“Get Real!” with Mildred Wong
MYTH: Always insist that your agent show you NO FEE apartments only. That way you won’t get stuck with paying a broker fee.
FACT: It is important to view ALL available apartments that fit your needs. EVERY apartment rented through a real estate broker agency comes with a fee equal to one month’s rent.
Most Common Scams in Mortgage Loans
It is important to be alert to avoid being victims of fraud or alterations in your mortgages. People who have been affected by the foreclosure crisis are the most vulnerable to being victims of this scam. For this reason Mass Housing, offers information on fraud and most common alterations in mortgage loans:
“Get Real!” with Mildred Wong
MYTH: There is plenty of time to secure an apartment. September 1st is still seven months away.
FACT: Boston’s rental market remains one of the tightest and priciest in the country. In 2011, the vacancy rate was 4.4% at the end of June, and even lower in neighborhoods that are desirable to young professionals and students. Landlords quickly reached 100% occupancy due to fewer turnovers than in previous years. As a result, they raised rent prices because supply was low and demand was still strong. And most landlords left the cost of the broker fee to the tenant.
“Get Real!” with Mildred Wong
MYTH: The Year of the Dragon and the Chinese zodiac are cultural symbols and not applicable to business.
FACT: Dragon years have traditionally been associated with new beginnings, happiness, and good fortune. 2012 is therefore deemed to be lucky, and will be a very good time for starting new business ventures, making calculated investments, getting married, and having children.
“GET REAL!” with Mildred Wong
MYTH: It is not a good time to sell my home during the holidays and Winter months.
FACT: Seasonal trends no longer apply today with the Internet, smart phones, and tablets. Buyers are ALWAYS looking for properties online. The home market is no more affected during the holidays than during other “busy” periods of the year.
“Get Real” with Mildred Wong
MYTH: I don’t need an agent. I can save money by selling my own home and have less hassle. It will be a win-win for me.
FACT: Statistics show sellers who used a real estate professional sold their homes for 25% more than the list price, while For Sale By Owners, more commonly known as “FSBO” (pronounced “Fizzbo”) sold theirs for less.
“Get Real” with Mildred Wong
MYTH: Since I priced my home competitively, it is fine as-is and updates are not necessary.
FACT: Prospective buyers typically decide whether they will buy a house in the first 15 seconds they spend there. First impressions are lasting impressions.
“Get Real” with Mildred Wong
MYTH: You should always price your home high and negotiate down.
FACT: Price your home competitively out of the gate. Price is the single most important determinant for how quickly your home will sell. The key to pricing is understanding your real estate goals.
“Get Real” with Mildred Wong
MYTH: All real estate agents are the same and not always necessary.
FACT: A real estate agent is essential in facilitating a low-stress real estate transaction. You want an agent who will fully guide you through what can be an overwhelming and complicated process, and represent your needs and interests at the negotiating table, so it is important that he/she is someone you feel comfortable with and trust.
“Get Real” with Mildred Wong
MYTH: Owning a home is more expensive than renting.
FACT: This September, the median price for a 1-bedroom rental reached $1,665 a month, making Boston the third most competitive rental market in the country, bested only by New York and San Francisco. A comparable 1-bedroom condo with fees and full amenities averaged $1,495 a month
