10 Secrets Agents Don’t Tell You About Real Estate in 2021

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It’s no secret that the real estate market is changing. Home ownership rates are at an all-time low, and housing prices have fallen in many markets. But what changes will we see in the future? What do agents not tell you about buying a home in 2021?

Here are 10 things they don’t tell you:

How difficult it is to invest in newly developed areas

Agents might not mention that it is difficult to invest in newly developed areas. The reason is that a new development means that the prices will go up for the properties for sale. A buyer might be lucky to buy one of these homes and resell them at a higher price.

However, they would also be competing with others who are trying to do the same thing.

 

This situation will not be easy for anyone, and if they do buy the property, it might be more difficult to resell them in future years.

Areas at home that need fixing

Do agents mention too many pitfalls when selling real estate?

Some people have complained about this. They feel like their agent does not give them enough information about the property they are considering buying. They had no idea how much work needed to be done on it. The agent is likely to sell what comes across their desk. If they don’t know any problems with the home, they will not talk about it.

History of crime in the area 

An agent might not mention a history of crime in the property area because the current low crime rates might lead to a presumption that it is safe.

The truth is, the property area might have high crime rates. People could get robbed and assaulted in these areas.

Some neighborhoods are safer than others. Try to find out about the crime rate in the area before deciding where to buy a house.

You don’t want to live somewhere only to be robbed or have your car stolen! It will also help if you decide to rent it out because you can charge more to people who want to move into a safe neighborhood.

The seller may have had more than one offer.

A home buyer will find that their agent might not mention that the seller had more than one offer for the property. Therefore, it will lead to competition between the buyers. In addition, it makes it more difficult for a buyer to get the property when they come with less money or are asking for a lower price.

An agent may also withhold this information during negotiations of a deal since it could cause complications in the future if they reveal this information. If an agent does not mention this, there is still a good chance that others might be aware of it and use it to their advantage in negotiations with other people.

Incentives offered by property listing agencies

Some agents don’t mention the incentives offered by property listing agencies like Property Online Philippines. One of these is access to discounts on home remodeling and design, which can save you money on energy-efficient features such as windows and insulation. So whether you are looking for a house and lot for sale in Signal Village Taguig City or a townhouse, getting incentives will make your home-buying experience better.

Other home-buying related fees like closing costs

When you’re thinking about purchasing a new home, it’s essential to have an accurate picture of the property costs.

One of the things that agents don’t mention to their customers is the closing costs associated with buying a property. This is because they want to make it seem like it’s an inexpensive process to buy a property when in reality, it can be expensive.

What are these closing costs?

The most common ones are for things like insurance premiums, recording fees, and deed taxes. These fees have been known to range from $2,000 to $8,000. It depends on where you’re buying the property and what type of mortgage you’re using.

Some people have bought a house without knowing about these fees until they closed on the deal. Therefore, you must go over your closing costs with your agent before the deal closes. Real estate agents are required to give you accurate estimates of what these fees will be.

The possibility of losing commission

A real estate agent might believe that they should sell as many homes as possible to not succumb to the possibility of losing commission. The problem with this type of thinking is that it is at odds with the interests of buyers.

In a slow market, a real estate agent might try to push a buyer into purchasing before they are completely ready. For example, let’s say a potential home buyer was shopping for homes, and the realtor wanted her to close the deal on that day or lose it, even though she still had questions about the house.

Get a home inspector to look at the property

Real estate agents will not mention that you can get a home inspector to look at the property before offering.

This is important for two reasons: 1) it will give you a more objective opinion about the property than what the agent might have, and 2) it will be cheaper than hiring someone to fix any problems that come up once you’ve bought the house and put down all of your money.

Actual value of the property

Make sure that the house is actually worth what they’re asking.

The cost of the house isn’t always based on its actual value due to how much money there is in the real estate market at the time.

It’s better to get an appraisal of the property before agreeing on a price, so you can avoid overpaying and causing financial hardship.

If you are buying a house and putting some money down, don’t base your decision on how much other similar homes have gone for in the area. Instead, what matters is how much you can afford and what your monthly payments will be.

Your agent might not think about this one for a moment, but it’s essential to realize that if your future house gets repossessed, then it’s not good news for you either!

Your decision should not solely rely on the market value

All said, though, don’t go too crazy. You should only be prepared to put down a small deposit and still need to find mortgage insurance.

It is possible for the house you buy to go up in value (or even down), but don’t rely on this alone as your main decision-maker.

It’s essential to know what real estate agents don’t tell you so that you’re not surprised when it comes time to put in an offer or when you find out that the house is much more expensive than it should be. The final thing I’ll mention is: if a home inspector finds any problems with the property, don’t buy it until they are fixed.