6 Myths About Real Estate You've Probably Heard: DEBUNKED!

There are a lot of real estate myths floating around out there that many people assume are common knowledge. So we wanted to set the record straight about a few of them. So here are 6 myths about real estate you've probably heard and why they are false.

Myth #1 - "A Home Either 'Passes' or 'Fails' a Home Inspection"

A home doesn't "pass" or "fail" a home inspection. The purpose of a home inspection is to assess the condition of a house.

A home inspector will provide a report explaining any issues they may have found along with a summary of the age of the key systems of the house, such as the plumbing, electric, and HVAC systems, along with other major features like the roof and overall condition of the home.

So a home doesn't "pass" or "fail" an inspection--the inspection just gives you an insider peek into the state of a house before you buy it.

Myth #2 - "Inspectors Are Required To Find Something During an Inspection"

Not true. 

The goal of a home inspector is not to label a house "pass" or "fail"; they are hired by the buyer to do an independent and objective inspection of a property. And while no property is perfect and the inspector will most likely find things that could be improved, there isn't anything about the inspection process that would motivate the inspector to "have to" find something wrong.

If a seller is concerned about what might be found in an inspection, they can always get a pre-listing inspection done so they can compare any findings of the potential buyer's inspection.

Myth #3 - "If Zillow Says It, It Must Be True"

A lot of people look to Zillow like a Real Estate Bible. Any information they find on there they assume to be true because Zillow is such a large real estate website.

Zillow is a better resource for generalized information, not specific information. For instance, Zillow's Zestimate can give you a general idea of a home's value, but it definitely isn't an exact valuation tool.

Zillow can't recognize the difference between why a home on one particular street would be priced at a certain value but the house two blocks away would be priced differently. It also can't factor in things like why the previous sales sold for the prices they did or what is drawing people to particular neighborhoods, like good school systems, for instance.

So while it might be a good place for initial research and as a general guide, don't take everything you see on Zillow at face value.

Myth #4 - "It's Better To Price a Home High Because You Can Always Come Down"

This is one of the most commonly believed real estate myths in the industry: in an attempt to get their ideal asking price for their home, they initially overprice it thinking that it will protect them from selling too low.

The problem with this is that overpricing a house can often lead to it sitting on the market for long periods of time and not receiving much interest, which can also look bad once the price is dropped to something more reasonable. An overpriced home can even keep interested buyers from even looking, let alone putting in a lower offer.

If a home is priced competitively from the get-go, however, the chances of attracting the right kind of buyer at the right price for the seller greatly increase.

Myth #5 - "Start Low When Making An Offer on a House"

While sellers can make the mistake of overpricing, buyers can likewise make the mistake of low-balling their offer. 

There isn't anything wrong with negotiating; but if the home is priced reasonably and a buyer puts in an unrealistically low offer, they may alienate themselves with the seller and no longer be seen as a serious candidate in the negotiation process.

Myth #6 - "All Real Estate Agents Are the Same"

There are a lot of myths about real estate agents out there, but this is one of the more prominent ones.

While the general home buying/selling processes are relatively the same across the board, the same can't be said for real estate agents.

Similar to other professions, there are those agents in the real estate community who are committed to excellence, put in a lot of time and energy for their clients, are excellent problem solvers. And there are the agents that do what they need to do to get the job done and no more.

Just as in other fields, there are real estate agents that are better than others. So do your research--see who has some of the best results in your city. Look for things like achievements or awards. Do your research and find a reputable, experienced agent in your area to help you find or sell your home.

If you are in the Boise area, Kelley would love to help you find or build your perfect home or sell your home! With over 20 years of experience as an agent and having been a Top Producer in Boise since 2003, Kelley has the knowledge, experience, and commitment to excellence you are wanting in an agent. If you are currently in the market for or looking to sell a home, please give her a call! She would love to help you!