If you just entered the real estate market as a prospective buyer or seller, you’ve probably lost track of all the real estate tips you’ve heard from friends and family. Unfortunately, many of the tips that have been passed onto you by house-hunting TV show addicts won’t be extremely useful in today’s real-world housing market. Much of the advice commonly given about real estate is outdated and irrelevant in today’s market, so take every piece of advice you hear with a grain of salt. Here are a few things you should know about the current real estate environment:
Unlike in the past, the majority of today’s home buyers are not married. This means that spring is no longer the best season to sell homes, despite how many times people will still tell you this. Spring was an ideal time for selling homes in the past because many parents were looking to buy a home in the summer so that their children could adjust to their new neighborhood before entering school in September. But now that so many of today’s home buyers do not have children, the circumstances have changed. Nowadays, the best months to buy a home are November, December, and January. There is little selling competition during these months since most sellers wrongfully assume that prospective buyers are too busy during the holiday season for house-hunting. In reality, many buyers are still looking for homes on Christmas Eve and are likely to jump on the first promising deal they find.
Another common misconception about real estate is that sellers will always accept a cash offer over a financed one. While cash offers may be less risky for the seller, a shrewd agent of a financed buyer could provide the seller with credit reports and other documents to verify the buyer’s credibility, possibly earning the buyer a home deal over a lower cash offer.
There are plenty of old adages about real estate that just don’t ring true in today’s market. Newcomers to real estate will find the most success by ignoring these and instead seeking the advice of an experienced agent who knows the local market well.