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6 Common Florida Real Estate Myths & Misconceptions Debunking

By Ask Darnell | Business, Real Estate

The stakes in the real estate industry are pretty high. And not having in-depth knowledge about it is enough to create various false perceptions as well as damaging assumptions. So, when making huge investments in the Florida real estate market, you must be aware of the real picture to avoid possible pitfalls along the way. 

To save the knowledge you’ve gathered through research from getting overshadowed by myths or exaggerations about this sector, let’s debunk some of the most common Florida real estate myths.

 

Misconception 1: The Florida real estate market is the same as in other locations

 

6 Common Florida Real Estate Myths & Misconceptions Debunking 1

 

More or less all real estate markets certainly share general trends, but that doesn’t make Florida real estate market similar to others. 

There are certain unique factors, which make the real estate market of Florida different from others and more promising than others. 

For example, consider the weather condition here i.e. year-round sunny weather which influences several other factors related to the real estate market.

Then there are the median home values here that unlike many other locations have witnessed a tremendous increase i.e. 4.1% over the last year and are expected to increase by another 3.6% in the coming months.

 

Misconception 2: Predicting the real estate market is easy

 

6 Common Florida Real Estate Myths & Misconceptions Debunking 5

 

There may be several articles and blogs online claiming the real estate market prediction to be super easy. Well, in reality, it isn’t so! Yes, many expert realtors, investors do make concerted efforts to understand the real estate market as much as possible; but predicting something with 100% accuracy is simply impossible.

Even to be correct regarding the basic general movements of the real estate market of an area such as Floria, detailed research, in-depth knowledge, and close observations for an indefinite time is needed. But when it comes to predicting the time required for the general movements to occur, even experts end up being incorrect.

 

Misconception 3: The larger the real estate property the better

Smaller real estate properties are not always difficult to sell or less desirable compared to bigger ones. Instead of letting the size of the property influence your investment decision; you need to consider more significant factors such as its location, the neighborhood it is in, the amenities it has, etc.

Remember, you must invest in a real estate property that makes real sense to you, irrespective of its size. For example, a small house at a prime location can fetch more price than a big villa in an unsafe neighborhood and hard-to-reach location.

 

Misconception 4: A real estate property doesn’t need to be prepared for sales

 

6 Common Florida Real Estate Myths & Misconceptions Debunking 2

 

If you think a house can easily be sold for the best prices just as it is, then you need to think twice. To boost the chances of a property to be sold fast and for a good price, it needs to be prepared for sale.

Whether you do it by yourself or hire a realtor like 1st Source, you need to make sure the house you’re selling is prepared well. 

Most buyers these days prefer houses that are ready to move-in or available immediately. Putting your real estate property up for sale without necessary preparations can only reduce its chances of fetching the right price and increases the time it remains on the market as a ‘For Sale’ property.

 

Misconception 5: No agent is needed to strike a nice real estate deal

 

6 Common Florida Real Estate Myths & Misconceptions Debunking 3

 

Hiring a reputed and professional real estate agent is unnecessary is another real estate misconception. And it is not specific to the Florida real estate market you see. Whenever it comes to buying or selling a property, people start doubting the need for expert guidance.

While you may have a notion of the perks of not hiring an agent, do you know what you miss out on by not hiring one? 

From knowing about the property deals that only realtors have access to as those aren’t listed online or anywhere to excellent negotiation during finalizing the purchase/sell price, assistance with dealing with the legalities involved and the list goes on.

 

Misconception 6: All real estate agents are basically the same

Yes, the process of buying or selling a real estate property and the chain of events that the process ensues next is similar anywhere in the world. But neither two real estate agents are the same nor their approach to real estate.

People putting all the realtors in the same category is one of the most common real estate myths. But what they fail to realize is that in every organization or profession, some are committed to achieving excellence in what they do and so in the real estate sector. 

It is the dedication to their work, their presentation, approach, problem-solving skills, achievements, and experience that separates one agent from the other.

 

Conclusion

Whether it’s buying or selling your house, a real estate related decision is always big and significant enough to require proper considerations and access to the right information.

Debunking the common myths about the real estate market is just an effort from our side to alleviate some of the stress that comes with it.

If you’re interested in venturing into the real estate market in Florida, contact us at 1st Source today. We are here to help you in any way possible. 

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