Sellers' Tips
It takes a particular skill set to effectively market a home; more than just cleaning it up and putting a sign on the lawn. To accomplish this task our real estate professionals have extensive training to:
- Know the local market and research recent sales of comparable homes in the same neighbourhood.
- Be aware of factors that affect housing prices, i.e. mortgage rates, market supply, regional demographics.
- Understand marketing methods to acheivemaximum exposure for your property.
- Keep up-to-date on financing options and current rates available to potential buyers. in order to facilitate a sale.
- Maintain objectivity about your home and see it through the eyes of a buyer in order to realistically estimate its value.
- Screen out “looky-loos” from qualified potential purchasers - you can waste a lot of time and effort with folks who are just curious and have no real intention of buying.
- Be available and act upon opportunity, even when it involves long hours!
- Enable you to deal with offers at arm’s length and so strengthen your bargaining position. They are a buffer between you and the buyer.
- Fully disclose the known state of your home in order to avoid future legal hassles should a problem arise after the fact.
- Understand the pertinent fundamentals of contract law so that they can best to protect your interests.
- Negotiate with patience and care, striving to bring both sides to a satisfactory agreement.
There are two major influences that affect the saleability of a home; those over which the owner has no control and those that can be controlled.
For instance, no one can do anything to change the location of a property or the aspect of the lot, but on the other hand, much can be done to make the house and lot as attractive and tidy as possible. A home in a desirable location will generally be able to fetch a higher price than a second, identical home in an undesirable area. However if the second home is presented beautifully it can often be sold quicker and for a price close to the one in the better area if that one is dirty and unkempt. A home that shows well will always be easier to sell than a comparable property that is not well-presented. First impressions are lasting ones and will influence a potential buyer’s decision to view a property or not. If you don't have time to do clean up and yardwork then see if there are any students in your neighbourhood looking for odd-jobs - it will be money well-spent!
Here is a list of recommended measures that will help to show your home to its best advantage:
- Major items that require attention, such as a leaking roof, inoperative furnace, or failed septic field will need to be addressed in some way – either by disclosure and allowance for repairs in the sale price, or preferably, by repair prior to sale.
- Tidy up the yard! Get rid of old bikes, toys, car parts or what have you. Trim hedges and lawn edges, plant flowers if the season is right and put up some hanging baskets, rake leaves, and be sure to keep the lawn mowed. A pretty yard will entice people in.
- Wash gutters, soffits and windows, if house is sided with vinyl that has become soiled have it power-washed.
- Minor, relatively affordable repairs should be performed: replace that dripping faucet washer, burned out light bulb, missing trim, broken switchplate cover, cracked light fixture, cracked window pane, etcetera. More expensive renovations must be considered carefully as to whether the expense can be recouped. Such things can sometimes make the home more saleable but not necessarily more valuable. If the housing market is very slow some renos may be worthwhile to enhance the saleability of your home.
- Freshen up paint, remove shabby wallpaper, replace worn window coverings, and update the colour palette.
- De-clutter! Pack away knickknacks, photos, and items you do not use on a regular basis. Tidy up your closets so that they appear more spacious and make sure that all halls and pathways are clear of obstacles. Clutter is a major deterrent to buyers.
- Minimize wall adornments and remove small pieces of furniture so that the rooms appear larger.
- Clean and scrub! Make your home sparkle and smell clean! Pay extra attention to the kitchen and bathrooms – make sure there are no dishes or extra items on the counters.
- Set out clean matching towels, bath mats and soap dispensers.
- Eliminate odours from pets or cooking etc. On the day of a showing you can use air fresheners or boil cinnamon sticks on the stove, some people even bake something yummy in the oven (like frozen bread or cinnamon rolls). Fresh baking always enhances that “homey” appeal.
- Put away all valuables and remove fixtures that are not included in the sale (i.e. stained glass window you want to install in your new home)
- Make up a list for prospective buyers of what you like best about living in your home and neighbourhood.
- Put out fresh flowers, switch on all the lights, and remove your pets from the house on the day of showing.
If you follow all of the above tips, pride of ownership will show through and lead to a quick sale!
It helps if you are familiar with your competition. Try to attend open houses of similar properties to yours - in general terms the styles and size of house and neighbourhood should be comparable enough to yours that they would appeal to the same buyers. It is often difficult for sellers to be completely objective about their own home and this can cause them to over-estimate its value. If your asking price is higher than the competition there will have to be a compelling reason to induce people to pay more. One such advantage could be vendor financing - some sellers who are planning to invest the proceeds of the sale may offer financing that will give them an acceptable return on their money and, at the same time, make it possible for a purchaser to buy the property. If you do not offer any such enticement and, from an objective view, there is not a perceivable difference in value between your property and the competing ones, you will need to price your property accordingly if you are serious about selling it. It is by far better to set a realistic price at the outset than to lower the price later because astute buyers watch the market and tend to avoid "stale" listings; there is a perception that there must be something wrong with a place that doesn't sell. Buyers' agents are required to protect the interests of the buyer so will advise them if a price is out of line with all the comparables. Even if a buyer did agree to pay an over-valued amount for a property it would still have to be appraised for financing. Appraisers are not influenced by subjective factors and will only assign a lending value that can be supported by comparable sales analysis.
