We’re back with part two of our common real estate myths that beg to be busted. Whether you’re buying, renting or selling, read on to boost your real estate know-how and use these facts to your advantage.
1. Zillow is an accurate source for real estate valuation.
Looking up your home’s estimated value on Zillow is quick and easy, but it’s far from a dependable resource. And no website can substitute for the knowledge and experience that a licensed real estate agent brings. Factors like nearby foreclosures, a particularly appealing school, or cosmetic improvements can go undetected by the popular real estate tool. Learn more in our blog post on Zillow “Zestimates”, which shows how they often rely on tax assessments and other poor sources of data to determine a house’s value.
2. Agents are rolling in the dough
The average annual salary of a real estate agent is less than $36,000 a year, hardly making it a get-rich-quick profession. Much of an agent’s work is behind-the-scenes and overhead costs can be substantial. The interesting and varied work, plus the satisfaction of helping clients find happy homes draws agents to the profession more than the goal of a hefty paycheck.
3. New agents are inferior to experienced ones
You want an agent who is driven to succeed in meeting your needs. And who walks in the door with more energy and eagerness to learn than a person who’s new to the profession? Newer agents have more to prove so you’d be wise not to dismiss hiring one. It’s best to rely on your estimation of the agent’s competence as well as your own comfort level.
4. Renting is a waste of money
Despite the well worn saying that renting is “throwing money away”, buying a home isn’t actually the only smart use of your housing dollars. Think about it this way: is it throwing money away when you take a trip or buy an expensive dinner — simply because you can’t hold on to these purchases long-term? Owning a home comes with extra costs and responsibilities that are worth it for some people and at certain points in life. Do the cost analysis for yourself or your family and make your own decision. Whether you choose to rent or buy, Newtown Realty is here to help you find your home.