The real estate market is often filled to the brim with myths and misconceptions, especially in Toronto over the last few years. However, just because you hear something over and over doesn’t make it true.
And up-to-date, accurate information can mean the difference between selling your house– or not, or successfully buying a house–or not. That’s why it’s so important to be informed and not fall for all the fallacies floating around in the wild. In this post, we’ll set the record straight on the top five myths about Toronto real estate.
Myth 1: Now Isn’t a Good Time to Sell (or Buy)
It’s common knowledge that spring and autumn are the busiest times in real estate. More people put their homes up for sale in the spring than any other time of the year, followed closely by fall. However, this doesn’t always ring true. In recent years, we’ve had conventionally slow times turn out to be the most hectic. In addition, just because these are the busiest times doesn’t always mean that they are the “best.”
- When buying, you will find more homes for sale, which seems like an advantage. Except that you will also encounter far more competition and are more likely to encounter multiple offers.
- Selling during the busiest times seems like the best idea since that’s when the highest number of buyers are looking. However, it’s also when the highest number of other homeowners are selling.
Whether buying or selling, low competition can always be used to your advantage. Part of the reason is that anyone making a move during the slow season usually has a good reason.
- If someone has just agreed to take a position in a new city or province, waiting to sell their house may not be an option.
- The same concept holds true for buyers. Someone moving to the area in the winter is often up against a deadline; perhaps they want to move in before the start of a new school term.
In either case, a motivated buyer or seller is more willing to make concessions than one with no urgency. Now that the myth of holding out for a better market has been dismantled, you can make your move when the timing is most advantageous to you.
Do you want more real-world tips to help you sell your home in today’s market? The posts below will help:
- What Is Your Home Worth Today?
- Home Renovations to Avoid When Selling
- What You Must Disclose When Selling Your Toronto Home
Myth 2: Schools Don’t Matter
An abundance of excellent schools is one of Toronto’s biggest draws to newcomers, especially those with families. Whether a student is in Junior Kindergarten or an adult pursuing a postgraduate degree, Toronto institutions tend to be a cut above the rest.
What if you don’t have young children and are finished with your own studies? You may not even consider how being close to a school can affect the value of your house. However, the quality of the neighbourhood schools can directly impact you when buying or selling.
- On one hand, you may pay a little more to live in close proximity to one of Toronto’s most highly-rated schools.
- On the other, you can rest assured that your home will retain its value even in a tough market.
When conditions are favourable, a house near a quality school becomes even more desirable and valuable. Buying property near a school can be an excellent investment even when you don’t personally benefit.
Myth 3: Neutral Tones Are Always Better
Misconceptions about colours are pervasive in real estate. When browsing listing photos online, you’ll see nothing but a sea of white, off-white, and neutral colours everywhere. The reason is that these neutral tones don’t add any character of their own, which helps to create a blank canvas for your buyer to imagine living in your home.
The reasoning is sound, but you don’t have to take it to extremes. In fact, since every competing seller has pasted their homes in all shades of neutral, a splash of bold colour can make your listing stand out. You can always soften the effect by adding some greenery or sheers to warm the room.
Myth 4: Price Is Everything
It might be safe to say that price is a high priority for most people selling a home. It may even be the number one item at the top of your list. However, a high price isn’t everything.
Other factors can make your transition less stressful and more streamlined. Your buyer may give you a flexible closing date, which gives you more time to find your new home or plan whatever your next step will be.
Alternatively, they may offer to drop a condition of home inspection or forgo an expensive repair they would otherwise insist on in exchange for a break on the price.
It pays to be flexible, especially when a small concession might save you thousands of dollars on a disruptive renovation that you no longer need to worry about.
Looking for a new home in Toronto? The neighbourhoods below might be calling your name:
- These Toronto Neighbourhoods are Perfect for a Fresh Start
- Up and Coming Neighbourhoods for Families
- Top Dog-Friendly Neighbourhoods in the West End
Myth 5: A Neighbourhood Realtor® Is a Must
It’s understandable to want to work with a real estate agent who knows and loves Toronto in general and your neighbourhood specifically. The way many people see it, the best real estate agent is one who lives next door.
However, you are really limiting your options if you believe you must work with someone right in the neighbourhood. It’s far more important to have a professional on your side who is in tune with the ups and downs of the market and knows how to negotiate the best value.
If you sell your home for well over the asking price or secure the perfect new home for a steal, will it really matter if your real estate agent lives two doors down from you?
Expertise outranks location every time. That, combined with dedicated, one-on-one service and superb communication skills, is the perfect recipe for a successful transaction.
Do you want up-to-date real estate strategies that are proven to work in the current market? Reach out today to Erica@EricaReddy.com or call 416.443.0300 to take the next step.
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