An Edmonton Real Estate Blog

Various Edmonton real estate myths run amuck through some consumer minds, on both the home buying and home selling spectrum. Here are some honest answers from a qualified Edmonton real estate agent to debunk some of those myths.

Edmonton home buyer myth #1: “The longer the Edmonton house is on the market, the easier it is to negotiate.”
When home buyers inquire on how long the property has been on the market, they think “the longer it has been up on MLS, the easier it is to negotiate the price down.”
More often than not, it means the home seller is holding onto an unreasonable price and or terms.

Edmonton home buyer myth #2: “The home sellers today are desperate.”
While it is a common knowledge that the ball is in the buyers court. Most aren’t in a large rush to sell in the hope of property value increasing.
Inquire as to why the home sellers put their Edmonton property on the market. Finding out a home sellers motivation is a huge advantage to negotiating a price.
Note: Any educated consumer will keep buying or selling motivation under strict wraps, and you should too.

Edmonton home buyer myth #3: “You can’t purchase an Edmonton property with less than 20% down.”
There are plenty of programs and rewards for buying Edmonton real estate; take our first time home buyers program for example – it only requires a minimum down payment of 5%.

Edmonton home buyer myth #4: “It is required to have a good credit score to be approved for a loan.”
It is definitely not impossible to get a loan with a lackluster credit score. Depending on where your finances are allocated, there are plenty of programs and options to help you purchase your dream home.
Note: You have to be aware that lenders want to protect themselves. Consult a specialist as you could very well end up with a very unattractive home loan.

Edmonton home buyer myth #5: “You shouldn’t buy before the prices have bottomed.”
There is absolutely no way you can pin point where and when the Edmonton real estate market is going to bottom 0ut.  You can be in the right place, at the right time, but that’s about it. There can be only speculation as there are so many variable that affect the Edmonton real estate market at any given time.
When we tell you we’re able to tell you when the market has bottomed, it is because the Edmonton home prices have already started to go up!

Edmonton home seller myth #1: “Now is the worst time to sell.”
Not quite.  Whether you should buy or sell a home relies on where you live, how you live and above all, what YOUR current needs are.
Simply put, the Edmonton real estate market is one of the best in the country. Pricing is still fairly strong, mortgage rates are rising but at very acceptable levels, and there is definitely still plenty of traffic in the market.
And something to keep in mind, if you’re not getting quite what you would like for your Edmonton home; chances are, you’re making it back because the home you buy is ALSO not at what it could be priced at.

Edmonton home seller myth #2: “Never respond to a low offer.”
All home buyers feel as if it is their duty to put in a less than fair offer. If you counter with a reasonable offer, chances are, they can be convinced to come up in price to make the  deal happen.

Edmonton home seller myth #3: “The first offer is never the best offer.”
Most home sellers believe that it’s better to wait  and see what other offers mite be thrown at them.
More often than not, the first offer is the top offer you’ll receive in any given time period.
So I ask, If the offer falls in line with your needs and demands, why not accept the offer? You’re absolutely right, in the future you could absolutely get more money for your property… In 10 years it will be worth much more than it is now.

Edmonton home seller myth #4: “I can always reduce the price of my Edmonton home at a later time”
In a lot of cases, home sellers will want to set their Edmonton home high for a little while to see what sort of offers they can get.
Problem – home buyers shop by what their income will allow them to search for. If your property is in the wrong pricing bracket, you will just be thanked for helping everyone else’s home look like it’s priced that much better.
Incremental home price reduction can put you in the awful position of chasing a tide as it goes out.

Edmonton home seller myth #5: “Before you refinance, shop around.”
Chances are you can already get the best rates from your current lender. Client retaining is a big part of most businesses; there is usually room for negotiating closing costs by staying with your current mortgage lender.

Hopefully this clears up some of the more popular real estate myths - good luck!

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2. Tis the Season… To Jump in the Edmonton Real Estate Market
3. Edmonton Real Estate Photography Do’s and Don’ts
4. Edmonton Real Estate – Looks great, but what’s under the hood?
5. Edmonton Home Buyer Repellent
6. Edmonton Real Estate Final Walk Through
7. View the Edmonton Property Not the Belongings
8. Tips To Achieve A Quick Sale For Top Dollar

This entry was posted on Monday, March 21st, 2011 at 10:54 pm and is filed under Tips for Home Buyers, Tips for Home Owners. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.