Determine why you're selling
The underlying reason why you`re selling is really important because motivation plays a critical role in determining what course of action you need to take. For example, if your goal is to maximize your profit, that may dictate a strategy of investing a little time, energy and money towards enhancing your home before placing it on the market whereas a quick sale would undoubtedly require an entirely different approach altogether.
Get your home ready for viewing
Home buyers look for homes in which they would like to live. Make necessary repairs and spruce up the interior and exterior (such as touching up the walls with paint and landscaping the surrounding grounds). We will go through your home with you and help you decide what needs to be eliminated, straightened, de-cluttered and repaired. LESS IS MORE.
Two items you should pay particular close attention to are clutter and scents because they kill deals very quickly. If some of your home`s rooms feel crowded, remove as much furniture as you possibly can. This will make the areas of your home seem more open and bigger than they really are. Also remove unnecessary personal objects, such as photographs. The prospective buyer has to be able to imagine himself living in these surroundings and can’t if your photographs are splashed around. Arrange for a relative, friend or neighbour to take care of your family pets when showing your home.
Think of selling your home as somewhat like selling your car. If you don`t wash it or have it detailed properly, you can’t expect to get the best price. Homes are no different. Make sure yours is in tip top shape before you place it on the market!
Don`t try to cash in on the wrong kinds of home improvements
While all home improvements have the effect of raising the overall value of a home, not all of them are 100% recoverable at the time of sale. Therefore, it`s imperative to do careful research before embarking on renovation work for the purpose of profit.
Here's a sample list of home improvements with their cost recovery percentage range:
If you decide to proceed with improvements, avoid extremes in architectural styles and colours. Instead, use neutral, soothing ones - they`re usually the best as tastes vary considerably among buyers.
Do some homework before setting your asking price
When it comes to selling homes, a lot of sellers want more money than what their homes are actually worth. A home with a listing price that is set too high usually results in few takers, if any. When a home isn`t priced competitively, buyers looking at product with the same price will reject it in favour of other larger or better appointed alternatives. Moreover, people who should be looking at the home won`t because it`ll be priced over their heads! As a result, the listing price will have to be lowered and, should this transpire during a declining market, the new price will have to be set even lower than what the vendor could have had at the outset. Plus, if all this wasn`t bad enough, the over-pricing will end up lengthening the selling period, and in some circumstances, this could result in higher carrying costs!
Research conducted by a national real estate association indicates that if a home is priced at market value, it has a 95% chance of selling. However, this plummets to 50% and 35% or less when the price is set at 10% and 15% above market value respectively. Bottom line: A buyer typically looks at ten homes before making a final decision. By listing close to the market value range, a home-owner stands a better chance of having his or her home viewed seriously by many potential buyers, thus increasing the likelihood of an offer surfacing in a relatively short period of time (experience indicates that the best offer usually arrives within the first 45 days of the listing period). Therefore, if you`re selling, price accordingly.
The most common way to set a value on a home is to look at similar homes that have sold in your neighborhood and or condo building as well as surrounding community within the past six to twelve months. Our Team will prepare a detailed Comparative Market Analysis to assist you with PRICING PROPERLY.
Remember, selling your home will probably be one of the most important financial transactions you will ever make. We are privileged to be working for you.