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Real estate myths to avoid

The Florida real estate market has seen its shares of ups and downs. Many home buyers and sellers have realized that real estate transactions are often surrounded by a number of myths, such as that home values will only go up. Here are a few such myths and how to avoid them.

When it comes to residential real estate, it is almost always best to have a real estate agent. Believing that a buyer will get a better deal without an agent is usually not true. In most cases, the cost of having an agent is built into the sales price, so if a buyer does not have an agent, the seller's agent simply pockets the entire commission. Likewise, believing that it is better to sell a home without an agent to save money usually backfires. Home sellers often lack the knowledge and experience to successfully list, market and close a home purchase.

Other myths pertain to home sales. Some sellers believe that if they want to sell their home, they must renovate their kitchen and bathroom. Others believe that they will earn a dollar for dollar exchange by making renovations. These are dangerous, because a seller can easily spend thousands of dollars on renovations that do not entice buyers. Instead, sellers may wish to provide a discount on the basis that some work is needed. This way, buyers feel like they get a good bargain without the seller having to lose more money.

Individuals who are interested in buying or selling a home may choose to discuss their plans with a real estate lawyer. Legal counsel might review a sales agreement and other documents in order to help the client recognize any potential concerns or issues that may arise during the transaction.

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