The Myths in Real Estate - True or False?

The Myths in Real Estate - True or False?

Real Estate is a complex subject and involves a lot of details regarding the extensive home buying process. Now, almost all of us would be looking to buying a home in life, hence knowing about all the minute details is a must.

Real estate companies in Mumbai and the real estate market has begun to get adjusted to the various reforms like demonetisation, GST and RERA, most Indian metros witnessed recovery with sales improving, while property prices corrected or maintained status-quo, a survey said. The real estate industry underwent some of the most radical reforms and avant-garde policy changes in 2017. Residential demand, sales and supply took a hit on the back of uncertainties surrounding RERA and GST. Prices may further dip in luxury and ultra-luxury segments and ongoing residential properties in Mumbai in 2018, because of low buyer appetite for such projects. Other categories are, however, unlikely to see any major correction this year.

Let’s look at some of the common myths surrounding the real estate industry:

1. All real estate agents are equally knowledgeable
This is one of the most common real estate myths about the realty agents. You need to understand the fact that all real estate agents have different kinds of skill sets, have a different kind of overall experience and different traits. An agent, with only two years of experience in the business, cannot carry the same kind of skill set when compared with another agent who has been working in that area for the past 20 years and specializes in high end luxury property deals.

2. Keeping the price higher to leave room for negotiation
A very common mistake made by the sellers when getting their property listed in the market, is to list it a price higher than the general market price. They normally do so, as they think that when an offer is made. Such a thing would provide them enough room for negotiation. Since this makes your home overpriced, most buyers won’t even look at your new project in Mumbai because it is out of their budget, even though they may be ready for a little negotiation.

3. One can earn more if he/ she sells the home himself
It’s true that almost anyone can go ahead and buy a house, even have a look inside the property without hiring a real estate agent. But, unless you decide to go ahead and make home-buying a part-time job for yourself, it is suggested to get an expert.

So, the next time you wish to make an investment in your dream home, don’t get your thoughts trapped in these myths.

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