I think we all have heard the expression “Buyers are liars”, well I don’t subscribe to that. If that were true, there would be no Real Estate transactions.
However, I do think that there are several misconceptions that Buyers do have. Here are the most common Buyer misconceptions in my experience
1. If a property has been on the market for a long time, it must mean that the Seller is getting desperate to sell. This may be true, but is not necessarily always true. It may mean that the Seller is holding firm on their asking price. A better way to determine motivation of a Seller would be to have your agent check the listing history and see if there has been a recent history of price reductions
2. We will find the perfect house with EVERYTHING that we are looking for. It is a great idea to come up with a “wish list” of items that you would like your property to have, but the reality is that you may not be able to find a place with ALL of those features. Hone in on the handful of details that are most important to you and focus on those.
3. If we use several Realtors we will have better success in finding the right property faster! This is definitely not true. The job of a Buyer’s Agent is to show you any and ALL properties that best fit your needs. Working with just one Agent allows you to develop rapport and trust and that is the best, and most direct way to attain your goal in property ownership
4. If it is in the listing information it must be accurate. Not true! We are all human (yes even Realtors are human), and as a result we all make mistakes. Not to mention, some information may have changed since the property was originally listed. It is very important as a Buyer to do your Due Dilligence and verify all information in a listing as current and accurate
5. If my offer is accepted by the Seller, then my offer was too low. OK this one is so NOT true! All it means is that you were smart enough to hire a Buyer’s Agent to help you make a really great offer and avoid the back and forth “dance” of getting to the price that you offered.