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You can't always believe what you hear... COMMON myths in Real Estate

Time to sell your home. There are so many rumors and myths that are floating around that it is impossible to know sometimes what to believe. Selling real estate now for 15 years, I have heard just about it all. And today's video is all about about some myths that I hear all the time about selling your home and generally how they're not true. If you're interested in hearing more about these, you definitely don't want to miss this post.

What's good, everybody? It's Darin Germyn with the Germyn Group, where we know you've only got one chance to buy or sell your next home. So we're here to help you get it right.

All right, so I don't know where a lot of these myths might have come from, but if you have been around for a little bit and probably have either owned or bought or sold a home, you've probably heard some of these and maybe you've even thought of them yourself. So without further ado, let's get into 8 of the common home selling myths I hear all the time and whether they're real or not. And just to keep this video moving rapid fire. We're going to go rapid fire, so let's go.

Number one, the best time to sell a home is in the spring market. This is 100% not true. Why most people choose to sell their homes in the spring market is simply to get their kids into the new school for September. The spring typically will bring on more home buyers and more home sellers. So there's really no advantage to selling in the spring other than more transactions typically take place. It doesn't mean you're going to get a higher price. Every season of the year has advantages and disadvantages, and it really doesn't matter when you choose to sell. You can sell a home in any season.

Number two is that open houses sell homes. It is very common to host an open house when you're selling a home. And funny that when you think about what the nature of an open house is. The idea that someone is driving around your neighborhood hoping to stumble across your sign at a particular time on the weekend and come in fall absolutely in love with your home and buy it is absolutely ludicrous. In fact, the National Association of Realtors reports that only about 2% of homes actually sell due to an open house. And this is more so that the home was actually discovered at an open house by the buyer that actually bought it. You've likely heard this before, but most of the times, real estate professionals use open houses to meet potential buyers.

Number three is a fun one, and I hear it all the time that pricing my home higher will result in a higher offer. That is absolutely crazy. Pricing a home astronomically high compared to what it is really worth simply just results in nobody taking a look at it. Real estate home buyers are very savvy creatures, and they know what value is because they spend a lot of time researching homes in and around yours. The idea that even if you got so lucky and were to fool a home buyer into paying way too much for your home, you likely still need to fool their real estate agent and you need to fool the bank's appraiser. Two things that are likely not going to happen.

Number four is another one where it doesn't matter who you hire, because my home will simply sell itself. Sure, there are absolutely beautiful homes out there that are incredible, and every home has a buyer that is usually unique to that property. But the idea that your home will sell itself is simply not true. It takes strong connections, marketing, and negotiation to make sure you absolutely maximize the dollar return when you sell your home. And your home isn't doing that on its own. Believe it or not, it actually does matter who you hire.

Which leads us into our next point that lower fees equal bigger net for the seller. This idea is that what you pay for real estate services will ultimately get you, the seller, more money in the end, which I think you probably know isn't the case. A power thought for anybody selling their home is it should be less about what you pay to sell your home and more about what you net. At the end of the day, everybody has different strengths, skill sets, and will do different things to market your property. And that's incredibly important to know when you're putting a home up for sale. Be sure to know what you're paying for when you sell a home, what you're getting, and also who you're hiring. Don't compare the top negotiation expert with the FBI in the world to someone selling lemonade and trying to negotiate. Who you hire does matter.

The 6th one on our list is an agent saying that they can get you substantially more than others in the area. An example of this would be a condominium where two agents come in and give a price of around $500,000 for it, and the third comes in and tells you the seller that they can get $550,000. People unfortunately fall for this all the time, and the market is really what determines the price of your home. A great real estate professional can alter the impact or alter the end result in terms of negotiation on the price for you by a few percentage points, but certainly not 10, 15 plus percentage points just doesn't happen.

The two rounding out the bottom of our list are overpricing your home. Leaves more room for negotiation. Well, that may be true, but overpricing your home also means nobody's going to show up to visit. It's going to be pretty hard to sell your home if nobody shows up to come look at it.

And the last one on our list is a quick offer means you must have under priced the property. This is totally not true. Now of course it could be true, but there is a great saying in real estate that the first offer is usually the best. Not always the best, but usually. Here's why. You don't know when the other offers coming, if another offer is coming at all. You don't know how the market is going to react to your home. And likely the longer the listing stays on the market, the less chance you're going to stay closer to the asking price. You've got a ton of leverage over the buyer when you are brand new listings. So when you get an offer on your home right, as soon as you list or it's one of the first viewings, you definitely want to take that seriously.

So there you have it everybody. Those are eight of the most common myths we hear about selling your home all the time. I would love to know what myths you have heard about selling your home. Be sure to comment below. Let me know and maybe I'll even address them in a future video while you're checking out down below and leaving a comment. Also make sure to check out one of our two or both PDFs we have made specifically for home buyers and home sellers in these challenging market conditions right now. You're going to loved this information. Again, I'm Darin Germyn from the Germyn group where we know you've only got one chance to either buy or sell your next home. So we're here to help you get it right.

Thanks for reading and we'll see you on the next video.

Watch the full video here: https://youtu.be/lKUfeF1RdGw

Other Videos mentioned:
The absolute STUPIDEST way home sellers pick a REALTOR® to work with
https://www.youtube.com/watch?v=U7EglCVnFII
Do Open houses REALLY work?
https://bit.ly/3bJbeaR

DOWNLOAD our NEW free PDF: The Falling Market Survival Guide
https://germyn.ca/fallingmarket.html

DOWNLOAD our free PDF: 6 Things First Time Home Buyers Screw Up!
https://germyn.ca/fthbpdf.html

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The Germyn Group
Darin Germyn PREC* & Adam Howsam
Macdonald Realty LTD
homes@germyn.ca | 604-542-2444 | germyn.ca
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