Purchasing a new home is a significant investment – not just financially, but emotionally, too – and the buying process can be quite overwhelming if you don't understand all the ins and outs of the housing market. That being said, working with a real estate agent is a great way to ensure that you cover all your bases from beginning to end and wind up with the house of your dreams.
In a recent ABC News article, Ryan Serhant, a real estate professional on Bravo's reality television show, "Million Dollar Listing New York," revealed some of the industry's inside secrets that you should be aware of. Let's take a look at a few of them:
Agents will hide things from buyers – "The biggest ethical issue that I see in the real estate market is dishonesty," says Serhant, noting that often these individuals will withhold information about a home having bedbugs, termites or another potentially deal-breaking issue. This is why it's important for people to ask as many questions as possible before making a decision.
Be wary of sales-speak - There are common words that people use to describe less-than-ideal features. "Cozy," for example, often means small, and just because a property is described as being "bright" doesn't mean it's from natural sunshine – it could simply feature florescent lighting.
You can't always trust Web listings – Whether someone forgot to take down a description of a home that already sold last year or included a photo that wasn't of the actual house, there are various different ways that information on the internet can be misleading, so it's essential to follow up and do some research before getting your hopes up.
As the economy continues to improve, now may be a good time for potential homebuyers to take advantage of low mortgage rates and reasonable prices. With that in mind, lenders should invest in loan management software to ensure that borrowers can stay on top of their monthly payments.