Understand The Market

Step One

The first step is to make sure you understand how local market conditions affect the price you choose.  Markets change from city to city  and from neighbourhood to neighbourhood.  The value of your home is determined by supply and demand.  If there are a lot of sellers and few buyers, prices tend to go down and homes take longer to sell.  This is referred to a “buyers market”.  But when the opposite is true and there are many buyers but few homes for sale, prices will rise and homes will sell very quickly.  This is known as a “sellers market”.  So show do you know which market you are currently in?  That’s where Deni comes in.  She’s a local expert and will prepare a local market analysis for you.  I will not only determine what type of market you are in, but I will study your neighbourhood and compare your home to others based on style, size, number of bedrooms, baths, garage, view, lot size, and your improvements.  I will cover all of this with you when we meet in person.

Establish A Price

Step Two

The next step to arm yourself with is the facts.  By not establishing a realistic price from the beginning, many home sellers end up costing themselves thousands of dollars.  If you price your home too HIGH it will sit unsold and become “stigmatized” or “shop-worn”.  If you price too LOW, you may give away thousands in profits to a total stranger.  Either way you lose.  Choosing the right price sets the stage for the entire selling process.  Be objective and remember that selling your home is a business transaction and you need to put your personal feelings and attachments to your home completely out of the equation.  This is critical.

No matter how attractive and polished your house may be, buyers will be comparing its price with everything else on the market.  I will do a Highest Price Analysis and research all recent sales of similar properties in your area, so you can determine what the true market value of your home is.  My analysis differs from a formal appraisal.  The biggest difference is that an appraisal is only based on past sales, where as I take current available properties and those pending sales into consideration.  Another major difference is that while an appraisal can cost you several hundred dollars,   Deni would be happy to do a Highest Priced Analysis for you free of charge.

The ultimate decision regarding how much to ask is yours, but Deni will help you to make a good decision.  I strongly encourage you to not fall into the temptation of overpricing your property as this will cost you thousands of dollars in the long run.  Real estate agents don’t establish house prices, the market does.  I mention this because many agents try to “buy” your listing by saying they can get you more for your home.  These attempts are done in hopes of signing the listing and coming back at a later date asking you to reduce the price, after all, you’re already under contract.  Remember, agents don’t establish price, the market does.  You can count on Deni to be honest with you about the price of your home and what it will take to get it sold.

Calculate Your Bottom Line

Step Three 

Once you have established market value, you can calculate your bottom line.  This is the amount you will walk away with after all the expenses related to selling your home are paid.  Closing costs vary depending on how the contract is structured.  Common closing costs include real estate commission, legal fees, mortgage discharge fees, condominium transfer fees, property taxes owing, home warranty fees, required repairs etc.  It may sound complicated, but that’s where Deni’s expertise comes in.  She will show you how much money you can expect to net from the sale of your home.

Choose The Right Agent

Step Four

There are so many real estate agents in the market, how can you be sure you are making the right choice?  It comes down to honesty, integrity, experience and a proven track record.  Deni believes in an honest and up front approach to selling your home.  I will not tell you what you want to hear only to let you down later when your property doesn’t sell.  I’m not interested in taking your listing if I can not get the job done for you and make you happy.

Different agents charge different commission rates.  But don’t be fooled.  What may seem like a good deal in the beginning could end up costing you thousands.  When considering what is a fair commission rate to pay, take into consideration the marketing strategies your agent will be using.  Marketing costs money, and without the right marketing you won’t attract the right buyers.  The longer your house sits on the market, the lower the offers you will attract.  So when it comes to paying commissions, don’t focus on how much you are paying, focus on what you are getting.  A strong negotiator can easily earn you thousands more on the sale price of your home, making them worth every penny.  Be smart and ask the right questions, but be willing to give your agent the resources the need to get the job done.  If you thing hiring a professional is expensive, wait to see how much an amateur will cost you.

Prepare Your Home For Sale

Step Five

There are two phases when it comes to preparing your home.  The first phase is getting ready for the market and the second phase is getting ready for the showing.  Let’s start with the first phase, getting ready for the market.  The best way to do this is to walk around your entire home with a notepad, paying careful attention to everything.  Check the walls for chips, holes, and uneven paint.  Fix all leaky faucets and make sure they shine.  (Consider replacing them if they don’t).  Does your home require minor repairs?  Consider curb appeal.  It’s always a great ideal to put a fresh coat of paint on the front door and garage doors.  Stain the deck and fence.  Trim the gardens.  First impressions are everything when it comes to attracting buyers.

Once your home is officially for sale you need to make your home sparkle.  This is an area where you can’t overdo it.  Be sure to concentrate on the kitchen and bathrooms.  Your buyer will be expecting a used home, but the brighter your home shines, the easier the buyer can see themselves moving into the house and making it their own.

Is it time to de-clutter?  It’s a good idea to box up any items you haven’t used in a while.  It will add visual square footage to your home, thus increasing its perceived value.  After years of living in your home, clutter collects without you even realizing it.  Clutter collects on shelves, counter tops, drawers, closets, garages, attics and basements.  Pretend you are walking into your home for the very first time.  Or better yet, get an outsider’s opinion.  Ask a friend to point out clutter.  Box it all up and store it until you move.  Now might be  a good time for a garage sale.  If you were going to get rid of anything before you move anyway, do it now before the house is even shown.

Offer Incentives

Step Six

When pricing your home for sale, you want to make it very appealing to buyers.  There are several things you can do to help your home stand out from the competition.  Perhaps you want to include the appliances or window coverings.  If your home is a little older you can offer a a redecoration allowance to the buyer so they can paint or complete needed repairs after moving in.

Market Your Home

Step Seven

It is now time to bring on the buyers.  Deni has a stellar marketing plan including professional photography and videography to showcase you home in the manner it deserves.   My online marketing is second to none and will help attract the majority of buyers who start their home search online.

To better maximize your potential for success it’s important to market to three groups…agents, neighbours and buyers.  To effectively target all three groups aggressively I utilize open houses, feature sheets, just listed postcards, print media, internet strategies, social media and more.  Deni leaves no stone unturned when it comes to marketing your home to ensure you sell for top dollar.

Negotiate The Offer

Step Eight

The key to remember here is not to get caught up in games.  If you keep your goals in focus you will be better able to respond to offers.  You will have three choices when an offer comes in.  You can accept the offer, reject the offer or make a counter offer.  You should know however, that a counter offer is a rejected offer.  The buyer has no legal tie or obligation to the contract once any minor changes are make to it.  Although the price will be the main focus on the offer, you need to review every detail closely.  These details include down payment, deposit, possession date, personal property, items included such as appliances or furniture and conditions such as financing, home inspection, home warranty, etc.  

Remember, any little change of the original contract is technically a rejection, so only make changes if you are positive you cannot live with what is offered.  It is important to put yourself in your buyer’s shoes and not see them as a rival or enemy, but rather as someone who wants to buy your home.  Once an offer is accepted, Deni will be there every step of the way until closing to make sure everything goes smoothly until the moving van arrives.