Real Estate Myths Busted
When it comes to the buying and selling of property, everyone has an opinion. And as we know, not all opinions are based on facts. The trouble is, when we perpetuate these myths they somehow become substantiated — even when they’re not based on reality.
It’s a new year, so let’s stop perpetuating the following real estate myths:
1. Spring is the best time to sell
For many years spring was thought to be the prime time for real estate, based on the belief that most buyers are families with school-aged children. And while it’s true that this is a big demographic, it’s not the only demographic. The spring sales season allows families with kids to finish up the school year before moving during the summer. It makes sense, but it’s not the only time to sell.
Not all homes are family homes — such as condos or luxury dwellings. You do not need to adhere to the spring selling season to get top dollar. If you want to sell or need to sell, don’t wait till spring. There will always be people looking for homes, regardless of the season.
2. Home inspections aren’t necessary
If you think waving the home inspection will save you money, guess again. If you agree to buy a home “as is” just to save time and money, you are accepting that the house might have costly issues that you will now be on the hook for. The money you save by skipping the inspection might not matter once you have to start paying for repairs that you didn’t know you needed to do until it was too late.
3. Staging is a waste of time
You might think that home staging doesn’t work, and that buyers don’t care about throw pillows and neutral walls. The truth is, it’s hard for people to see themselves living in a home that looks like someone else’s home. By depersonalizing and decluttering the house and staging it with simple items, you are allowing buyers to imagine themselves in the house.
If there are photos of your kids and knick-knacks everywhere, they will just see it as someone else’s house and move on. It’s worth it.
4. Price high to encourage negotiations
Don’t assume that setting your home price high will encourage buyers to negotiate. Some will be put off by the high price right away, and not even bother to view your house. Remember, many people begin their search for a home online — and if your home sits outside of their budget, it likely won’t even show up on search results. Price your home at a fair price that allows some wiggle room for lower (or higher) offers.
5. Save by not using a Realtor
Your Realtor does so much more than just sell your house. They are experts in their field, are great negotiators, and offer great advice. Real estate agents also have access to resources not available to the general public, such as databases. This means they can help you price your home correctly based on the house and current state of the market. They will also be able to find you appropriate homes in your desired neighbourhood.
In the new-build market, some real estate agents get access to pre-sales and VIP events — meaning you could land an amazing deal on a pre-build.
Remember, when you hear about the rules of buying and selling, always do your own research and be skeptical of myths that don’t align well with reality.