When we meet clients for the first time, we ask them what they know about the process – home buying, selling, or renting – as the case may be. Sometime we hear stories of advice they’ve received in the past that makes us cringe!
Truth is, there is a massive amount of BAD real estate advice roaming around these days. Some of it is just dated and some of it is of marginal consequence, but some of it is plain dangerous!
We asked out agents what is the worst of the worst real estate advice they’ve ever heard.
15 Terrible, Horrible, Down Right Dirty, Worst Pieces of Real Estate Advice Ever Uttered
1. “You don’t need a home inspection.”
It doesn’t matter whether there were three other condos in the same building sold last year, or if it’s brand new construction, a home inspection is a vital ally to help you understand what you are buying. Even if it is for informational purposes only, it will help you understand your capital investment needs and help you plan for years of ownership. – PT Vineburgh
2. “Who care’s who the landlord is…this apartment is awesome!”
Patience young grasshopper. The landlord does matter. – PT Vineburgh
3. “If a listing/property has been sitting on the market for awhile there must be something wrong with it”
Some of the best buys our clients ever made were for properties that sat on the market for a while. As busy as the Boston real estate market has been in the past year and a half, there are still occasionally those great listings that slip through the cracks. Whether timing, or minor cosmetic defects, or initial overpricing, some of those long sitting listings can become great buys later on.
4. “Casinos are moving into town, now is the time to buy!” (Or any statement with no actual data to support it)
Do your research and make sure you know the facts. You can’t take a rumor as truth – keep up to date with the news that will impact your move- as told to Joshua Dawson
5. “Trust me; you don’t want to live in that neighborhood.”
An agent should be able and willing to show you homes in any neighborhood you desire; however, if they explicitly try to direct you somewhere else it means one of two things: A) they are unfamiliar with the real estate in that neighborhood, in which case you’d be better suited working with a different agent from that place; or B) they are purposefully steering you away from it, which is illegal and should be reported to their broker immediately.) – Derek Shooster
6. “Wait to buy. Prices will come down.”
You should buy when it makes sense for you. According to past stats, prices are actually going UP! It is not always true that prices drop as time elapses.
7. “Wait until after an open house to accept an offer.”
If the offer and terms are within the range of acceptable (or in this case generally very acceptable) why push the envelope. If you don’t get a serious offer at the open house or shortly after, it is pretty certain that same buyer is reducing their price or walking away. – Todd Mikelonis
8. “Ignore what the current owner paid for the house!”
It is important to consider the market AS WELL as what the owner paid for the home. By considering what they paid in the past (and when that was), you may be able to determine how much they are willing to take for the home. Make sure you take into consideration improvements that they made. – Bobby Quinn
9. “What is the assessed value?” (this rarely matters in today’s market)
It is important to look at the assessed value of the property in addition to all other market stats and information. – Jon Curley
10. “If a property has been on the market for 30 days or more- it must be over priced or there must be something wrong with it.”
There are lots of reasons that a property can remain on the market – it is not always a bad thing. Sometimes it has to be a perfect fit for the buyer due to special circumstances. Don’t let DOM scare you away from what could be your perfect home! – Lauren DiMella
11. “Don’t bother looking at the association financials when buying a condo.”
No! It is so important to look at the financials of an association so you know how strong it is. By knowing what they have in reserves and any pending assessments, you can make a better decision about a purchase. Theses real costs can really impact you down the road. – Kelly Robbins
12. “Use a family friend as your attorney to save money.”
Use an experienced attorney who specializes in real estate, not just someone you know or a family friend. – Matt Giangregorio
13. “Always offer at least 5-10% less than the asking price.”
That’s the worst advice many parents give especially when they’re not familiar with the Boston market. As you know, in Boston, the listing to sales price is usually almost 100%! – Kim Miles
14. “WAIT!”
In a market like Boston, a client risks losing a great place for something that may not even exist. If something matches what you need and want, make an offer. It is HOT right now! – Meredith Kiep
15. “You can wait to get pre-approved until you find the right house.”
It is one of the most important parts of the home buying process and you shouldn’t wait. Contact a mortgage lender as soon as you start thinking about buying a home. – Scott Dobos
