Everyone wants to get the best price for their new dream home. Unfortunately, there are a lot of myths on how to go about it, along with a slew of outdated advice that doesn’t cut it in today’s market. In this post, we’ll clear up a few of the top misconceptions we hear from potential buyers.
Buying Privately Will Save You Money
A homeowner inflating the price of their house is very common. Everyone thinks their own home is beautiful and worth more than it is on the fair market.
In addition, some believe that setting the price high allows them to negotiate you back down to a fair amount. If you’re not wise to these tricks, you might be tempted to overpay, especially if you’ve been outbid on other listings in the past.
Without a Realtor® giving you an unbiased opinion, you can not be sure. Buying a home privately is a huge risk that could cost you in the form of an unexpected surprise down the road.
The seller may be forgoing the services of an experienced real estate agent, but that doesn’t mean you should. Contrary to popular belief, a homeowner is unlikely to pass any commission savings on to the buyer. Plus, as a buyer, you’re not typically the one to pay commissions anyway. The seller pays them, at least to the buyer agent, even when they do not work with a listing agent of their own.
Is a home purchase on your agenda this year? The posts below will help you plan:
- 10 Things To Consider When Buying a Home
- What is the Importance of a Final Walk-Through?
- New Build Vs Resale Home: What’s Better in Today’s Market?
You Should Start With a Low Offer
Many buyers believe they can save money by submitting an offer under the asking price. The idea is that if a seller doesn’t like it, they can always counteroffer. Unfortunately, this strategy often backfires because you unwittingly offend the existing homeowner.
In a busy market – and today’s market usually ranges from somewhat competitive to all-out bidding wars – insulting the seller is the last thing you want to do. (Remember, they think their house is beautiful, highly desirable, and worth top dollar.)
If you offend them, even accidentally, they’re not inclined to cooperate with your offer or may even refuse to sign it back. A good Realtor® will advise you on what type of offer to submit based on what is happening in the current market.
While we will always strive to get you the best value, we need to be realistic about the competition. This will all depend on a range of factors, including how the home is priced, how long it has been on the market, the seller’s motivation, current inventory, and market trends. Only an experienced professional will know how to translate these into a winning strategy.
Spring Is the Best Time of the Year to Buy
This misconception is deeply entrenched, partly because there was once a grain of truth to it. Spring is historically the time when most real estate transactions would occur. But even then, it didn’t always mean that it was the best time to buy or sell.
Consider the fact that, yes, more houses were for sale. On the flip side of the coin, there were also far more people searching. The colder months often get overlooked in real estate, but they shouldn’t.
- January and February are when student rentals enter the market.
- December typically means a very low inventory and less competition.
- Summer lets you gain a deeper understanding of your prospective home (since it’s not buried in snow).
A good Realtor® can show you how to get the best price for your home by lending a helping hand, no matter the time of year.
For even more tips on getting the right house at the best possible value, check out the related reading below:
- The Ultimate Guide for First-Time Buyers in Guelph
- Buying an Older Home? Here Are The Red Flags To Watch Out For
- Should You Look At Listings In A Termite Zone?
Homes on the Market a Long Time Are Red Flags
Many people believe that if a house sits for a long time on the market, there must be something wrong with it. The truth is that the length of time often has little to do with the quality of the home. It could be more of a seller’s mistake than anything else.
For instance, it’s possible that the seller priced it too high in the beginning, lost the high-traffic window, and failed to find the right buyer. Sometimes, a house has unique features that only appeal to a small percentage of buyers. For the right person, a house waiting to be sold can be a spectacular opportunity, especially if the owner needs to sell and move on. Your Realtor® can help you find the best-valued home regardless of the time it has spent on the market.
Do you want to get the best price for your home in Guelph or the Tri-Cities? Our team of top Guelph real estate agents is happy to help. Reach out today to info@gowylde.ca or call 519-826-7109 to take the next step.
