Real Estate Myths
I have a great respect for Barbara Corcoran, a self-made salesperson who took $1,000 and challenged the giants of New York City’s legendary real-estate industry. Her entrepreneurial journey makes a great story — girl meets boy, boy gives her $1,000 to start a real-estate firm, boy cheats on girl, girl builds multimillion-dollar business as revenge. She sold The Corcoran Group in 2001 for a reported $65 million, and has become a well respected face of residential real estate. Sixty-five million, not bad return on her initial investment – and to think she started it all at only 23 years old. She now serves as a real-estate contributor on NBC’s Today Show and helps rising entrepreneurial stars as a judge on ABC’s Shark Tank.
Barbara Corcoran was recently featured on the Today Show discussing the Five Biggest Real Estate Myths. This is a must see or need to watch for both Buyers and Sellers. Understand that we as real estate professionals do not have a crystal ball. Questions like “Is this a good time to sell?” or “Should I purchase a home in the Greater Seattle area now?” cannot be answered generally. Each situation is unique, your goals and needs are part of the reason it is either a good or bad time to buy.
It is helpful to understand these myths and how they may apply to your situation. These myths are:
MYTH #1: Sellers are desperate
TRUTH: this isn’t so – in King and Snohomish Counties less than 20% of the listings are “short sales”or desperate sellers.
MYTH #2: Don’t buy before prices have bottomed
TRUTH: who can predict the bottom? Did you know that with every point raised in interest rate you lose significant buying power? So the moral of the story is to buy NOW with interest rates at their all time low!
MYTH #3: You can’t buy a home unless you have 20% down
TRUTH: FHA (3.5% down) and VA loans are still alive and well, as are conventional with second programs
MYTH #4: Now is the absolute worst time to sell
TRUTH: it depends on your goal – Did you know the current inventory level in the Greater Seattle area is less than 3 months – which places us in a SELLERS MARKET! We are seeing more and more “multiple offer” situations!
MYTH #5: Before you refinance, shop around
TRUTH: you will save a lot of time and money if you use your current lender – they don’t want to lose your business and the refinancing cost should be lower if you use them. If you do choose to shop around be sure you are comparing apples to apples – there are various “hooks” lenders use to get your business. Full disclosure and understanding is key.
To see more on the subject visit the Today Show’s Real Estate Myths.
Are you interested in buying, selling or investing in real estate in the Greater Seattle area? Interested in finding out the current market value of your single family home, condo or investment property? Then call Seattle Real Estate Broker, Carol DelRosario at (206) 245-9942 to discuss what is happening in today’s Greater Seattle area Real Estate Market. She and her team at Seattle Realty Source would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional current Seattle Market Trends here.
Posted by Seattle Real Estate Broker, Carol DelRosario (206) 245-9942 on 1 February 2012