CT Buyer Myths

Myth 1: A Realtor from one company, such as William Pitt, does not show properties listed or advertised by another company.

Truth: All realtors in CT have access to the Multiple Listing Service (MLS) database that allows them to show all listed properties regardless of the listing company. Good realtors explain how it works.

Myth 2 : Realtors represent the seller so, buyers are at risk!

Truth: A Realtor can represent the buyer, seller or both. CT law says that buyers have rights and a representation contract must be presented to a buyer before he or she can be shown all listed properties.

Myth 3 : A Realtor sets the list price of the house for the seller.

Truth: Recently closed transactions determine the fair market value of the house. Good realtors can determine this value within a range. Once a recommendation is made to the seller, the seller makes the final decision on list price.

Myth 4 : Market conditions should determine when and if you should rent, buy or sell.

Truth: Your unique financial situation will determine if and what you should rent, buy or sell.

Myth 5 : There is an advantage to using more than one realtor at a time.

Truth: In CT, all realtors have access to all listed properties, so there are actually disadvantages to using more than one realtor, such as lengthening the time it takes for a realtor to understand your needs and losing out by being late on an offer. A single, exclusive realtor makes you a priority over other clients and has an incentive to preview, find and secure your new home quickly.

Myth 6 : When demand for properties is high, a property can sell in one day.

Truth: The purchase generally takes 45-60 days. An offer can be accepted within days, but there is a lengthy series of activities that must occur between the date of the accepted offer and closing.

Myth 7 : It doesn’t matter if a realtor works full-time or part-time. They are all generally the same.

Truth: Maximum knowledge of available properties and trends from week to week, takes a full-time work effort. Part-time realtors have less opportunity to stay up-to-date and can’t fully compete with others. Your realtor can make or break you experience. Interview a few, and then commit to one for the long-term. Realtors that lack communication and marketing skills, don’t understand mortgage options, and fail to research enough current properties will become a disadvantage to you. Also, make sure you trust your realtor. If you doubt his or her integrity, don’t hesitate to let management know or find someone with whom you feel comfortable.

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