Before I start my story I want you to know I used to be a seasoned yard sale/flea market person. I could see a great deal a mile away. Mind you that was 20 years ago. A few years ago I happened upon a flea market in Mahone Bay. On this sunny day I was happily wandering through the tables full of stuff when I spotted this authentic looking piece of art. I picked it up. It felt lighter than I thought it should be and when I asked the vendor what he wanted for it his answer was higher than I hoped. I really liked it though and felt it would be a great addition to my home. I got over the price and went in for the negotiation. I managed to get him down a whole $5.00 and left with my $95.00 wall hanging. When I arrived home I laid it on the couch in the living room for when I had time to devote to deciding its place.
A few days later I was in Winner’s looking for a kitchen item. What did I see? My newly acquired piece of art. It was exactly the same piece. This price tag - $39.99. I was upset. I felt taken advantage of and suddenly less enchanted with my artwork. When I arrived home I went into the living room and in an effort to move past my disappointment I began trying to figure out where it should go on the wall. It didn’t look good anywhere. It then became part of my staging arsenal to be loaned to clients to make their house look great where it has been used many times. It’s actually hanging in a sellers home as I type this.
The day will come when I will have a yard sale and this piece will end up on a table, having served its purpose and no longer needed. Do you think I’ll be able to charge a figure for this item based on what I paid for it or what it was actually worth? You’re right. I can’t expect someone to over pay just because I did.
The moral of the story is “buyer beware”.
I have met a number of home sellers that over paid for their home. Some of them substantially ($100k -$200k). They thought they were getting a good deal because it was a private sale. Two sellers I recall were from out of province/country and didn’t know the market. Please understand, this doesn’t mean the person they bought the home from was trying to con them; the sellers are usually just trying to get out what they spent on the home or cover their debt.
Your REALTOR® will do his or her homework on your behalf and make sure you don’t overpay. Buying a home is usually the single largest investment you will ever make. Please be careful with your financial future.
The Annapolis Valley in Nova Scotia is heaven on earth to those of us who have migrated here from other provinces (me included). Finding just the right home to suit your lifestyle, your expectations and most importantly your future; is key to your happiness.
Have a great day!