10 Mistakes Sellers Make About Buyers

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Written on April 7th, 2019

Drum roll please… Here they are!

1-Buyers want a large lot (some do but most do not)

Most buyers, especially those with young families do not have the time or money to spend on a large lot. The North Van market is so expensive that both buyers work and they want to spend their downtime with family not working in the yard. Wondering what classifies as large, small or average? Call us!

2-Buyers will want to renovate to their own taste

Most buyers are looking for a turn-key home. They do not have the money, skills or time to renovate when trying to buy in the expensive North Vancouver market. Does your home need to be ultra modern? No, but clean, decluttered and colour go a long way. Curious about where, when or how to start or who to get? Call us, we are in the know!

3-Buyers will pay for sentimental value

“We have enjoyed living here so much and have such fond memories. There must be added value for that?”  Buyers will pay current market value for your home. Unfortunately, they will not pay for your fond memories or how much you love your home or living there. Wondering whether or not to paint that door jamb height chart? Call us, we’ve got you covered!

4-Buyers will love this location

We do! Most buyers want to be walkable to amenities such as shopping, medical clinics, restaurants etc… Locations closer to amenities are more desirable. Most buyers shy away from power lines, schools and busy streets, especially in a buyer’s market or market slow down. Buyers expect a discount for less desirable locations when comparing to more desirable locations. Wondering if you are in a prime or coveted locale? Call us to find out!

5-Buyers want a suite or suites

Buyers often need additional income to help cover the costs of a mortgage on an entry to mid-range priced home. An existing suite is preferred but it helps if a home is suite-able. Buyers prefer that a suite takes up a limited amount of space. However, as you get into the luxury market, buyers do not always want a suite. Buyers at the $2,000,000 price point and above often prefer privacy and square footage to revenue. Wondering whether your home is suite-able or if your potential buyer has a suite-tooth? Call us!

6-Buyers will love our unique floor plan

Main living areas are upstairs with no access to backyard or bedrooms are on different levels throughout the home. Buyers expect a discount for this as most buyers are seeking a traditional layout with all bedrooms on one floor, especially families with young children. Curious about how your floor plan measures up? Call us!

7-Buyers will pay the assessed tax value or appraised value

This is one of the biggest misconceptions. Unfortunately, assessed value is not an indication of market value. The assessed value is often out of date since the assessment is done in July of the previous year. Our current assessments were done at the peak of the 2018 spring market. Our current market is down 12.8 percent since March 2018*.

Unfortunately, the bank is appraising for different purposes. The bank is trying to loan you as much money as they can because that’s how they make money. We have seen many appraisals over the years that are out by $100,000 or much more. We even saw one appraisal that was out by $600,000! In a changing market, appraisals become outdated very quickly. An accurate valuation needs to be done using recent comparable properties by a neighbourhood expert who can take into account subjective value.

Curious about the market or your home’s open market value? Call us, we’ve done the math and we would love to provide you with a comprehensive market valuation!

8-I can use the buyer’s deposit when I go to purchase

The buyer’s deposit sits in trust with their realtor’s brokerage. Sellers do not have access to these funds. If you need money for a purchase deposit, you should speak to your mortgage professional prior to listing your home for sale. A bank will not lend on a property listed for sale. Need to speak to a mortgage professional? Call us, we’re connected!

9-Buyers will love the “homey” feel of our home and stuff

Buyers need to imagine themselves living in your home to proceed with a second showing or even to entertain a purchase. The best way to do this is to clean, de-clutter, de-personalize and neutralize. We work with a professional stager so your home makes a grand entrance on the MLS, opens and on tour. Wondering how to make sure your home looks its best? Call us, we have an amazing network of trade professionals!

10-Buyers won’t mind paying for deferred maintenance items

A deferred maintenance item is anything that a seller thought they could get one more year out of or just hasn’t gotten around to fixing or finishing ie a new roof, water stains or tree trimming. Buyers look up at, down and all around when they purchase a home. Buyers pay a home inspector to tell them what work is required and how much it will cost. Buyers will then want a reduction of the sale price or offer price for those repairs. The current market dictates pricing for a well maintained home requiring little improvement. Buyers pay less for homes requiring maintenance or repairs. Buyers often have reactive imaginations where repair and maintenance items are concerned. Curious about what you need to do to be market ready or just to keep your home maintained and hold its value? Call us, we know!

When buyers compare properties they factor in the 3 L’s – location, layout, lot and the 4 C’s – condition, colour, clutter and cleanliness. The 3 L’s and 4 C’s add up to value for a buyer.

Curious about what you need to do to make your home stand out in today’s market? Call us!

Click here for an Inman article with more details about the 3 L’s and 4 C’s…

*Stats provided by REBGV

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