As with every industry, there are many common myths that are heard throughout the real estate industry. We are going to go through a few of those myths and explain why they are not facts as we help you through the process of selling your home.
Myth Number 1: Selling your home FSBO will save you a ton of money.
Many people believe that by selling their house “for sale by owner” they will be saving a ton of money by avoiding any fees associated with an agent, realtor or broker. There are many factors that these sellers are not considering, which could end up costing them far more in the long run.
Yes, real estate professionals charge a fee or commission when they help you sell your home, but with that fee comes the expertise of that professional. They use their knowledge and experience of the industry to make sure you are listing your home for the right price and marketing your home the right way. They will also handle negotiations on your behalf and make sure all transactions and paperwork are handled legally and accurately. In doing so, these professionals not only save you money but also save you time!
When it comes to one of the largest financial transactions you will make in your lifetime, don’t leave it up to chance. Hire a real estate professional who has the proper qualifications and can be trusted to handle the entire process ethically and in your best interest.
Myth Number 2: Agents, Realtors or Brokers will say just about anything to make a sale.
As we mentioned before, it is important to choose a real estate professional to help you sell your home who has your best interests in mind. Agents, Realtors, and Brokers are often portrayed as individuals who will say and do nearly anything to make a sale.
This is not always the case, especially not with us! We hold ourselves to an even higher standard than the already strict code of ethics and regulations we are bound to as professionals in the industry. We strive to build lasting relationships with your clients and that would not be possible if we did not conduct ourselves with integrity.
Of course, not everyone that works in the real estate industry operates the same way we do, so it is important for you to do your research and, again, make sure you trust the agent, realtor or broker before you hire them!
Myth Number 3: Every Agent, Realtor, or Broker is the same.
As we have already touched on, this is not the case. Unfortunately, this way of thinking can lead both buyers and sellers to choose the wrong real estate professional for their situation.
Every agent, realtor, and broker have a different area of expertise, a different level of skill and a different personality. All of these factors should be taken into consideration when you are looking through your list of potential candidates. Just because someone has a real estate license, doesn’t mean they are necessarily qualified to provide what you are looking for.
Myth Number 4: You should “leave room” for negotiating when you decide on an asking price for your home.
Making sure your home is priced correctly is one of the most important requirements if you want to sell your home quickly and for as much as possible.
Many sellers believe that if they price their home well above what they expect to sell it for, they are leaving room for buyers to feel like they are negotiating the price down and still come out where they want.
This tactic is not advised because it will typically result in your home staying on the market for a longer period of time, during which you will most likely begin dropping the price anyway. Most buyers will be conducting their research online or working with a professional and will move right past a home that is significantly overpriced.
Myth Number 5: You do not need to report the sale of your home.
Along with the recent mortgage regulation changes, the Federal Finance Minister has also instituted tax changes that require all property sales to be reported by sellers to the Canada Revenue Agency.
These practices have already gone into effect, requiring every seller to file a tax form in April that includes general information about the sale of the home. This may include acquisition and sale dates and a description of the property, among other information.
While these five real estate myths may be commonly thought of as facts, we hope you now have a better understanding of how the real estate industry works and feel more confident in choosing us to help you sell your Guelph real estate!
Give us a call today at (519) 831-7477 so we can help you on the move!