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Myths About Selling a Home – Ask Bruce Coleman, Vancouver Mortgage Broker

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Myths About Selling a Home

real-estate-olympia---mythsWhen it comes to selling a home, there are many commonly held beliefs that some things work better than others. This is of course true, but there are also many home selling myths which can actually impair your ability to sell a home faster or make more money from it.

Here are some of the more popularly held myths that should be on guard against when it comes to selling your Vancouver Home.

1. Buyers Want a Fixer-Upper

Some people who are selling home may not want to bother with investing some money for repairs or renovations before they put the home up for sale. They may be of the belief that there are plenty of DIY folk out there who are looking for a bargain and would like to do the repairs or renovations to fix up the home their way.

The truth is that most buyers really don’t want a “work-in-progress” and don’t want to the unnecessary time and expense to have to bring the home up to speed. And, if you were planning to sell a home in disrepair at a market value similar to other homes being sold in your neighbourhood then think again. If you do get an offer, the prospective buyer is going to want a chunk of change deducted from the asking price so they can pay for those repairs or rennovations.

2.  It’s Better if you Show the Home Yourself

Another myth is the common belief that a prospective buyer would be more comfortable having you, the owner, show them the house.

This is not the case as most prospective buyers are actually uncomfortable when the owner shows the home. They find it distracting and prefer to have an agent show them through the house. There is also the issue of trust. A prospective buyer may be less convinced that you are being entirely honest about disclosing any detracting issues they should be made aware and are more confident about disclosure when being shown a home by a realtor.

3. Buyers Expect a Counter-Offer and Negotiation

Many people who sell their home are often of the belief that any offer made by a buyer will be expecting a counter-offer. This is actually a myth as most buyers don’t really allow a lot of room when it comes to a counter-offer. Your selling strategy can also be very dependent on whether the market is either a “buyers” or a “sellers” market. You might be well advised to discuss your sales approach with the realtor and what they advise about negotiating.

4. Pricing your Home at A Higher Price Will Earn you More Money

Another popular myth out there is that if you advertise your home at a higher asking price than it was appraised you stand to make more money from the negotiation process. This is also untrue as most likely you will simply fail to sell your home quickly. Buyers are not naïve and they are also likely using savvy realtors who know what homes are going for in your neighbourhood.

Most people won’t bother to look at an overpriced home and if they do make an offer, you are likely only going to get offered market value in any event.

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