Today, 24th of August, Team Leading Edge’s Joseph Tolvay will be conducting an Open House at 48 Coachman Way, Sherwood Park.
This is an exciting event for the team as it will provide an excellent opportunity to feature one of the best homes for sale in Edmonton.
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Home for Sale at 48 Coachman Way, Sherwood Park | $475,000
Need to sell your home quickly and at a good price? Here’s how.
The real estate market is beginning to recover across the country. According to the Canadian Real Estate Association, prices have rebounded from an average selling price of $291,788 in September 2008 to $331,682 this September.
Whether it is historically low interest rates or optimism about Canada’s economic recovery, people are beginning to think about moving house.
So how do you ensure your house is not the one sitting on the market two months after you have decided to sell? Here are five tips to ensure you make a quick sale.
1. Price according to conditions
“The top five percentile of homes price-wise tend to take longer to sell because there is a smaller market, and it tends to be a more volatile market in a boom and bust cycle,” says Cameron Muir, an economist with the British Columbia Real Estate Association.
So, right from the outset, you want to make sure you do not price your home at the top of the market.
“Having your house priced according to current market conditions and having maximum exposure to the greatest number of buyers is always a good idea,” says Muir. “What you’re doing as a home seller is competing with a lot of other sellers in the marketplace.”
Julie Kinnear, a Toronto Realtor with 16 years of experience, agrees. “Price is critical in a soft market, but buying is (about) first impressions, and there are two: the look of the place and the price.”
Then, there is also what Kinnear calls social proof, meaning that if a house stays on the market for a long time, buyers automatically think there is something wrong with it.
Everyone connected to real estate seems to agree — you need to price it right the first time to avoid this stigma, especially if you are hoping for a quick sale.
2. Stage your home
To ensure a quick sale Getting your house ready to sell can help you make the emotional transition from one home to another. Some people like to do this before they call in a professional. Either way, this transition is important.
“It’s not home anymore, it’s product on the market,” says Tricia Scott, owner of Vancouver, British Columbia’s Ready Set Show Staging Inc. “You need to separate yourself from the personal side of the home. Staging helps — a staged home versus an unfurnished home sells much faster.”
With the popularity of home decorating and renovation programs on TV, people are more accustomed to looking at houses with an eye for design. Scott says there is a good reason why property developers use show suites to sell new homes — people want to come into a house and see themselves living there.
Kinnear agrees. “Have the house in good condition. When the market is soft, people are pickier. If you can renovate on a budget, then it’s worth it because a lot of people have no cash at all — they are looking for a turnkey operation.”
3. Work with a pro
To ensure a quick sale, you have to be sure your buyers can afford to pay what they offer. Working with a Realtor can help you do this, as Realtors take precautions to be sure their buyers are not overreaching their grasp. They have also been trained and licensed in working with buyers and negotiating contracts that do not, as a rule, tend to fall through.
Realtors also know what is selling. They have access to a database of statistics that the rest of us cannot use and can help you set a price that will make your house attractive to buyers without undercutting your bottom line.
An agent will also bear all the costs of advertising your home. This can seem minor at first, but newspaper ads and signage do add up.
When looking for a Realtor, pay attention to the sales in your neighborhood and attend open houses. Observe Realtors in action and ask friends for their referrals. Every Realtor is different. Your agent works for you, and it is up to you to be a good and thorough employer.
4. Go where the buyers are
If you want a quick sale at the best price, it only makes sense to compete on the biggest market — and there is no question that the biggest market in Canada is the Multiple Listing Service, or MLS. A full 90 percent of all home sales go through the MLS, and while the Canadian Competition Bureau recently suggested the MLS may be required to open its doors to non-Realtors, that has not happened yet.
Going it alone means relying on yourself, and while that may sound appealing, the numbers argue against it.
5. Create word of mouth
Finally, if you have a home that one of your friends or acquaintances has often admired, put the word out to your friends before you talk to anyone else, and ask them to spread the word. Doing so could help you avoid the stress of staging and hosting open houses and get you the quick sale you are after.
Source: MSN Money Article By: Stephanie Farrington is a writer based in Victoria, British Columbia.
Three projects that will give you the biggest return on your investment…
The Kitchen
The kitchen is the best place to put your money, hands down. According to the Appraisal Institute of Canada, the average amount home-owners should spend on a kitchen reno is about 10 to 15 per cent of the overall value of their home. If you’re renovating the kitchen for personal use and not only for the purpose of investment, and if you are going to live in your house for more than five years, then you should spend 15 to 25 per cent or more. In most cases, you will recover the cost by the time you sell your home – with a 44 per cent higher return on investment than the average.
What do buyers look for?
The Bathroom
After the kitchen, bathrooms are the next key space potential buyers look at. A study from Canada’s leading real estate companies shows that a well-designed bathroom renovation can generate up to a 56 per cent better return on investment than the average. Usually a bathroom renovation involves the complete replacement of existing finish and fixtures – tubs/showers, toilets, faucets, sinks, tiles, flooring, lightings, cabinetry and tile-work. Sometimes a bathroom renovation also involves the re-location of fixtures and the removal of adjacent walls to create a better layout.
What do buyers look for?
Floor and Wall Finishes
Don’t undervalue the paint and flooring in your home! Many buyers want a home that’s move-in ready, so the more appealing the walls and floors are, the more interest your home will generate on the market. Flooring can generate a 22 per cent better return on investment than the average. If you have carpet in the family, dining and living rooms, it is recommended to change to hardwood and/or tiles. Not only will it make your home more elegant, but you will also enjoy the benefits of a healthier indoor environment, with less allergens. Simply repainting your walls a warm, neutral colour will give you a 29% better return than other popular renovations.
What do buyers look for?
By Kenneth Ho, www.chatelaine.com
When getting your home ready to sell, you need to look at your house in a new way. Think of your house as a product about to go on the market where it is probably competing with brand new housing. It needs to show well-which means clutter-free and well kept.
Today’s homebuyers lead busy lives and may not be interested in taking on major repairs or improvements upon moving in. You need to make your house a 10.
Fix It First
If you need to make improvements to your home, do the work before it goes on the market. Potential buyers are not interested in hearing about your good intentions to look after defects before a transfer of ownership takes place. Even if fix-up work is underway, buyers may not be able to visualize what your home will look like when the work is finished. They will just remember it being in a state of disrepair.
Check Your House’s Curb Appeal
How does your house look from the street? That is where prospective buyers will be when they first see your home; and, that is where they will form that all-important first impression. Stand at the curb in front of your house and note what you see.
Remove any clutter in your yard.
Repair cracked or uneven driveway or walkway surfaces.
If your lawn has bald spots, apply some top dressing and re-seed. Prune trees and shrubs of dead wood. Weed and mulch flower beds, if you have them. If it is the right time of year, consider buying some flower-filled planters to enhance the eye appeal of your property. Make sure your lawn is mowed regularly. Ensure composter area is tidy.
Are your windows and walls clean?
Does your front door need paint?
Ensure your eaves and downspouts are clear of debris and in good repair.
Are your backyard deck and walkways clean? If not, use a power washer and do any necessary painting, staining, or sealing.
If you have a swimming pool, are the deck and pool clean (when in season)?
Do all outside lights work? Replace any burned out bulbs, and clean fixtures of dirt and cobwebs.
Is there a shed? Does it look presentable?
Do windows and exterior doors need recaulking? Even at 6-7 years of age, the caulking may be dried out and in need of replacement.
Do you have decorative wooden poles on the porch? Is the wood at the bottom in good condition? Overall, does it need a new coat of paint?
If you have a gate, is it well oiled?
When you have completed the curb appeal inspection, carefully check the rest of your home’s exterior.
Tomorrow is Part 2 of a 3 Part Series
Article written by: CMHC
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