The Value Of Your Home
Frequently, market value is referred to as the price at which a willing Seller would sell and a willing Buyer would buy neither being under abnormal pressure. When comparing your home to similar properties some factors to consider are: location, lot size, style, condition, finish, layout, school districts, timing and buyer supply. The market ultimately determines the true value of your property.
A comparative market analysis is an indicator of what today’s buyers are willing to pay for a home. It compares the market activity of homes similar to yours in your neighbourhood. Those that have recently sold represent what buyers are willing to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally overpriced or poorly marketed.
As your Real Estate Professionals, we will prepare a comparative market analysis for your home based on the most current market information. Together, we will establish the proper list price for your home.
Setting A Price
The single most important decision you will make with us, as your Real Estate Professionals, is determining the right asking price for your property. Once you’ve achieved a realistic sales price, you can count on your property being professionally marketed and promoted to bring more buyers to your door.
As soon as a home comes on the market, there is a flurry of activity surrounding it. This is a crucial time when Real Estate Professionals and potential buyers sit up and take notice. If the home is overpriced, it doesn’t take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost. If a home is underpriced you may sell quickly but risk leaving money on the table.
When Is The Best Time To Sell My Home?
The spring and fall real estate markets are typically the strongest. The spring market begins in February and runs to the end of May. If we have a harsh winter the spring market may not start until the middle of March and go into the summer months. If you are planning to sell in the early spring we advise having professional photos taken in the summer when your garden is at its best. The fall market runs from September to November. December is a quiet month as Buyers and Sellers go into holiday mode and are not thinking about real estate.
That being said, depending on your area, home and the market conditions, there may or may not be an optimal time. Each property is unique and deserves an individualized recommendation and plan. Homes that are priced right and in unique supply tend to sell well all year long.
Helpful Documents & Information
When planning to sell your home here is a list of documents and information we may require or find helpful:
- Survey of your property that outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This should be in the documents you received from your Lawyer when you purchased the property. Your legal professional may recommend a new survey, especially if significant changes have been made to your property.
- Property Tax Bill with the current annual property tax assessments.
- A list of any fixtures and chattels you would like to exclude from the sale. Try to limit the number of exclusions or it may affect the sale price of your home. If you have a number of expensive light fixtures you would like to exclude it is advisable to replace them before listing your property.
- A list of any recent home improvements you have done and the date they were completed.
- In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.
- If you have built a new house make sure all construction permits are closed with the city and that any outstanding repairs have been completed by the builder.
Preparing A Marketing Plan
Your property is not something you sell every day. In fact, for many people it is their largest asset. A house is very complex to market and the process needs to be well organized. To do the job properly a plan is needed.
As your Real Estate Professionals, we will prepare a personalized plan for you containing all activities intended to market your property. Your property will be aggressively promoted locally and internationally via the internet and print marketing. Our marketing strategy has been tailored over many years and generates proven results. Visit our Marketing Information page for more details.
People are turned off by rooms that look and feel cluttered. Remember, potential buyers are buying your house, not your furniture, so help them picture themselves and their possessions in your home by making your rooms feel large, light, and airy. As you clean, pack away some of your personal items, such as pictures, valuables, and collectibles, and store or get rid of surplus books, magazines, extra furniture, rugs, blankets, etc. Empty out corners and remove some of the items on top of furniture to make your rooms feel larger.
It's hard to get rid of possessions, but cleaning and clearing out the clutter can really pay off in the end. Packing away your clutter also gets you started packing for your next move. Make your garage and basement as tidy as the rest of your house. Simple little tasks such as storing your tools and neatly rolling up your garden hose suggest that you take good care of your house. Don't let anything detract from making your best first impression.
Showing Your Home
Remember what first attracted you to your house when you bought it? What excited you about its most appealing features? Now that you're selling your home, you'll need to look at it as if you were buying it all over again.
A spruced up home makes a great first impression on potential buyers. An attractive property grabs their attention and makes them excited about finding a house that looks and feels well-cared for. Because buyers know they'll encounter fewer problems if they buy it, your house becomes more appealing and stands out from the competition.
A good first impression makes an impact on a number of levels. Keep in mind when a buyer walks in your front door for the first time their reaction can be as great as “buy it” or as negative as “reject it”. It's not just the way your house looks to potential buyers, but how it feels and smells to them, how their friends and family will react, how they imagine it would be to live there.
Keep Yourself Organized With The Following Checklist
- Windows, sills, and screens
- Walls, floors and baseboards
- Cupboards and drawers
- Light fixtures
- Ceiling fans
- Carpet and rugs
- Laundry room
- Replace furnace filter
- Dust furniture, TV and computer screens
- Remove clutter
- Pack some personal items
- Leaky faucets and plumbing
- Torn screens
- Slow drains
- Loose doorknobs
- Deck boards
- Broken windows
- Electrical fixtures
- Water stain damage
- Broken appliances
- Damaged walls and ceilings
- Worn carpet and rugs
- Damaged sidewalks and steps
- Stain or paint deck
- Store tools
- Paint or stain exterior
- Prune bushes and hedges
- Trim trees
- Mow lawn, fertilize, edge, and trim
- Weed gardens, plant flowers
- Shovel driveways, de-ice
- Clean out birdbaths
- Caulk windows and doors
- Repair and paint fences
- Make sure doors close properly and keys work easily
- Enhance entryway
Which Renovations Give The Best Value When Preparing To Sell?
All properties are different, we would be happy to walk through your home and recommend what renovations/updates will provide you with the best return on your investment. Here are some smaller projects that often provide a high return.
- A fresh coat of paint. If your house looks a little weathered, nothing can spruce it up like a great paint job. Stick to neutral colours that appeal to a broader audience. This can be completed without a huge investment in time or money.
- Update Your Kitchen. Changing countertops and replacing white appliances with stainless steel appliances can give your Kitchen new life without spending a fortune.
- Update Bathrooms. Changing countertops, faucets and toilets can dramatically change the feel of a bathroom.
- Swap dated plastic or bronze hardware on cupboards and drawers for stainless steel hardware. The new hardware does not have to be expensive. Home Depot has great options - make sure to bring your old hardware with you so you know the new hardware it will fit.
- Update light fixtures and ceiling fans so they are more current and provide better light.
Contact Us for our 'Value Added List' or specific trade recommendations.