We humans are known to make mistakes (some innocent, some not), when working through something that we don’t always do. Examples include golfing, cooking, navigating an airport check-in, changing an electrical outlet, dating, eating a shawarma…the list goes on. This particularly applies with buying or selling a home. There are ideas and concepts to be aware of that we consistently see and hear during our daily travels.
Here is our TOP TEN:
10. “We can just offer more than the other buyer.” When an offer is already in place on a home, people often think that another buyer can come along, offer more money or better terms and then take the place of the first buyer. FACT: If there is a conditional offer in place on a property, the only way that another buyer can move in is for the sellers to be released from buyer #1.
9. “We can price it high. People will still offer on it.” In some markets, yes that is often the case. In our little ol’ Niagara, that is a dangerous route to go. We hear that idea a lot but what buyers typically say is either “we like it but we’ll keep looking” or “keep us posted on the price”. Either way, that buyer has moved on to other options.
8. “It’s just paint. If a buyer can’t see past that, they’re crazy.” Yes, it is just paint. But it can change a room from a closed up, dark box to a warm, calm space. If one of your bedrooms is fuscia with massive Dora the Explorer stickers, it would be a good idea to repaint. In the least, acknowledge it for the potential buyer and offer to have it re-painted (professionally even) to a colour that the buyer selects, prior to closing.
7. “But it’s a cash offer!” Question for you…is a cash offer a ‘one liner’ with no conditions whatsoever or is a cash offer an offer that is only conditional on inspection or insurance? We hear both out there. Quite often buyers will say it’s a cash offer and then ask to insert a home inspection. At that point, it is no longer a cash offer. It is a conditional offer.
6. “I have bought and sold a lot of homes!” This is said a lot by both buyers and sellers. Quite often, ‘a lot’ is often 4 or 5 or 6 homes. While several, it is by no means an adequate representation of how homes are bought and sold. The one major variable this concept doesn’t account for is the human involvement. People change everything.
5. “Pools don’t add value.” Tell that to the buyer that is looking specifically for a home with a pool. While a pool is by no means a dollar-for-dollar investment, a pool area that is properly maintained and creating visions of the resort-like lifestyle will create value.
4. “We’ll stay home during the showing but will stay out of the buyer’s way.” We see it literally every time. Buyers are rarely as relaxed in a home when the seller is present. A buyer has a much more difficult time imaging having dinner in the dining room or relaxing on the deck or reading a book in the den when the current owner is there pretending to be invisible.
3. “I will light some fragrant candles to cover up the dog smell.” Please don’t. The senses are a huge factor in a buyer’s comfort level with a home. Vision and smell are the two biggies. If a home looks nice inside but knocks you out with the floral candles in every room, it can adversely affect the buyer’s excitement level.
2. “We’re just looking at homes on our own.” Nothing wrong with being a lone ranger but active, professional Realtors look for homes for a living. Think about that. In the morning, afternoon, evening and night, we are looking at homes. Now with our more advanced computer programs, we have the ability to automate the system so that literally anything that happens within our search criteria is sent to us instantly. If you enjoy looking at homes, the lone ranger route is fine. If you are seriously hunting a home, then getting a Realtor on your side is going to be a huge benefit.
1. “It’s new!” Sellers say this all the time. While recent or updated, your roof is no longer new unless it was installed last week. We often hear from a seller that the furnace and central air are new. Once checked, we find that they are 3 or 4 years old. While a big asset to the home, they are not new. Having your dates, receipts and paperwork available for the listing will be a huge help to simplify the process and keep everything moving.
So, there you have it. Our Top Ten Tales of Caution in no particular order.
Thank-you for visiting!
THEbTEAM.
Thank-you to Markus Spiske for the photo.