Real Estate’s “Golden Rules”: True or False?

Anyone who has been through a real estate transaction in the Brantford area has probably heard at least some of the several common, universal mantras of housing. Many Brantford real estate agents will try and tell you that these common rules of thumb are imperative and completely, 100% true all of the time. I consider it both a priority and a responsibility to be honest with my clients at all times, which is why if I feel some of these golden rules are not so “golden”, I say so. Entering the Brantford real estate market for the first time is never an easy step, and that’s why it’s so important to know which common rules to pay attention to and which you should ignore.

In order to continue to go above and beyond as your Brantford real estate resource, I thought that I’d gather some of the most common mantras you hear people saying about housing and let you know whether they are fact or fiction.

Location, location, location. This is a fact. Think about it: if you hate the area that you buy a house in, you will never be 100% happy with your decision to move there. Location is essential to your ability to enjoy your home, so picking an area that is affordable for you and meets your specific needs will be imperative to being a happy homeowner. This is something that you should absolutely, 100% pay attention to you when you begin the search for the perfect Brantford home. What makes a location “desirable” real estate will change over the years based on what your needs are and the shifts in housing patterns, but it is something that will be important in the long run.

It costs more to buy a home than it does to rent. This is fact OR fiction based upon where you live. In the majority of metropolitan areas, rents are actually increasing. With home prices being lower than usual in the Brantford real estate market, in some areas it may actually cost less for you to buy a home. This would be a good matter to discuss with your real estate agent. In some cases, if you’re looking for the most cost-effective and money-saving solutions, buying may be the way to go.

Overprice your home to leave more wiggle room for negotiations. This is absolute fiction. Overpricing your home when you’re first listing it can be one of the worst decisions you could possibly make. Not only will it turn buyers off from the get-go, but it will also make your home sit on the market longer, forcing you to lower the price. The longer your home sits on the market, the more suspicious buyers will be that there is something wrong with the property. The solution? Price your home accurately from the beginning.

Always offer 10% below the asking price. Once again, this “golden rule” isn’t so golden, after all. The reason that this tactic won’t always work is because each listing is different. There are varying conditions and circumstances from property to property. When deciding what to offer on a home that you’re interested in, you need to take every amenity, problem and extenuating circumstance into account. If you simply use this method, you may be offering an amount that is entirely inaccurate. Negotiating an offer is an art form, and it requires thought and analysis, not a simple formula.

Listing your home as a FSBO will save you money. This is perhaps one of the most common misconceptions in the housing market. In SOME instances, not using a real estate agent may save you money, but for the majority of cases this is not true. Think about it: a Brantford real estate agent will have the knowledge and experience required to guide you through every phase of the transaction. They will negotiate with buyers on your behalf and ensure that all of your marketing efforts and decisions in the transaction are in compliance with local housing laws. If you list your home on your own, without the help of an expert, you may run in to several issues and conflicts that could wind up costing you a lot of money.

As you may have noticed, the majority of these common mantras are actually inaccurate. As your Brantford real estate resource, I felt that I should clarify some of these misconceptions in order to fully prepare you for what to expect and how best to go about each transaction. If you have any questions about how to best market or find your Brantford home, don’t hesitate to contact me! I’d be happy to help you in any way that I can. I hope to hear from you soon!

Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage
Over 518 Real Estate Closings!
515 Park Road North | Brantford, ON N3R 7K8
Direct:  (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400

Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantofordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!
 

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