Real Estate Tips December 6, 2023

Busting Real Estate Myths: Separating Fact from Fiction

Hello, Bolingbrook! Jake McVey here from the McVey Group, and I’m excited to address some common misconceptions in the real estate world. It’s time to debunk those myths and empower you with the knowledge you need for a successful real estate journey.


Myth 1: “You Must Save a 20% Down Payment”

Debunked: Contrary to popular belief, a 20% down payment isn’t a strict requirement. While a larger down payment can have benefits, many loan programs allow for much lower percentages. There are various options available, including FHA loans with a minimum down payment of 3.5% and VA loans with no down payment for eligible veterans.

Myth 2: “The Best Time to Sell is Spring”

Debunked: While spring is traditionally known as a hot season for real estate, the idea that it’s the only time to sell is a myth. The market can be favorable at various times of the year. Factors like local market conditions, economic indicators, and your specific situation can influence the best time to sell.

Myth 3: “You Don’t Need a Real Estate Agent in the Age of the Internet”

Debunked: The internet is a valuable tool, but nothing replaces the expertise of a seasoned real estate professional. Agents bring in-depth market knowledge, negotiation skills, and an understanding of the legalities involved. Having a trusted real estate agent by your side can make the buying or selling process smoother and more successful.


Myth 4: “Home Inspections Are a Waste of Money”

Debunked: Skipping a home inspection to save money can be a costly mistake. Inspections can uncover potential issues that may not be visible during a walk-through. Identifying problems early can save you from unexpected expenses down the road and provide valuable negotiation leverage.

Myth 5: “All Renovations Add Value to Your Home”

Debunked: Not all renovations are created equal. While some improvements can increase your home’s value, others may not yield a significant return on investment. It’s essential to prioritize upgrades that align with market trends and buyer preferences.

Myth 6: “You Should Price Your Home High to Leave Room for Negotiation”

Debunked: Overpricing your home can lead to fewer showings and a prolonged time on the market. Buyers are savvy, and they often shy away from properties that seem overpriced. It’s crucial to set a competitive and realistic price from the start.


Myth 7: “The Zestimate is the True Value of Your Home”

Debunked: While online estimates like Zestimates can provide a ballpark figure, they are not always accurate. These algorithms may not account for specific features or recent renovations. For a precise valuation, consult with a local real estate professional who understands the nuances of your market.


Ready to Navigate the Bolingbrook Real Estate Market?

If you’re ready to buy or sell in Bolingbrook, don’t let these myths hold you back. The McVey Group is here to guide you through the process with transparency, expertise, and a commitment to your success. Contact us today, and let’s turn your real estate goals into reality! For next steps, simply fill out this contact form and I’ll be in touch to see how I can help you with your real estate needs.