Why use an agent?
Selling a home takes more than just
putting a "for sale" sign out front. You need an agent
with experience and training to help you determine the right price,
come up with an effective marketing strategy, and anticipate and
solve any problems that come up during the selling process. A real
estate professional can help you with every part of selling your
home, and offer you a smoother, hassle-free experience.
When you're selling your home, there are a number of advantages
to working with an agent:
* He/she knows real estate values in your neighbourhood and will
help price your home competitively by preparing a market analysis
of homes that have sold, competing homes that are still on the market
and homes that were on the market but didn't sell.
* He/she will establish a marketing
strategy for your home, ensuring that it's exposed to as many potential
buyers as possible.
* He/she takes care of the tasks involved
in selling a house, ensuring that the transaction is simple and low-stress
for you.
* He/she is an expert in the home selling
process and will advise you of your rights, options and obligations.
* He/she is an experienced negotiator
and will work for you to get you the best possible price.
Pricing your property right
If you price your property too low,
it may sell quickly, but you'll lose out on money. If you price
it too high, it may not sell at all. Your agent can help you figure
out the best asking price for your home.
The benefits of the right price
A well-priced property may generate
competing offers, which will drive up the final price. Other real
estate professionals will be enthusiastic about presenting your
property to their buyers. Your home will sell faster because it
is exposed to more qualified buyers.
Listen to the market
As part of your pricing strategy, your
agent will put together a comparative market analysis, which is
a good indicator of what today's buyers are willing to pay. It
compares the market activity of homes similar to yours in your
neighbourhood:
* Homes that have recently sold represent what buyers are willing
to pay.
* Homes currently listed for sale represent
the price sellers hope to obtain.
* Listings that have expired are generally
overpriced or have been poorly marketed.
Don't overprice your home
Some sellers believe that if they price
their home high initially, they can lower it later. Instead of
making you more money, this strategy could end up hurting you.
* Early activity is key. As soon as a home comes on the market,
agents and potential buyers sit up and take notice. If it's overpriced,
interested parties will quickly lose interest. By the time the price
drops, the majority of buyers are lost. When a home has been for
sale too long, buyers will be wary and may reject the property.
* You'll miss the right buyer. You
may think that interested buyers can always make an offer, but if
your home is overpriced, potential buyers looking in a lower price
range will never see it. And those who can afford a home at your
asking price will soon recognize that they can get a better value
elsewhere.
* You could run out of time. You may
end up having to drop your price below market value if your home
doesn't sell initially. Price it right the first time, and you won't
end up having to sell it for less than it's worth.
The elements of an offer
Here's a quick reference to everything
you need to know about accepting on offer on your home.
1. Price
Depends on the market and the buyers,
but generally, the price offered is different from the asking price.
2. Deposit
Shows the buyer's good faith and will
be applied against the purchase price of the home when the sale
closes.
3. Terms
Includes the total price the buyer is offering as well as
the financing details. The buyer may be arranging his/her own financing
or may ask to assume your existing mortgage if you have an attractive
rate.
4. Conditions
These might include "subject to home inspection," "subject
to the buyer obtaining financing," or "subject to the sale
of the purchaser's property."
5. Inclusions and exclusions
These may include appliances and certain
fixtures or decorative items, such as window coverings or light
fixtures.
6. Closing or possession date
Generally, the day the title of the
property is transferred to the buyer and funds are received by
the seller, unless otherwise specified (except in Manitoba and
Quebec).
Renovating for resale
Renovations don't have to be expensive
or extensive to offer you a good rate of return. In fact, a quick
coat of paint can go a long way to boosting your selling price.
Just make sure your new décor is tasteful, with shades of white
and tame versions of popular colours.
The kitchen and bathroom are your best bets for renovation with
the highest payback. Take a look at these average rates of return
for home upgrades:
* Interior painting and décor - 73%
* Kitchen renovation - 72%
* Bathroom renovation - 68%
* Exterior paint - 65%
* Flooring upgrades - 62%
* Window/door replacement - 57%
* Main floor family room addition -
51%
* Fireplace addition - 50%
* Basement renovation - 49%
* Furnace/heating system replacement
- 48%
* New lighting - 84%
As an expert on home sales trends in your neighbourhood, your Royal
LePage Sales Professional can suggest which areas of your home could
benefit from renovation and increase its value.
Preparing your home for an inspection
If you're selling your home, be prepared
for a visit from a home inspector, who will be checking out the
property on behalf of possible purchasers. Take a look through
your home using these steps, and repair any problems to ensure
that your inspection is a success.
1. Make sure the structure is sound. Check to see if any renovations
have damaged the structure. Look for termite damage. Ensure that "settling" hasn't
caused damage to the foundation or support beams and joists.
2. Check if electrical and wiring systems are safe. Loose wires
or incorrectly installed or wired receptacles, switches or electrical
box problems are hazardous and should be fixed. All homes should
have a minimum of 100 amp service.
3. Look for leaks. Water can leak into unexpected places, causing
extensive damage over time. Examine the underside of sinks and dishwashers,
along ceilings, on floors or along basement walls. Plumbing fixtures,
water-using appliances, drain pipes, water supply inlets and outlets,
basements and roofs can all be causes and sources of water damage.
4. Resolve safety issues. Make sure windows open easily and lock
securely, and entrances/exits can be securely locked. Correct hazards
such as hidden curbs, loose railings and stairs, uncapped wells,
etc.
5. Check plumbing. Faucets should run easily and shut off completely,
bathtubs should be properly caulked and grouted, toilets should be
bolted down securely, drains should be clog free, and the water heater
should be in good working order.
6. Make sure your heating and cooling systems work. Make sure they
are up to date, clean, in good working condition and have clean filters.
Check refrigerant in air conditioning units.
7. Have a friend take a look. A general, unbiased overview of your
home by a neighbour or friend may reveal issues you might have overlooked.
