Real Estate Myths – Busted!

According to the Canadian Real Estate Association (CREA) and their post on real estate myths,  there are a lot of preconceived notions home buyers and sellers in Canada might believe about the real estate industry. Let’s take a look at their breakdown of the most common myths.

Myth: You don’t need to depersonalize your home before an open house.

Fact: Staging can help sell houses. Taking away personalized items and creating a pleasant neutral canvas allows buyers to picture themselves in the space. And virtual staging has made the process even more simple and accessible.

Myth: All renovations will increase the value of your home.

Fact: You want to be mindful to not over or under-renovate based on the community and demographic of your buyers. Various renovations with provide different rates of return so do your research before starting a project.

Myth: The longer a home is on the market, the easier it is to negotiate a better deal.

Fact: This may be applicable in some cases, but it really depends on why the home is sitting on the market. Is it overpriced? Is there an issue with the home? Are there conditions set by the seller? Some of the many factors to consider when a home has not sold within the average days on market.

Myth: You don’t need to get pre-approved for a mortgage until after you’ve found the perfect home.

Fact: Being pre-approved puts you at an advantage against non-qualified buyers, especially in a market seeing competitive offers. The article describes how pre-approvals allows you to put your best foot forward, making sellers more interested in your offer and giving you the peace of mind of knowing your bottom line in negotiations.

Myth: Great houses can sell themselves.

Fact: According to CREA, while it may seem like houses sell themselves in a busy real estate market, this isn’t the case. Expertise in pricing and marketing are still vital to get that sale. If the home is overpriced or doesn’t include quality listing photos, it is easy for a buyer to overlook a property with a swipe.

Myth: You can skip a home inspection.

Fact: The short answer, it depends. There are rare cases where the buyer is a qualified enough contractor, for example, to perform their own inspection but that is a rare exception. Another example of when a buyer may choose to forgo an inspection is in a multiple offer situation. As the article points out, there can be value in having an unconditional offer but it is risky and not advisable to pass on an inspection.

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