Busted! Don’t Believe These Home Selling Myths!

Whether you’re buying or selling your home, both transactions can be stressful and tedious in their own ways. And everyone gives you advice that may or may not be true for you. However, it’s crucial to be aware of what fact is and what is fiction, so that don't fall for some of the most common misconceptions about selling your home.

As part of my mission to create informed home sellers, I’ve debunked three myths that will help you get the best possible deal.

Myth 1: Open houses sell homes

More often than not, this is a myth. Open houses usually do not sell houses. They attract curious people whom most likely are not ready to pull the trigger and purchase yet. Such buyers may have just started thinking of buying and have not yet started working with a realtor, they don't have their ducks in a row. Actual buyers have been pre-approved with their lender and are working with a realtor, ready to pull the trigger. These buyers usually book a private viewing with their realtor to view your house instead of coming during an open house. Open houses can be fun, but don't expect an offer to come in after you host one.

Myth 2: You will sell your home for the set listing price.

A listing price is a number conjured up by the Seller and his/her Realtor based on past sales in the area. Though most Sellers and Realtors would love to sell a home for this price, it is not set in stone as the market is always fluctuating. Whether you're buying or selling, make sure you have a real estate agent helping you through the process so you have up to date market information. You want to be armed with up to date data to make the correct offer price on a home or adjust your list price as a Seller as time passes while on the market.

Myth 3: A firm deal guarantees a sale.

You've listed your home and received a great offer. The conditions are met, and the deal is firm. Congrats! You have done your part on the listing end. However, now the buyer needs to do their part by maintaining their credit score, not taking on any more debt, as well as not spending all or part of their down payment before closing day. A seasoned Realtor will remind Buyers of this fact in order to avoid problems on closing day. Lenders have been known to back out within days of closing, leaving buyers unable to close the transaction, due to credit changes or financial stress that was not present when the offer was signed. It is not common but can happen. Do you sue the buyer? Usually not, it’s not worth the lawyer’s fees and headaches. Instead, you should re-list and have your realtor find another buyer as quickly as possible. A simple conversation with the Buyers educating them on this fact can avoid such closing problems.

Being aware of these myths and others can make the difference between getting the price you want and settling for what you’re offered. If you’re looking for a one-stop shop for all your real estate needs, get in touch with Brian Toye – Re/Max Niagara Region’s trusted real estate agent. If you have any questions about buying or selling your home, please contact Brian here.