Beware of These Common Real Estate Myths by Leslie Brlec

For most people the notion of buying or selling a home is as foreign as space travel. They’ve heard about both, they’ve read about them and they’ve seen them talked about on TV and the Internet. But really, they’re no more prepared to buy or sell a home than they are to spend a month on the International Space Station. To make matters worse there are a slew of myths circulating about real estate transactions that make the process seem even more daunting than it actually is. In this article we’re going to put on our myth-busters hats and take on a bunch of these tall tales so that when you add your listing to Etobicoke homes for sale you’ll be able to do so with a clear idea of what’s involved.

Don’t Fall Prey to These Myths Regarding Etobicoke Homes for Sale

Oddly enough the Internet, which was supposed to make things – including buying or selling a house – easier has actually served to muddle things up pretty good. Word of mouth is also notoriously unreliable as there’s no way to know the source of much of the information being disseminated person to person. In order to clarify things for you we’ve assembled 7 myths that we’re currently aware of that could make buying and particularly selling a home difficult for you.

Myth 1: You should ask for more than your home is worth

Real estate agents know when a house is listed for more than its actual value. When they see such a house they’ll recommend to their client that they don’t even bother looking at it. As a result the house will sit on the market for weeks or more and you’ll eventually be forced to ask for less than market value just to attract some attention.

Myth 2: If you don’t use an agent you’ll get better deal

False. Any house that is listed with a real estate agent has had the sales commission already figured into the price. If you don’t use an agent you’re still going to pay that price. The only difference is that the seller’s agent will have the whole commission to herself.

Myth 3: The price will only go up

The financial crisis of 2008-2009 should have taught just about everyone that prices for Etobicoke homes for sale can crash as quickly as they can skyrocket. Still the myth survives that home valuations only go in one direction; up. The truth is that while the overall trend may be up there are always peaks and valleys. So keep that in mind when buying or selling a house.

Myth 4: You should renovate an old kitchen or bath before selling

If your kitchen or bath is in disrepair you’re probably better off simply adjusting your price down a bit rather than dropping a small fortune on a remodel a buyer may or may not like. Lots of buyers look for homes that need work. It’s a chance for them to put their own stamp on the house. You could actually wind up netting more if you do nothing and ask a bit less.

Myth 5: You’ll make back anything you spent on renovations

Often times homeowners will add a deck or redo the roof thinking that, when the day comes to finally sell the house they’ll make back all (or most) of what they invested. Well, maybe they will and maybe they won’t. The fact is if the renovation work was done some years before your return will likely be significantly less than what you invested. Even if you engaged in recent renovation work the only project that’s likely to net you a 100% ROI is a new steel front door.

Myth 6: The appraisal is just a formality

A lot of folks have heard and bought into this particular myth. As a result they’re shocked when the appraisal they thought was simply going to confirm the valuation they had in their head comes back significantly lower for whatever reason. The fact is just because you feel the house is worth X amount that doesn’t mean it is. Homeowners often see only the best aspects of their house while appraisers are trained to look at the whole picture when it comes to Etobicoke homes for sale.

The business of buying or selling a home is never an easy one. Don’t make it more difficult than it already is by believing things that came to you through the grapevine or in an Internet chat room.