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5 Mistakes Homeowners Make That Could Cost Thousands.

HOME BUYERS – To get the best exclusive listings visit www.vreg.ca and go to “EXCLUSIVE DEALS”

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Selling your home is one of the biggest financial moves you’ll ever make, and many homeowners are unknowingly leaving money on the table. A new survey from Zillow, conducted by The Harris Poll, revealed five major misconceptions that can cost sellers thousands of dollars. From over-investing in renovations to skipping key agent interviews, these are mistakes even experienced homeowners make.

Here’s what to avoid and how to maximize your home’s value and get ahead in today’s competitive market.

1. Spending Too Much on the Wrong Renovations

While it’s tempting to think a pricey kitchen remodel or a full addition will boost your home’s value, that’s not always the case. According to the survey, nearly one-quarter of homeowners (23%) believe building an addition offers the best return on investment. In reality, lower-cost upgrades, like a fresh coat of paint or improved landscaping, have a bigger impact on your bottom line.

Focus on strategic updates that improve first impressions, both online and in person. Think fresh paint, staging, and curb appeal.

2. Underestimating the Power of “Screen Appeal”

It’s not just about curb appeal anymore. Buyers often make their decision based on online photos and virtual tours before they ever step inside.

Still, 40% of sellers think curb appeal matters most. But Zillow found that listings with features like 3D Home tours and high-resolution images sell for 2% more than similar listings without them.

3. Skipping Key Steps When Hiring an Agent

Many homeowners believe they can skip the legwork when choosing a real estate agent, but Zillow experts warn against it. One in four homeowners don’t read online reviews, research sales history, or interview more than one agent.

Treat hiring a real estate agent like a job interview. Ask about their local experience, listing strategy, and marketing tools, and check their track record.

4. Highlighting Wrong Features in Listings

45% of sellers think open floor plans boost value, but according to Zillow data, open layouts sell for 0.2% less than expected. On the flip side, listings that mention natural materials, like soapstone countertops or white oak flooring, can sell for up to 3.5% more.

Work with your agent to highlight what today’s buyers are looking for.

5. Misunderstanding Seller Disclosure Rules

Here’s a costly one: More than half of sellers think it’s okay to hide serious issues like water damage, pests, or asbestos to get a quicker sale. But failing to disclose known problems can lead to legal trouble and lost trust.

Always disclose issues honestly and lean on your agent to help navigate what’s required in your state.

What Sellers Get Right

While some misconceptions remain, homeowners are making smart moves in key areas.

  • 70% understand the value of listing across all major real estate platforms, including REW.ca and Realtor.ca.
  • Only 8% believe in private, limited listings, correctly recognizing that casting a wider net brings better offers.
  • Sellers who don’t list on the MLS (Multiple Listing Service) make thousands less on average.

Call Stan at 604-202-1412

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    Infill Condo Tower Proposed for West Vancouver Apartment Property

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    6 Reasons Your Lights Are Flickering, Plus Easy Fixes

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(Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) Most of the discussion over this application during the meeting focused on the dedicated freight/truck loading space required for the commercial uses, particularly the grocery store. The panel ultimately agreed that the larger and more intensive requirement of Class C loading — creating designated loading space for a large semi-trailer — would not only be unnecessary for a mid-size grocery store, but also challenging given the tight urban environment. Furthermore, similarly-sized grocery stores integrated into high-density, mixed-use developments in and around downtown Vancouver only have Class B loading spaces, which accommodate smaller single-unit trucks and other medium-sized vehicles. 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(Arcadis/GWL Realty Advisors) October 2024 artistic rendering of 1525-1555 Robson St., Vancouver. (Arcadis/GWL Realty Advisors) GWLRA is the real estate investment subsidiary of the Great-West Life Assurance Company, which is one of Canada’s largest private insurance firms. In March 2024, GWLRA acquired the 16,400 sq. ft. site of 1555 Robson Street from VivaGrand Developments in a deal worth $58 million, according to records. This purchase enabled GWLRA to form a land assembly with its September 2022 acquisition of the similarly sized adjacent site at 1525 Robson St.

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