Summary: Misconceptions in Real Estate
Understanding common misconceptions in real estate with David Stasica, Winnipeg REALTOR®.
1. As a buyer, do I pay my REALTOR® for their services? Won’t I Get a Better Deal If I Work Directly With the Listing Agent?
The answer is no! Sellers are the ones that are responsible for paying the listing agent and the buyer’s agent commissions within the Province of Manitoba (this is one of the most common misconceptions in real estate that I routinely come across).
Although it isn’t necessarily disadvantageous to work with a listing agent of a specific property as a buyer, working with an independent buyer’s agent provides numerous benefits
Your buyer’s agent will be able to gather all the same necessary information regarding that specific property and any other property for you. You can also combine that with services tailored to your specific wants/needs and a negotiator whom you know is on your side, working towards the best outcome for you!
Choosing your REALTOR® allows for an overall greater experience than potentially settling to work with a listing agent who may not always balance your needs with the obligations they have agreed to when representing the seller as well.
2. My Home Value Is What The Appraiser Said It Is
Home values are based on annual sales data. Whenever an agent goes to a listing appointment, they will have compiled data of comparable size/style homes in the surrounding area that have sold within the past year. It is important to balance these findings with what an appraiser from your lender has said. Remember, a home is only worth what a buyer is willing to pay.
3. Spring Is The Best Time To Buy & Sell Real Estate
Historically speaking, this statement is correct more often than not. Each year, however, must also be looked at separately. Local markets can easily be altered due to economic shifts which impact supply and demand – an example of this would be the short term impacts of COVID-19 on certain markets such as Toronto.
For example, this statement did not apply to this year as COVID-19 has made buyers/sellers second guess during the Spring months and now has created our Summer months to break records for sales volume and overall real estate appreciation. Whereas, winter months typically are lower in demand which can benefit buyers.
Regardless, it is important to ask your agent if it is currently a good time to sell and why, when you are planning your next move.
David is a REALTOR® working in Winnipeg, Manitoba at Royal LePage Alliance. If you are looking to purchase a home within the near future or have any specific questions regarding the Winnipeg real estate market, please feel free to contact me today using the number or e-mail address below!