MYTHS ABOUT BUYING
Never buy the biggest or most expensive house on a street.
True. If you buy the most expensive house, you're unlikely to realize much appreciation, but you will help your neighbours benefit. At the same time, don't buy the least expensive house on the street since you may have a hard time selling a two-bedroom home on a street of four- and five-bedroom homes.

In tight markets, don't expect to negotiate much or you may lose the house.
True, but remember that a contract to purchase is just part of a recipe. Someone with the highest bid may not get the house since many elements go into a winning bid, such as the timetable for the closing and the length of the mortgage contingency.

If you find a major problem shortly after you buy and the home inspector you hired didn't find it, you may be able to get your money back.
True, if the problem represents a detectable structural defect. Most inspection forms include a disclaimer saying the inspector is only responsible for visible defects. If it's not visible, you may have a tough time.

If you read home ads and scan the Internet, you'll find all available properties, so you really don't need a real estate salesperson.
False. You don't need a salesperson just to show you what's available, you need them for knowledge about the market in which you're interested. Salespeople have inside information on whether any offers have fallen through because of inspection reports, for instance. They also help a potential buyer through the entire process, from finding available properties to getting a home inspected, securing a mortgage, participating in the final walk-through and attending the closing. Many salespeople think they're done when a contract is signed, but that's when a good salesperson's job truly begins.

MYTHS ABOUT SELLING
The first offer will always be the best and the highest.
True, for the most part, since many buyers know what's new on the market. They're more likely to structure a stronger offer before someone else does, though strongest may not always mean highest priced.

You need to stage your home so everything looks decorated, with clean carpeting and freshly painted walls.
True. Generally, what helps sell is a neutral setting and a staged setting that doesn't look dated. You don't want 1970s wallpaper or laminated built-in shelves. Also be sure rooms don't look too overcrowded or empty and try to have some fresh flowers or plants. Any décor that is overly personalized, like too many collectibles or family photos, may also turn away buyers.

Your home must be immaculate when people come through and you shouldn't be there.
True. Simply put, clean sells. Sellers also can do a good job of underselling their homes because they don't know what the buyer's issues presently.

Empty homes don't show as nicely as furnished homes.
False: The important consideration is whether or not a home is properly staged, that it is clean, in good repair and available to show. If you must move to your new home before your old home has sold, simply take measures to ensure it shows well empty; repair/replace worn carpeting, oil all woodwork, wash windows and clean walls. In fact, it will probably appear larger without your furnishings and the buyers can envision their belongings in each room more easily.

If a house sells in a few hours, it was underpriced.
False. The house was priced right. What it means is that buyers and sellers had the same perception of the home's value. You never know how many other buyers are looking at a single time and price reflects the strength of the market at that particular juncture.

Pricing a home for sale is a mysterious process.
False: Your home will sell for whatever the market will bear. To determine the range of value, you simply need to see what similar homes are selling for. Because every home is unique, your home will probably sell for a higher or lower range depending on its condition. I research the Multiple Listing Service® database to collect information to help you decide where to put the price. It is not an easy process, but it's not mysterious either.

 

 

You should select a REALTOR® who says they can get you the highest price. False: This is the oldest scam in real estate: tell the seller what they want to hear and compliment the home to get the listing. Instead, insist on a written, well-researched, computerized market analysis to determine the realistic amount your home will bear in today's market and price accordingly. Select your REALTOR® based on their credentials, then decide on price. NEVER SELECT AN AGENT BASED SOLELY ON THE PRICE THEY RECOMMEND.

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Unit 2A, 2495 Parkedale Avenue, Brockville, ON K6V3H2
P: 613-345-3664 | F: (613) 345-4253 | Toll free: 1-866-345-3664
kelly@homesinbrockville.com or paul@homesinbrockville.com | www.homesinbrockville.com

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