

 

Down Payment
 

After months of doing freelance jobs and saving money from my permanent job, I managed to save enough for the down payment.

 

Having 20% of the down payment in my savings account made me content that I was ready to apply for a loan.

 

 

The lender rejected my loan application because I had forgotten to check my credit card statement. I had a credit score below 600, which wasn’t good enough.

 

Moreover, the real estate agent told me that I hadn’t factored in other fees such as the home inspection fee, appraisal fee, loan application fee, lender’s organization fee, title service fee, tax service fee, and private mortgage insurance fee.

 

New House Repairs
 

As the deal closed on my home for sale in Oakland County, Michigan, I immediately bought a new house after two weeks.

 

Feeling good about the whole, process, I never imagined that my new house would need some serious cash for renovations.

 

 

My real estate agent advised me that I needed to make repairs as soon as possible because if they got out of hand, I could be looking at a huge cost in the future.

 

Moreover, he also told me that the renovations and repairs I make right now, according to the market trends, will increase the value of my house.

 

 

When selling your house, the most important thing to remember is that never assume your home for sale in Oakland County, Michigan, is so good that you will get multiple offers as soon as it goes on the market. This is a long process and it will take some time. Before putting your house up on the market, visit Homes2MoveYou. Get in touch with a real estate agent and get the house appraised from experts.

About the Author
author photo

Thomas Gilliam

Facebook Twitter LinkedIn Google+ Instagram

I'm a Professional Realtor for 17 years with RE/MAX CLASSIC in the Oakland County MI and the Metro Detroit area and love what I do. Real Estate is my passion... Exceeding your expectations is my goal!