Buying Real Estate IS NOT LIKE Buying At The Bay

 

 

The phrase I always hear from people looking to buy real estate is, 

 

I Want A Bargain!

 

When I first entered the real estate industry, a colleague of mine told me.  “Gary, buying real estate is not like buying at The Bay”

I said, “What?  What do you mean?”

He continued, “You know how you go to The Bay and you’re looking to buy a $100 shirt and because it’s Bay Day, you get 30% off.  Then when you sign up for their Bay card, you get another 15% off, then there’s a scratch and save and you get an additional 25% off, and by the end of the day, you end buying the $100 shirt for $20?”

“Yah, it’s such a great deal eh?”, I replied.

“That DOES NOT happen in real estate.”  He emphasized, “But people seem to think buying houses are like that, they want 30 – 50% or more off of the purchase price and it’s ridiculous.”

I learned something that day.  The public doesn’t know how it works in the real estate industry.  They think they know, but they don’t.  

 

Then how do I know how much I can sell my home for?

 

For sellers, you talk to a Realtor who knows the market (balanced, buyer’s or seller’s market), knows the comps in the area and has a general forecast of where the market is heading in the short term.  

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