There’s a long list of ingredients needed to sell your home quickly. Obviously, you want to make your home as clean and uncluttered as possible. You should also make sure any outstanding repairs are done. And, of course, all the little things you can do to make your home “show” well are important, too.
But the number one ingredient needed to sell your home quickly is the right price tag. If you set the price of your home just right, buyers will come to see it, and there’s a good chance you’ll get some good offers. If you price your home too high, however, few buyers will take an interest in your property and it might languish on the market for months. Worse, it might not sell at all.
So how do you determine the right price at which to list your home?
One of the best ways is to do an analysis of what similar properties in your area have sold for recently. What people are actually paying for homes like yours — in communities like yours — is the best indicator of the true market value of your home.
As you may know, it’s common to include a home inspection as a condition of an offer you make. It protects you from issues that you might not otherwise see during a viewing.
What do you do if the home inspector finds something wrong? The inspector might find a leak in the foundation, or windows that are old, drafty and need replacing.
Must you pass on a property that you otherwise like?
Not necessarily. Just because the home inspector discovered a deficiency doesn’t necessarily mean you shouldn’t purchase the home. You should, however, bring the issue up with the seller.
Your REALTOR® will do that on your behalf, and look after your interests.
In many circumstances, your REALTOR® will be able to negotiate an agreement that is satisfactory to everyone involved. This will usually be in the form of a reduction in the sale price to cover some or all of the costs of the repair, or a requirement to have the seller get the repairs done before you move in.
So don’t worry if the inspector finds something wrong. Chances are you can still get the home and have any issues dealt with to your satisfaction.
You turn on the television and watch a news story about housing prices going down. Then you receive a flyer in the mail about a property around the corner that sold for a decent price. Next you read a newspaper article about the housing market on the upswing again.
It’s a little like being on a roller-coaster ride!
Unfortunately the ride isn’t much fun if you’re thinking of buying or selling a home. In fact, it can be very confusing and frustrating. You just don’t know if “now” is the right time to make a move.
In reality, the housing market has been fluctuating for decades. Yet, people sell their homes every day for good prices, and just as many people get into their next dream homes affordably.
When you hear news of market fluctuations, there are two important things to consider.
First of all, a lot of media information about the housing market is national, or at least regional. If the housing market is trending up or down nationally, remember that it doesn’t necessarily mean that your LOCAL market is doing the same.
In fact, it’s entirely possible for housing prices to be rising in your neighbourhood while they are falling nationally, and vice versa.
Secondly, if you’re selling a current property while buying another home, then the net effect of market fluctuations may cancel out.
Say, for example, that the local market is on the upswing. You’ll probably be able to sell your current home for a good price. However, the home you purchase will likely also be priced to reflect the upswing.
The same holds true when the market is down.
All that being said, there are some circumstances in which you need to consider market fluctuations when deciding whether or not to make a move. A good REALTOR® will help.
Let’s face it. When you visit a home during a scheduled viewing or open house, you’re usually seeing it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.
That’s just good old-fashioned marketing.
However, not every house you see will actually look this way. For any number of reasons, a house on the market may be less than tidy, poorly decorated, and even in need of minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.
First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home.
Don’t make that mistake. Make your purchase decision based on a carefully considered second impression, not just your first.
When viewing a house, imagine how it will look with a fresh coat of paint, some redecorating, the minor repairs completed, and your furniture adorning the rooms. You might just find that a home that doesn’t show well is really a diamond in the rough.
(One caveat: Be careful of houses that don’t look like they’ve been well maintained. There could be issues lurking that require expensive repairs or renovations. Always make a professional home inspection a condition of your offer.)
There are advantages to buying a home that doesn’t show well. They attract less interest and, therefore, less competition from other potential buyers. The listing price may be lower too.
You shop for a home. You find one you like. You make an offer — conditional on a satisfactory home inspection.
Okay so far.
Then the inspector discovers a problem with the home that may require an expensive repair or renovation. Perhaps the frame in the front door is cracked; or there's a leak in the roof; or the furnace is due to be replaced.
What do you do?
You don't want to pass up an opportunity to purchase what could be your dream home. On the other hand, you don't want to have to deal with potentially costly repairs.
First, keep in mind that you did the right thing.
It's always a good idea to get a home inspected by a professional before the offer is finalized. A qualified home inspector will go over the property with a fine tooth comb, top to bottom, inside and out, inspecting the structure, electrical systems, HVAC systems and more.
It's their job to find any deficiencies in the home and alert you to them.
If a deficiency is found, your next best step is to discuss the issue with your REALTOR®, and go over your options. Those options may include amending the offer price to cover some or all of the costs of the repair, or requiring the seller to get the repair done before you move in.
Don't worry. This is a normal part of the negotiation process. Chances are, an agreement can be reached that is satisfactory to both parties — and gets you the house you want!
And, because you had a home inspection done, you'll know the true condition of your home when you buy it. That's peace of mind.
We are all staring at our smart phones days and nights. From the age of 1 to the age of 99. The phones are ringing, beeping, and making all sorts of sounds to be noticed. So, why on earth don't we respond?
Why on the phone, via text or e-mail cant we be polite just like we are in a face-to-face communication?
You received documents, or information, or e-card - just say "thank you"!
Someone asked you a question - just respond something, acknowledge, tell them you are working on getting the answer and will get back to them later.
Your phone rings and you cant answer? - text message takes 30 seconds and half a finger move to send - just let them know you are still alive
You don't know who you are ignoring so don't ignore. In any case those are people and people don't deserve to be ignored.
Looking for good REALTOR® in Toronto, Mississauga or Oakville?
You probably know there’s more to selling a home than putting up a FOR SALE sign. But if you don’t understand the process in detail, you might feel intimidated and stressed when it comes time to put your property on the market.
Fortunately, the home selling process isn’t that difficult to understand. There are basically six steps.
Step one is selecting the right REALTOR®. You need a knowledgeable, trusted expert who can guide you through the process, take care of all the details, and help sell your home quickly and for the best price.
Step two is preparation. You need to ensure your home is clean and uncluttered. It’s also important that you take care of any needed repairs, even minor ones like wall dents. You may also need to consider a home improvement, such as replacing worn carpeting.
Step three is the listing price. You need to select a listing price at or near the fair market value of your property.
Step four is promotion. How will buyers find out about your property? Will they see it on MLS? Will they come across an ad in the newspaper or on the internet? Will they receive an invitation to an open house? An effective promotion plan is critical.
Step five is dealing with offers. Ideally, you’ll get several. But the best offer is not necessarily the highest one. An offer can fall through for many reasons, so dealing effectively with offers is, perhaps, the most important part of the home selling process.
Step six is the transaction. Once the sale is made, you want to know that you have the right professionals in place – your lawyer, mover, etc. – to make sure all the after-sale details are taken care of properly.
Want more ideas for making sure the home selling process goes smoothly for you?
Selling a house can be a stressful process for the entire family. You need to keep the place clean and looking its best. You need to stay away during viewings. You may even need to look for a new home at the same time.
Although you won’t be able to eliminate all the anxiety, good advanced planning will certainly help reduce it.
First, talk to a REALTOR® well before you decide to put the property on the market. A good REALTOR® can help you determine whether any repairs, improvements, or minor touch-ups should be done, so that your home will sell faster and for the best price possible.
Once the property is on the market, plan some excursions with the family during open houses and other viewing times. These are the perfect opportunities to check out local restaurants, museums, parks and other amenities.
To keep your home clean and tidy for potential buyers, consider hiring a maid service on a short-term basis. You’ll have a lot on your plate during this period and having the floors and washrooms cleaned by someone else can relieve a lot of stress.
You’ve heard the story. Someone finds a home on the market that seems underpriced, grabs it, and subsequently discovers it’s worth tens of thousands of dollars more than the selling price.
What a bargain!
The truth is, bargains like that rarely happen.
Most properties sell for somewhere close to their market value. That’s why you need to find the perfect home for you, in the right neighbourhood, with a list price that is within your affordability range, and then buy that property for the lowest price your REALTOR® can negotiate.
When you shop for the right property at the right price, you have a good chance of finding and buying your dream home.
But if you go into the market with a plan to find a bargain, you risk overlooking those homes that might otherwise be great opportunities for you. Why? Because your price expectations will probably be a lot lower than the actual market prices.
The good news is that an experienced REALTOR® can help you find a home that’s perfect for you in every way: type, features, neighbourhood — and price.