Sometimes a myth is fun to believe, but other times, it has a negative impact on your ability to accomplish your goals. Our real estate agents know that real estate myths are fairly common in our industry. Here are several we've heard over the years that we want to debunk. 

• Myth 1: Real Estate Agents Want You to Hurry Up and Buy a Home
  Real estate agents absolutely want you to find and buy a home, but they don't want it to be just any home. They want you to find a home that meets your needs so that you're a happy client. Unhappy clients are often very vocal about their experiences, and many agents receive recommendations from their satisfied clients. 

• Myth 2: You Need a Lot of Cash to Buy a Home
  While it's always wise to have cash set aside for emergencies or homebuying expenses, you don't need a ton of cash to purchase a home. An FHA mortgage allows a down payment as small as 3.5 percent of the home's purchase price. Conventional mortgages may call for a down payment of 5-10 percent of the home's purchase price.

• Myth 3: The Best Mortgage is the One with the Lowest Payment
  The loan with the lowest payment isn't always your best choice. Choose a mortgage that fits your financial needs. A shorter loan term will have higher payments, but you'll have a lower interest rate and pay less interest over the life of the loan. Look at a couple of options and decide which one is the right fit for you.

• Myth 4: You Should Start Searching for a Home Before Anything Else
  Hold off your home search until you're preapproved for a home loan. Obtaining mortgage preapproval lets you know that you can for sure obtain a mortgage and it lets you know exactly how much you can spend. Make sure you get preapproved rather than prequalified for a loan. The preapproval process is much more intensive and accurate than the prequalification process. 

• Myth 5: Open Houses are Absolutely Necessary to Sell Your Home
  The success rate of an open house depends in part on your area. However, it isn't absolutely vital to hold open houses in order to sell your home. If you decide to forgo an open house, you do need to make sure that your family is prepared for a showing on short notice. Buyers typically want to view potential homes as quickly as possible, and sellers are generally expected to adjust to the buyer's schedule. 

• Myth 6: You Can Save Money Selling Your Home Yourself
  Some home sellers try to sell their homes on their own. This move can potentially cost you money and lengthen the amount of time that it takes for you to sell your home. When you hire a real estate agent, they'll add your home to the MLS database of Richmond homes for sale. This allows it to reach more potential buyers. Agents also know to negotiate a fair deal and confirm that all the necessary tasks are completed before your closing date. 

• Myth 7: Start with a High Listing Price
  It's a bad idea to list your home at a high price, assuming that you can always lower the price if it doesn't sell. The longer a home is on the market, the less attractive it is to potential buyers. Buyers tend to assume that homes on the market for extended periods have something "wrong" with them. They're unlikely to pay a price that seems above the fair market price for the home. 

Our team has the experience needed to help you successfully navigate the Central Virginia real estate market. Contact us today for assistance!