It’s pretty well known that real estate agents are somewhat prone to hyperbole.  We’ve written in the past about the secret codewords that agents use to try to convince buyers a home is appealing.

While people are pretty good at seeing past the flowery phrases dressing up the listing, it can be much harder to decipher the differences between two seemingly similar properties.  After all, numbers don’t lie, right?

So, numbers can lie.

Real estate is full of numbers and while the price is arguably the most important one, lots of the other numbers aren’t always what they seem.  Consider the following examples:

  • Two 4-bedroom homes, where one has three good-sized bedrooms on the 2nd floor and a spare bedroom (or den) on the ground floor. Suitable for a family with young kids, closets in all the rooms and able to fit beds, dressers and so forth.  The other property has one huge bedroom on the 2nd floor, with massive walk in closets and a spa bathroom retreat and three smallish “bedrooms” in the basement, one of which has no windows.  Great for a couple with no kids who want hobby rooms in the basement.
  • Two 785 sf condo units, each with two bedrooms and two washrooms. The first is a rectangular shaped split wing layout with two 10×12 bedrooms at either end of the condo, with ensuite washrooms off both, one of which opens to the hallway so guests can access it without going through a bedroom.  The other is a small L shape, with a full bathroom right beside the entrance door, a hallway leading down to a small bedroom with an angled wall, and a primary suite beside it with the washroom took into the other side of the angled wall.

Two properties can appear nearly identical on paper if you look at just the numbers, but there are often considerable differences between them when you look closer.

According to Webster’s Dictionary…

Numbers aren’t the only area where seemingly identical properties can differ significantly.  We have some standards that apply to how real estate agents can describe different attributes, but they aren’t always followed to the letter.  Some agents consider a kitchen “newly” renovated if it happened in the last five years, whereas others follow the more stringent approach of it literally just got renovated before we listed the home for sale.

While flat out misrepresentation is relatively rare, people can hold very different definitions of what certain descriptions mean.  Where do you fall on the below scales?

  • Is a walk-in closet a large room with a dressing bench in the middle and custom shelving on all sides, or is a walk in closet any closet that has enough space for you to walk inside and cuddle your clothes?
  • Is a family size kitchen a big room with tons of cabinetry, an extended island with spots for stools, as well as a separate eating area with a kitchen table? Or is it a narrow galley style that has a bistro table and two small chairs at the end beside the dishwasher?
  • Are high-end appliances delivered from Europe and installed by a team of four who wear white booties when they enter your home, or are they a mismatched group of premium versions of different appliance brands that you see in most homes?
  • Is the only hardwood that can be called hardwood flooring actual hardwood such as oak, hickory or maple, or is engineered hardwood with a thin layer of hardwood veneer also hardwood flooring?

We could go on and on, but when no specific details are provided on any claimed “feature” of a home, it is likely there are big differences between two listings who both claim they have it.

Where did I put my glasses?

Finally, there are homes that seem to have identical features as per the listing, but it turns out that not all things are created equal.  Which would you prefer?

  • If you’re invited to enjoy your private backyard oasis with a pool and hot tub, do you envision an inground pool, with a hot tub section you can swim into from the pool? What if it is an aboveground pool with a hot tub in a different section of the backyard?
  • Is it a media room if there are couches (that don’t come with the house) and a first generation low resolution digital projector (that is generously being included), or is a media room a custom built space with built-in furniture, sound baffling and a state of the art video and audio system?
  • If both properties have a balcony, does it make a difference if one faces the Gardiner and is loud and dusty all year round, whereas the other faces the lake and views of the setting sun?

The above examples may seem pretty far fetched but trust us, they have all happened.  The quality, age and inclusions in a given attribute can make a huge difference in the value – or lack thereof – to potential buyers.

We’ve looked at a lot of properties for our clients and with our clients.  If we had to estimate the numbers, it would be somewhere between “too many” and a bazillion.  As a result, we’re very good at spotting differences that the numbers and images may not make clear to the general public.

This is surprisingly relevant on the sale side work we do, as a big part of setting your list price is comparing your home against other properties.  We often encounter situations where we see significant differences between our seller’s home and the recently sold and currently on the market competition.  This allows us to make sure we don’t leave money on the table, or mistakenly over price and not get the result our clients need.

If you’re looking to make a move and want to work with agents who know what to look for when comparing properties, get in touch with us!