Top Six Real Estate Misconceptions Debunked!

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Parent Category: Newsflashes

Category: Newsflash

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Please join the Saghir Lewis Team on Wednesday, September 30th for their PSP Webinar: Real Talk About Real Estate - Demystifying the Process at 7:00pm.

1. I can sell my house without hiring an agent. You could also fill your own cavity, tailor your own clothes, or install your own skylight and toilets. But should you? You already have a job and family responsibilities, do you really have time to research the market and negotiate a deal to get the highest price for your property? To sell property professionally, you need:

• Time: Selling real estate is time consuming and involves many details that people—and inexperienced agents—often overlook. Staging, showing, daily marketing and outreach, managing every aspect from start to finish... is just the beginning. Selling a property is a full-time job and missing any details will cost you money and potentially derail the whole process. 

• Tools & Network: To get the best price for your biggest asset, your property needs the widest exposure. Posting on Streeteasy or Zillow is not nearly enough. Without access to the channels available to professional brokers or a vast network of active buyer agents, homeowners can’t give their listing the exposure needed to sell a home quickly and for the highest price.

• Experience: Selling real estate in New York City is complicated. There are many factors that can jeopardize a real estate transaction, even after a contract is signed. A series of events must be orchestrated flawlessly to ensure that the deal makes it to closing. An experienced broker knows how to navigate the transaction from accepted offer to closing. Most homeowners don’t have the knowledge or experience to manage a transaction of this complexity.
   

2. I'll get a better deal on buying a house if I don't use a buyer’s agent. Also, how hard can it be? Not to sound like Dwight Schrute, but FALSE. If you’re buying a house without an agent, you don’t have skilled representation working in your best interests, while the seller does. Most buyers would be at a significant disadvantage attempting to structure a deal and negotiate with a seller’s agent who does this every day. You may believe you are getting a better deal, but it’s more likely that you’re actually settling for a deal in which the terms are to the seller's advantage.

While it’s true that different agents and brokerages have flexibility in how they deal with commissions and agreements with sellers, in our competitive marketplace a seller is typically paying a 5% - 6% commission whether a buyer is represented or not. With stakes this high, you should make sure you have professional and experienced representation.

3. Do I really need to spend money on a real estate lawyer? Can I just have my friend do it for free? Please don’t! Your choice of real estate attorney is possibly the most important decision you’ll make. It’s not a place to cut corners. You’re potentially spending hundreds of thousands of dollars, if not millions! Not a time to worry about saving a few thousand on a discounted or free attorney. You need a top attorney on your team who understands the local marketplace. You know the phrase: New York Minute? Real Estate deals die in a New York Second because of slow, inattentive, or incompetent attorneys. Two of our clients - who were the backup offers - just got calls. Why? Because the original offers were taking too long. Our clients had moved on and those places are back on the market. The sellers lost out because of bad lawyering. 

4. My bank is going to give me the best mortgage rate because I keep my money there. Not necessarily. The bank department that finances real estate purchases is separate from the one that holds your money. Unless you’re super wealthy and have a broader business relationship with the bank, your checking account is not going to get you preferential treatment. Lending guidelines are very strict and New York City is a complicated marketplace. You should work with a top mortgage banker/lender who specializes in this market.

5. I’m buying and I don't want to show the seller's agent how much money I have because it will compromise my negotiating position. Why not? You want the seller and their agent to have confidence in you as a buyer. Confidence that you are eminently well-qualified to pass the board, obtain a mortgage commitment, and have resources to call upon if a transaction gets tricky. Having the money doesn't mean someone can make you spend it. We always want to show a seller that a buyer is as well-qualified as possible. This leads to a more productive negotiation and a greater chance of making a deal.

6. My seller's agent is only charging me a 3% commission. I'm getting a deal! Really? The best deals happen when you get the widest exposure, access to the sharpest data tools, the largest network, and the strongest marketing services. The most effective real estate agents are members of REBNY, and have access to their service that markets listings to over 14,000 agents citywide, giving your property maximum exposure. Most small brokerages are not members of REBNY and are unlikely to co-broke the listing. This means buyers with agents are probably not seeing your property. The majority of NYC buyers have an agent, so if you choose an independent discount broker, you could lose a large portion of your potential interest. You really do get what you pay for in this business. 

The Saghir Lewis Team has emerged as a dynamic force in the Brooklyn real estate arena and has redefined the art of selling property. Principal partners Alexandra Como Saghir and Tyson Lewis balance a business-minded approach to the sales process along with empathetic engagement with their clients. 

Please join them on Wednesday, September 30th for their PSP Webinar: Real Talk About Real Estate - Demystifying the Process at 7:00pm.

Quality Virtual Time with Grandparents

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Category: Home Life

“Zoom fatigue” is very real for us grown-ups, and we were used to staring at screens and making small talk all day even before the pandemic started—so it’s no surprise that young children are at the end of their ropes when it comes to video chatting. If your kids are hesitant about recounting their day to grandparents over FaceTime for the 100th time since March, have no fear: PSP members are here with tips on virtual activities with intergenerational appeal.

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