But they're NOT! How can something be a fact but not be true? It's easy on the internet...some things seem to live forever on the internet. There are two main reasons why real estate B.S. seems to thrive:
1) Real estate market forces can change on a dime. Information seems to lag, especially on the WWW.
2) All real estate is local, even hyperlocal. What holds true for one local market can be completely untrue for another part of the country, or even city.
The 15 B.S. Facts addressed here, with the help of some of my favorite real estate bloggers, includes:
1. “Homes are way overvalued today, there is nothing I can afford.”
2. "New homes are not being constructed. I’m just going to wait until builders start building again.”
3. “My house is worth much more than the neighbor’s house because…[insert any of 2 dozen reasons].”
4. “We’re headed for another housing bubble!”
5. “I’m waiting for mortgage rates to fall.”
6. “I was told it’s a bad time to buy (or sell) real estate.”
7. “I can’t buy a house yet, I don’t have 20% to put down.”
8. “But the online Valuation of my house was more than you’re telling me?!”
9. “All mortgage lenders are the same. I’ll just choose the one with better rates, lower fees, brightest smile… etc.”
9.5 “All Realtors are the same.” See BS Fact #9, only replace Realtor for Lender.
10. “There are too many foreclosures dragging prices down, I’ll never get what I want for my house.”
11. “Staging my home should bring me a higher sale price.”
12. “A real estate agent will try to make me pay more so they can make more money.”
13. “A real estate agent will underprice my home just to make a quick sale.”
14. “I’ll need to spend a fortune to update my house, I can’t possibly sell it and break even.”
15. And the mother-of-all BS Facts…#15: “Who needs a Realtor anyway? I’ll do it myself!”