Category: Selling Your Home

The first thing you should know as a prospective home seller is, it’s still a great market! That’s right, for over 2 years now, sellers have been uniquely positioned to get the best possible value for the sale of their homes. We even saw sellers receive offers well above asking price on occasion. It’s Economics 101: when you have more buyers than product, the price will often rise.

There are a number of reasons why sellers are still enjoying a great market. First, let’s talk a little more about that concept of inventory. During the pandemic, people everywhere began reassessing their priorities. Many decided to downsize, move out of town or even across the country for a variety of reasons. In essence, everyone was in the market for a home at the same time. Mid-priced homes, particularly, entered and left the market in record time. Current inventory is actually up from last year but it’s still less inventory than the industry was accustomed to pre-2020.

Next, there’s this business with interest rates. Interest rates are certainly up by contemporary standards. However, let’s put things in perspective. At the turn of the century, the average interest rate was over 8%. Twenty years before that, it was closer to 18%. So, while rates are higher than say 5 years ago, they’re still pretty low from a historical standpoint.

Right now, as a seller you’re holding the key to the most important tangible asset out there. No, not your vintage Beanie Baby collection, your home! For the time being, multiple offer situations look to be the norm. Lots of buyers want what you have and they’re willing to offer a fair price to get it. If only that were the case with Beanie Babies. What am I supposed to do with all these things?

Don’t think it’s all a done deal though. As a seller, focus on maximizing the curb appeal of your home to increase interest and value, especially considering a more “normal” looking housing market could be on the way sooner than later. Or, if there’s one thing we’ve learned over the last few years, a new version of normal. So, make those repairs, add that new coat of paint, and keep standing out from the competition!

With higher mortgage rates and moderating buyer demand, conditions in the housing market are different today. And if you’re thinking of selling your house, it’s important to understand how the market has changed and what that means for you. The best way to make sure you’re in the know is to work with a trusted housing market expert.

Here are five reasons working with a professional can ensure you’ll get the most out of your sale.

1. A Real Estate Advisor Is an Expert on Market Trends
Leslie Rouda Smith, 2022 President of the National Association of Realtors (NAR), explains:
“During challenging and changing market conditions, one thing that’s calming and constant is the assurance that comes from a Realtor® being in your corner through every step of the home transaction. Consumers can rely on Realtors®’ unmatched work ethic, trusted guidance and objectivity to help manage the complexities associated with the home buying and selling process.”
An expert real estate advisor has the latest information about national trends and your local area too. More importantly, they’ll know what all of this means for you, so they’ll be able to help you make a decision based on trustworthy, data-bound information.

2. A Local Professional Knows How To Set the Right Price for Your House
Home price appreciation has moderated this year. If you sell your house on your own, you may be more likely to overshoot your asking price because you’re not as aware of where prices are today. If you do, you run the risk of deterring buyers or seeing your house sit on the market for longer.
Real estate professionals provide an unbiased eye when they help you determine a price for your house. They’ll use a variety of factors, like the condition of your home and any upgrades you’ve made and compare your house to recently sold homes in your area to find the best price for today’s market. These steps are key to making sure it’s set to move as quickly as possible.

3. A Real Estate Advisor Helps Maximize Your Pool of Buyers
Since buyer demand has cooled this year, you’ll want to do what you can to help bring in more buyers. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house gets in front of people looking to make a purchase. Investopedia explains why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home.”
Without access to the tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.

4. A Real Estate Expert Will Read – and Understand – the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. NAR explains it like this:
“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents… Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
A real estate professional knows exactly what all the fine print means and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.

5. A Trusted Advisor Is a Skilled Negotiator
In today’s market, buyers are also regaining some negotiation power as bidding wars ease. If you sell without a professional, you’ll also be responsible for any back-and-forth. That means you’ll have to coordinate with:

The buyer, who wants the best deal possible

The buyer’s agent, who will use their expertise to advocate for the buyer

The inspection company, which works for the buyer and will almost always find concerns with the house

The appraiser, who assesses the property’s value to protect the lender

Instead of going toe-to-toe with all the above parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.

Don’t go at it alone. If you’re planning to sell your house this winter, let’s connect so you have an expert by your side to guide you in today’s market.

When it comes to selling your house, the old saying goes “time is of the essence.” In order to get top dollar for your home, you need to follow some key tips to make sure it sells as quickly as possible. While there’s no magic formula for a quick sale, these tips will help you get your house off the market sooner rather than later.

Get your home very clean and depersonalize it

One of the best things you can do for your home is to give it a deep cleaning and make it feel as neutral as possible. This means decluttering all surfaces, getting rid of personal items like family photos, and making sure everything is sparkling clean. These simple steps will help potential buyers see your home as a blank slate that they can easily envision themselves living in.

Think like today’s buyers

Most home sellers are aware that they need to stage their homes in order to make them more appealing to buyers. However, what many sellers don’t realize is that they also need to think like today’s buyers. Homebuyers in the market for a new house tend to favor houses that are ready to move into. They don’t want to have to deal with cleaning up someone else’s mess or getting rid of clutter. Buyers are also looking for homes that don’t require any major updates or repairs. If your home is in need of a new roof or updated appliances, you may want to consider making these repairs before putting your home on the market.

Understand your competition

In order to sell your home faster, you need to understand your competition. This means taking a look at the other homes in your area that are similar to yours and seeing what they have to offer. Take note of things like price, condition, size, and amenities. This will give you a good idea of what buyers are looking for and where you need to improve in order to stand out.

Remember, you’re not just competing against other houses on the market, but also against the idea of buying a home altogether. Many people choose to rent instead of buy, so you need to make sure that your home is worth the investment. Offerings things like low down payments, flexible terms, and even rent-to-own options can help attract buyers who might otherwise be on the fence.

Price your house right

Now it’s time to tackle another big task: pricing your house right. This can be tricky, as you need to be both objective about your home’s value and strategic in order to make a quick sale.

Take a look at recent sales of similar homes in your neighbourhood. This is a useful estimate that will help you determine what comparable properties are now selling for. Next, consider any upgrades or special features that your home has. They can prove beneficial and let you justify a higher value. However, be careful not to overprice your home based on these factors – remember that buyers will also be looking at comparable homes in the area.

It’s also important to be realistic about your home’s condition.

Hire a Realtor.

Hiring a realtor may be one of the best decisions you make when selling your home. A realtor can help you price your home appropriately, market your home to the right buyers, and negotiate on your behalf.

You need to start by interviewing several different realtors. Ask them how they would market your home and what their strategy is for finding buyers. Also ask about their experience selling homes in your area. You want to make sure you hire someone who knows the local market well.

Next, pay attention to how responsive the realtors are to your questions and concerns. You want someone who will be easy to communicate with and who will keep you updated throughout the process.

Have professional photos of the house

One important tip is to make sure you have professional photos of the house. This will help potential buyers get a better sense of the property and what it has to offer. Professional photos can also help make your listing stand out from the rest. Once you have the photos, be sure to showcase them prominently on your listing page. This will give buyers a clear idea of what they can expect if they choose to purchase your home.

Have a lender provide flyers with loan options and monthly payments

To help sell your house fast, try to see if your lender can provide flyers with loan options and monthly payments. This will give potential buyers an idea of what they can afford and help them compare different loan options. Having this information readily available can speed up the buying process and help you sell your house more quickly. People want to know that when they are ready to put an offer on your home, there are ways of securing the home.

Making the deal as attractive as possible

When you’re trying to sell your house, you want to make it as attractive as possible to potential buyers. One way to do that is by offering concessions such as a transferrable home warranty or paying some of the buyer’s closing costs. This can help sweeten the deal and make your house more appealing than other listings on the market.

If you have a home warranty that’s about to expire, consider transferring it to the buyer. This will give them peace of mind knowing that they’re covered in case something goes wrong with the home after they move in. Similarly, paying some of the buyer’s closing costs can also help swing things in your favour.

Open Houses increase exposure

When it comes to selling your home, every little bit of exposure helps. One way to ensure that your home gets plenty of attention is to hold as many open houses as possible. The more people who see your home, the more likely you are to find a buyer. You’ll need to make sure your home is clean and presentable at all times and you may need to deal with strangers coming in and out of your home on a regular basis. But if you can handle the extra work, holding an open house is a great way to sell your home fast.

It all begins with you!

If you follow these nine tips, you will be in a better position to sell your home quickly. These tips include pricing your home correctly from the start, decluttering and depersonalizing your space, and making any necessary changes. By following these steps, you can increase your chances of selling your home quickly and for the best possible price.

The housing market has stayed competitive for months, and if you’re like many property owners, you’ve probably thought about selling. But is this the right time?

Selling your home is a big decision, and pinpointing the perfect time to make your move can be challenging. Here are a few questions to consider if you want to explore what it would look like to put your home on the market soon.

Has your lifestyle changed? Most homeowners outgrow a property at some point, or they find their needs have changed in some way. A property might be too small, you may want to downsize, or you might want different amenities.

Has your property increased in value? Homeowners have gained record-setting equity over the last few years. Determining your property value can give you an idea of your potential profits. Then, you can consider if you could put these funds to better use elsewhere.

Do you have another property or a plan for where you’ll go next? Be sure to keep the logistics and busy market conditions in mind if you’re buying and selling at the same time.

Have you discussed the details with everyone involved? Selling your house isn’t something you should do on the spur of the moment. This sale will mean big changes, both financially and in your day-to-day life, so be sure everyone in your household is on the same page.

Have you established your goals (and communicated them clearly)? When you’re ready, let’s discuss your needs and wants and create a plan that makes sense for you. Once clear goals are established, we can work together to find what you’re looking for.

Still not sure if it’s the right time to sell? Get in touch to discuss your options today.

Are you selling your home and reviewing several offers? Congratulations! You’re well on your way to getting as much as possible out of what is likely your largest asset. But when it comes to picking an offer, sometimes it’s important to take a step back and recognize that your bottom line shouldn’t be your only consideration. In many instances, the terms a potential buyer includes in the offer also play an important part. They can underscore how many hurdles you’ll have to clear to reach the closing table in a timely manner. So every seller should carefully review an offer—beyond the dollar amount—before settling on a buyer. To help you navigate all this, we’ve outlined four important factors that home sellers should look for in an offer. Here’s everything you need to know about choosing the best one.

1) Research your preferred financing method

As a seller, you probably have an offer amount in mind that you would like the buyer to meet or exceed. But remember, a buyer needs to prove that he can afford to make the purchase—no matter what numbers are thrown around in an offer. If the buyer intends to get a mortgage, there should always be a pre-approval letter included in an offer on their lender’s letterhead. And if a potential buyer makes a cash offer, ask for proof of funds before accepting it. This proof will usually come in the form of a bank or investment account statement. Each should show that the buyer has the funds necessary to complete the transaction.

Need to sell your home in a hurry? Then you may prefer an all-cash offer. This type of offer usually involves less risk and a shorter escrow period as cash eliminates waiting for a buyer’s full mortgage approval. But seller beware: All-cash buyers have negotiation power. And they will generally want something in return for bringing a bag of money to the sale. For instance, they could offer you less than the asking price. So be sure to weigh the cons against the pros before accepting an all-cash offer over a buyer with a mortgage.

2) Look for a larger earnest money deposit

Next, you may want to pick an offer with a sizable earnest money deposit, also known as a good-faith deposit. This is a sum of money that a buyer entrusts to the seller’s brokerage firm to prove that he is serious about purchasing the home. A deposit that’s worth 1% to 2% of the sale price is normal, but the higher the deposit, the stronger the offer. The buyer’s earnest money deposit goes toward the down payment if they eventually close on the home. On the other hand, if the buyer breaks the contract and walks away from buying the home, you can potentially keep the deposit as a consolation.

3) Consider fewer contingencies

In real estate, contingencies are benchmarks buyers set that need to be met for the transaction to continue moving forward. For example, many buyers will want to include an inspection contingency in the purchase contract. This means the buyer will need time to have your home inspected. And if any issues are found, a buyer might ask you to make repairs before he will close on the home. With an appraisal contingency, a satisfactory appraisal of your property must be conducted. If the appraisal doesn’t match the agreed-upon price of the home, you and the buyer will have to reach a new number before settlement. The caveat here is that anytime a contingency can’t be satisfied, the buyer has a chance to walk away from the purchase with his earnest money deposit in hand. Obviously, from a seller’s point of view, the fewer chances the buyer has to exit the transaction, the better. With that in mind, it’s a good idea for you to select an offer that has the fewest contingencies from the start. Choosing an offer with minimal contingencies is just as important as the sale price. That’s why cash offers are often accepted, even at lower sales prices. Sellers see a cash offer as removing a lot of the risk of the transaction falling apart due to a buyer’s inability to get financing or the appraisal value coming in below the sale price.

4) Opt for an ideal closing timeline

Finally, consider your optimal timeline for heading to the settlement table. Moving out is a lot of work, especially if you’ve lived in the home you’re selling for a while. To that end, you’re going to want to ensure that you choose an offer with a closing date that suits your needs. Timing is everything. While a quick closing is desirable to many sellers, some need more time to move. In that case, even an offer that has a lower sale price may be more desirable if the timing works better for them.