4 Popular Housing Market Myths vs. Reality

There’s a lot of misinformation out there about purchasing a home and what’s happening in the housing market. Here are four common myths going around and the facts that debunk them. 

Myth #1: I have to renovate/fix up my house or vacation home before selling it. 

Reality: That might have been true several years ago, but in today’s seller’s market, it’s less likely you’ll have to do much work if your house is in decent shape. Set up a time to talk to your real estate agent, and we can guide you on the projects you need to tackle and what you can leave for the next owners. 

Myth #2: I can set the asking price to whatever I want. 

Reality: Unfortunately, you can’t arbitrarily price your home. Several factors need to be considered when choosing a listing price, including the house’s condition, the neighborhood, and how quickly you want to sell, among other items. Connect with a real estate professional with expertise in appropriately pricing properties. 

Myth #3: I should wait to buy until home prices and mortgage rates fall. 

Reality: Market and financial experts say that the cost of homes will only continue to rise this year. If you’re thinking about buying, now is the time to get in touch with a real estate agent and mortgage broker to start the process so that you can take advantage of current rates and prices.

Myth #4: Waiving the home inspection will help my offer stand out. 

Reality: While it might be tempting to waive the inspection so that you can nab your dream home, an inspection is a vital step in buying a home. A proper inspection helps you understand your home’s condition and can prevent unwelcome surprises after you close. Before you consider waiving the inspection, check with your real estate professional to see what is best for your situation.

If you’re looking for an honest professional who will help you navigate today’s Northern Minnesota market, reach out to Bill Hansen today!