When people hear that you’re selling or buying a home, it’s inevitable; they’ll start to offer you their two-cents’ worth of advice on how to make the deal happen faster/better/easier/whatever. And these well-meaning friends might make some good points! But their advice might not always be accurate. It takes years of experience, learning and building of relationships to become a trusted REALTOR® that knows what they’re doing, and I wanted to dispel some of the myths and rumors you might have heard about when it comes to real estate transactions. Let’s dive right in!
MYTH #1: PRICE YOUR HOME HIGHER THAN IT’S WORTH TO LEAVE ROOM FOR NEGOTIATING
This is a biggie. You never EVER want to list your home for more than its worth! That’s a sure-fire way of having your home sit on the market, untouched, for months and months. Buyers are more savvy these days; they can easily tell if your home is overpriced by comparing it to other homes they’ve seen online. And that means they’ll pass on it before they’ve even stepped in the front door. Instead, price your home at fair-market value and watch the offers come in! When you price a home correctly, you are more likely to have a quick and painless sale. As your REALTOR®, I can help you figure out what a fair listing price would be, based on other comparables in the area, the market, etc.
MYTH #2: YOU DON’T NEED TO BE PRE-APPROVED FOR A MORTGAGE UNTIL AFTER YOU’VE PUT AN OFFER ON A HOME
So not true. In fact, I’ve seen many deals fall through because the buyer wasn’t able to secure financing on the home they offered to buy. It’s a headache for everyone when this happens! So don’t get yourself into that situation! When you’re ready to start shopping for a new home, first make an appointment with a Mortgage Specialist and find out what you actually could be approved for, just in case that perfect house comes along quickly. This will also help you narrow down the number of houses you’d like to look through, because you’re already sure you can afford them.
MYTH #3: OPEN HOUSES WILL DEFINITELY FIND YOU A BUYER
Open houses are great… when they work. That is to say, there’s absolutely nothing wrong with hosting an open house and letting people come through to see all that it has to offer. We definitely WANT as many pairs of eyes as we can get to see how great your home is! But here’s the thing: open houses tend to attract very casual buyers; those people that aren’t desperate to move right away, but are just kind-of curious about what’s for sale right now. More serious buyers will usually set up a private viewing instead of coming through with several other strangers. Open houses also attract nosey neighbours that have no interest in buying a home at all; they just want to tour your house while you’re not there and see what you’ve got going on. It’s true! So while some houses sell because of open houses, a lot do not. Make sure you have realistic expectations from your open house.
MYTH #4: REALTORS® CAN ONLY SHOW YOU THEIR OWN LISTINGS
Nope. Not true at all. If you’re buying a house, your REALTOR® can show you literally ANY house that is for sale. It doesn’t have to be one of their own listings. We’re here to show you everything available! If that happens to be another one of our own listings, great… if not, that’s fine too. It’s our job to find you the best house for YOUR needs, NOT ours. And if your REALTOR® is only showing you their own listings, then maybe they’re not the right REALTOR® for you.
MYTH #5: YOU CAN JUST SELL YOUR HOME AS-IS. YOU DON’T NEED TO MAKE ANY IMPROVEMENTS
The first week your home is on the market is the most crucial. This is your home’s BIG DEBUT! And if it is full of clutter, or in desperate need of some work and TLC, that’s going to be a big detriment to getting your home sold in a timely manner. So before you put your house up for sale, you’ve got to put in a little bit of elbow grease.
More often than not, buyers are looking for a home that is “move in ready”, meaning there won’t be very much work (if at all) for the new homeowners to do when they get there. By staging your home and keeping it clean and in good repair, you are sure to impress the buyers that walk through your home and are ready to make an offer!
So there you have it! Don’t fall for these rumours! Trust your REALTOR® to help ease you through your home buying and selling experience, and give you accurate information on what will work!
