Serge did a great job selling my house. He was professional, helpful, and realistic. We collaborated on a price and it sold within 5 days! Anyone interested in selling a home should contact Serge Bourgoin and Team Leading Edge.
Sincerely, Karen Ferguson
Market “timing” isn’t the only factor that influences how quickly your house will sell or for how much.
The preparations you make before listing your house on the market will also have a big impact on your success. Consider these questions: How well is your house staged? Is it in a good state of repair? Is it priced correctly based on local market conditions? Is it listed and promoted so that all REALTORS® and their clients understand the advantages your house and neighbourhood have to offer?
Sure, there are peaks and slower cycles throughout the year. And, there are economic periods when the real estate market is either heating up or cooling down. But you don’t have any control over those factors. Plus, you can never accurately predict exactly where the market is within each cycle.
What you can control is how well you prepare your house for sale so that it’s desirable to as many potential buyers as possible.
So when is the best time to sell your house? When you want or need to sell it.
Want to find out how much your house will sell for in today’s market? Call today.
Some homeowners and real estate agents are thinking beyond price, condition and location to get buyers in the door and make a sale. Michael Travis, an agent with Coldwell Banker Residential Brokerage in Portsmouth, N.H., equates it to being noticed among potential daters on a dating website. “You have to stand out,” he says.
Here are five offbeat ways to sell a home. Hopefully, they’ll inspire you to think outside the box.
1. Let them sleep over
Some builders and sellers are offering prospective buyers a chance to stay in the home for a night. They’re even welcoming folks with bottles of wine and other goodies to make their stay comfortable.
The tactic has been featured on TV, with shows such as HGTV’s “Sleep On It,” which depicts buyers spending the night in homes and even throwing dinner parties.
“This is a pretty ‘out there’ concept,” says Benita Carswell, principal and broker with Atlanta-based Bo Bridgeport Brokers.
Atlanta buyers Tim and Kimberly Miller were considering a new home but wanted to know if the street in front of it was too noisy. The builders let them bring air mattresses, and the couple set up camp for the night.
The Millers woke up the next morning, satisfied with what they didn’t hear, and put a contract on the new home, which they moved into in December 2008.
“It was really what kind of helped close the deal,” Tim Miller says.
Carswell, who was the Millers’ agent, says the sleepover gave them “the experience of that home.”
“It was like being out on the front porch in the evening and being able to see how the traffic was or the noise level in the neighbourhood,” she says. “That final thing really confirmed it for them.”
On second thought: Set some rules for what potential buyers can do in the house. If they decide to have a party, it could get out of hand and possibly damage the home or furniture, says Dorcas Helfant-Browning, past president of the National Association of Realtors. Also, it’s not a risk-free move because the more time a potential buyer stays in a home, the more things they could question or dislike, Carswell says.
2. Hire house-sitters
Staging is becoming more common, but some absent owners are taking it to the next level by hiring house-sitters. Buyers also get the chance to buy the home fully furnished.
Getting a house-sitter is something to consider in areas where there have been many vacancies and where you want buyers to have a sense of the neighbourhood and someone occupying the home for security, Helfant-Browning says.
“People want to live in neighbourhoods because there are people there,” she says. “Not only does it help the property that’s being sold, it really is a benefit to the neighbourhood.”
Professional stager Barb Schwarz, chairwoman of the International Association of Home Staging Professionals and CEO of StagedHomes.com, says having someone live in the home adds another challenge to the staging process. She says another gimmick she heard being used in Florida involved hiring actors to “live” in a community during open houses.
“When the buyer comes in, you want the buyer doing one thing: to mentally move into a space. That’s what staging does,” says Schwarz, author of Home Staging: The Winning Way to Sell Your House for More Money. “What we don’t want are people in the way. It’s about setting the scene and doing it in a way that features the space.”
On second thought: Choose the house-sitter wisely. You want someone who lives neatly and who will allow buyers into the home whenever they want to visit.
3. Offer incentives, incentives and more incentives
Builders continue to chip away at prices with special deals, some of which have taken $100,000 or more off the price of a home. But individual sellers also should consider price and other incentives that could entice a buyer to take a look.
“You have to attract their attention somehow,” Travis says. “You want to create the buzz.”
Travis’ sellers have offered gas cards when prices skyrocketed or offered to pay for a year’s worth of propane for an old house. He’s sold condos in which the seller has paid for a year’s worth of expensive homeowners’ fees.
Travis’ most unusual sale happened when he advertised a free lakefront house with the purchase of a $405,000 pontoon boat that he says was “beat to hell.” Travis says he was having a hard time selling the home, even though it was lakefront on a 300-acre New Hampshire lake, because it was on a cove lot without any beachfront.
When he advertised the house as free with the purchase of the boat, potential buyers came out just to see what was going on. The house eventually was sold, but the boat was turned down.
These and other incentives – some sellers have offered free vacations and spa trips and boat and car leases for a year – can get traffic through your door, Travis says.
Sometimes people see the concessions and realize the sellers are willing to work with them. “They realize they have a little more negotiating room,” he says.
On second thought: Don’t include items, such as lawn or recreational equipment, in the ad for the home. But during negotiations, you might want to throw in the pool table or lawn mower to help seal the deal.
4. Swap lives
Finding strangers with the same housing preferences and the desire to change homes might seem difficult, but it’s happening, with some transactions aided by websites such as goswap.org and onlinehousetrading.com.
The chances are slim that you’ll find a match of two perfectly equal homes in different locations, says Helfant-Browning, principal broker with Coldwell Banker Professional Realtors in Virginia Beach, Va. But, she says, the idea often works when one person with a lot of equity in a home wants to move up and the homeowner in the biggest house is willing to downsize.
“It’s sound for someone with a large home who may be looking to move down and the move down isn’t the home of their dreams, but it might make economic [sense],” she says.
On second thought: This could be the chance for an investment. Some people improve the smaller residence to sell when the market rebounds, or to rent it to generate extra income.
5. Sell to a builder
This is a version of the swapping idea, with the builder willing to buy your residence if you put a contract on one of the builder’s new homes.
It’s an investment decision on the part of a builder, who must decide how much it will cost the company to renovate and pay the mortgage, Helfant-Browning says.
Sellers shouldn’t expect to make a hefty profit with this strategy. The builder typically will take it below the asking price because of the risk involved.
On second thought: If the buyer is “upside down” in the home – they owe more than the home is worth – it’s more difficult to trade, Helfant-Browning says.
By Lori Johnston, Bankrate.com
Edmonton, February 2, 2010: Single family homes sold through the Edmonton Multiple Listing Service® System sold on average for the same amount in January as at year-end while condominium prices dipped 2%. Month-to-month sales slowed by 6.8% as compared to December but the number of new listings in January doubled the December numbers.
The average* residential price was $314,783 for January, down 1.4% from last month and down just 0.7% from a year ago. Single family home prices on average were stable increasing minutely from $366,761 in December to $367,747 in January. Condominium prices dipped just 2% in the month from $244,174 to $239,006. Duplex and rowhouse prices were up 1.5% to $300,563.
“There will be month-to-month fluctuations in prices for all types of properties,” said Larry Westergard, president of the REALTORS® Association of Edmonton. “We expect that the local market will continue to be robust and prices will trend upwards through the year.”
Compared to December, housing sales were down in January with 524 single family sales and 288 condominium sales. Total residential sales were 884 units – 154 ahead of last January. There were 2,199 residential listings added during January resulting in a 40% sales-to-listing ratio and a month-end inventory of 4,864 homes. The average days-on-market was 57 days. Total sales (including residential, commercial and rural properties) in January were valued at $315 million (up 19% from last year).
“While the low prices may have motivated some buyers, the continuing low interest rates are probably a bigger factor for first time and repeat buyers,” said Westergard. “The inventory increase shows that current owners are poised to enter the market and to offer their homes for sale. Buyers and sellers should consult their REALTOR® to work out an appropriate strategy for their situation.”
-30-
Highlights of MLS® activity
| January 2010 activity |
Record for |
% change from |
| Total MLS® System sales this month |
990 |
24.20% |
| Value of total MLS® System sales – month |
$315 million |
18.70% |
| Value of total MLS® System sales – year |
$315 million |
18.70% |
| Residential¹ sales this month |
884 |
21.10% |
| Residential average price |
$314,783 |
-1.40% |
| SFD² average selling price – month |
$367,747 |
4.20% |
| SFD median³ selling price |
$356,000 |
1.30% |
| Condo average selling price |
$239,006 |
0.10% |
¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices
* Average prices indicate market trends only. They do not reflect actual prices, which may vary.
Source: REALTORS® Association of Edmonton
Homebuyers want smaller houses and they are willing to strip some of yesterday’s most popular rooms-such as home theatres-from them in order to accommodate changing lifestyles, consumer experts told audiences at the International Builders Show here this week.
“This is a traumatic time in (the United States) and the future isn’t something we’re 100 per cent sure about now either. What’s left? The answer for most home buyers is authenticity,” said Heather McCune, director of marketing for Bassenian Lagoni Architects in Park Ridge, Ill.
Buyers today want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed ‘green’ from the outset,” she said. The key for homebuilders is “finding the balance between what buyers want and the price point.”
For many buyers, their next house will be smaller than their current one, said Carol Lavender, president of the Lavender Design Group in San Antonio, Texas. Large kitchens that are open to the main family living area, old-fashioned bathrooms with claw foot tubs and small spaces such as wine grottos are design features that will resonate today, she said.
“What we’re hearing is ‘harvest’ as a home theme-the feeling of Thanksgiving. It’s all about family togetherness-casual living, entertaining and flexible spaces,” Lavender said.
Paul Cardis, CEO of AVID Ratings Co., which conducts an annual survey of homebuyer preferences, said there are 10 “must” features in new homes:
1. Large kitchens, with an island. “If you’re going to spend design dollars, spend them where people want them-spend them in the kitchen,” McCune said. Granite countertops are a must for move-up buyers and buyers of custom homes, but for others “they are on the bubble,” Cardis said.
2. Energy-efficient appliances, high-efficiency insulation and high window efficiency. Among the “green” features touted in homes, these are the ones buyers value most, he said. While large windows had been a major draw, energy concerns are giving customers pause on those, he said. The use of recycled or synthetic materials is only borderline desirable.
3. Home office/study. People would much rather have this space rather than, say, a formal dining room. “People are feeling like they can dine out again and so the dining room has become tradable,” Cardis said. And the home theatre may also be headed for the scrap heap, a casualty of the “shift from boom to correction,” Cardis said.
4. Main-floor master suite. This is a must feature for empty-nesters and certain other buyers, and appears to be getting more popular in general, he said. That could help explain why demand for upstairs laundries is declining after several years of popularity gains.
5. Outdoor living room. The popularity of outdoor spaces continues to grow, even in Canada, Cardis said. And the idea of an outdoor room is even more popular than an outdoor cooking area, meaning people are willing to spend more time outside.
6. Ceiling fans.
7. Master suite soaker tubs. Whirlpools are still desirable for many home buyers, Cardis said, but “they clearly went down a notch,” in the latest survey. Oversize showers with seating areas are also moving up in popularity.
8. Stone and brick exteriors. Stucco and vinyl don’t make the cut.
9. Community landscaping, with walking paths and playgrounds. Forget about golf courses, swimming pools and clubhouses. Buyers in large planned developments prefer hiking among lush greenery.
10. Two-car garages. A given at all levels; three-car garages, in which the third bay is more often than not used for additional storage and not automobiles, is desirable in the move-up and custom categories, Cardis said.
Source: Steve Kerch of Marktwatch (Yourhome.ca)
NEW YORK (CNNMoney.com) — Home remodelers are getting less bang for their bucks. For the fourth straight year, renovation jobs have added less to resale values relative to their costs, according to an annual Remodelling Cost vs. Value Report released this week by the National Association of Realtors.
The average remodelling job cost $50,908 in 2009 and added $32,497 to the value of the home, a ratio of 63.8%. That was down from a cost-to-value ratio of 67.3% in 2008, when the average was $49,866 and the added value was $33,568.
One common renovation, a mid-priced bath remodel, for example, runs an average of $16,142 and adds only $11,454 to the resale value of a house — recouping just 71% of its cost. In 2008, the same job cost less — $15,899 — and typically added $11,857 to the home’s value, recouping 74.6%.
The most financially successful jobs are smaller-scale, lower-cost renovations that improve the exterior appearance of homes. In this down real estate market, curb appeal is king.
“Once again, this year’s report highlights the importance of a home’s first impression,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.
Ron Phipps, a real estate broker in Rhode Island, said how the house looks from the outside is more important than ever.
“If you’re driving down the street and the house doesn’t have great appeal, it doesn’t matter how nice it is inside,” he said.
But here’s the kicker: Clients are savvier than ever in their shopping. Even though the costs of home improvements are less likely to be returned on resale than they have been in prior years, sellers may still have to bite the bullet and do the remodelling if they want their house to sell at all, he said.
“It’s kind of intriguing,” said Phipps. “Buyers are using the unimproved houses to negotiate lower prices, but they wind up buying the remodelled homes.”
So, if there are two similar houses in the area, buyers will use the listing price of the one that has not gone through a metamorphosis to get the seller of the renovated house to slash their price. Buyers want to pay for the caterpillar but get the butterfly.
Seller must play along if they want to make deals. “You get to sell the house more quickly if you do the renovations,” Phipps said.
Biggest pay-offs
The major job that returns most in resale value is an upscale replacement of siding using fibre-cement. The job costs an average of $13,287 but increases home value by $11,112, or 83.6%. A vinyl siding replacement returns 79.9% of costs.
Adding a basement bedroom is also fairly cost effective, averaging $49,346 but adding $40,992 in value, an 83.1% return.
“Increasing liveable square footage with a new deck or an attic bedroom is usually more valuable than just remodelling existing space,” Phipps said.
The return on investment for some jobs varies greatly by region.
In New England, where winter are long and cold, vinyl window replacements reap a better return than they do in the warm South Atlantic region, where poorly insulated windows don’t mean as much expensive heat leaking away.
So, although replacement windows cost more in New England — an average of $11,155 — they add $9,152 to home values there, recouping 82.3% of their cost. In the South Atlantic states, they cost $9,705 but add just $7,417 to home values, 76.4% of their cost.
On the other hand, buyers in the South Atlantic seem to reward sellers for adding living space more than they do in New England. Maybe thrifty Yankees hate having to heat those extra rooms.
Finishing a basement returns 84.4% of its $55,357 cost in the South Atlantic and only 64% of the $65,715 New Englanders spend for the job.
Among the remodelling jobs faring the worst in return on investment were large, upscale kitchen remodels. They cost an average of $111,794 in 2009 and added $70,641 in recoupable value, just 63.2%.
That was down a whopping 7.5 percentage points from their 70.7% return on investment in 2008 . At the height of the housing boom, in 2005, upscale kitchen renovations returned more than 80% of their costs.
“A lot of the things that, historically, had huge value, don’t have as much today,” said Phipps. “If you want to redo a kitchen, it may no longer make as much sense to use upscale appliances — Viking ranges, Sub-Zero refrigerator. Buyers may not pay any more than they would for a home with GE appliances instead.”
Of course, most remodelling jobs are done to please homeowners. Any increase in home value is a bonus, not an end in itself. But for anyone thinking of selling in the near term, keeping an eye on the bottom line is always a good idea
By Les Christie CNNMoney.com
These simple do-it-yourself projects that can make a big difference, without taking too much out of your wallet.
Think spending $50,000 on a total kitchen remodel or $10,000 overhauling the bathroom is the only way to add value to a home? If large, expensive projects are beyond your grasp, you’re in luck: Increasing the value of your home doesn’t have to involve large outlays of cash, especially when you’re willing to put in a little sweat equity. Why spend big money when there are so many low-cost, do-it-yourself (DIY) projects? Whether you’re planning on selling or just want a nicer place to live, read on to find out what you can do to add value to your home for as little as a few dollars. (To read more about home improvements, see Fix It And Flip It: The Value of Remodeling.)
The following are some changes that can be undertaken for surprisingly little money.
Freshen Up the Walls
If your walls have scratches and dirty paint, an outdated color or tacky wallpaper, a few cans of paint can make a dramatic difference. If you’re trying to maximize the value of your home, it’s best to choose a neutral color scheme that unifies the entire house, makes the space look bigger and will appeal to a wide variety of potential buyers.
Install Crown Molding
This task is surprisingly simple but adds a lot of character. You simply buy the molding, which is nothing more than decorative strips of wood from a home improvement store, cut it to the size that fits your room (or have the store cut it for you), and attach it to the top of the wall with a nail gun. It may even come already painted. This involves a bit of woodworking skill as well as the right tools, but is very inexpensive if you can do it yourself.
Update Fixtures
Switch plates, outlet covers, curtain rods, light fixtures and doorknobs are often boring or overlooked, but a few bucks can add major pizzazz. Attractive metal switch plates and outlet covers can cost as little as $5 apiece but look much more expensive. Light fixtures and decorative curtain rods can be a little pricier, but sometimes you can make an inexpensive piece look elegant with the right can of spray paint. Again, make sure to choose items in colors and finishes that will appeal to a wide audience.
Install Ceiling Fans
Everyone likes to save money on electricity bills, making ceiling fans an appealing addition to any home. Using ceiling fans can definitely cut down on air conditioning costs, and in fact, they can also reduce heating costs by circulating warm air away from the ceiling. A basic fan costs about $50, and a nice one can be had for no more than a couple hundred dollars. If you don’t already have overhead lighting in the room or rooms you want to install fans in, the electrical work needed to install them can significantly escalate the cost of this project as well as take it out of the DIY realm.
Improve Window Treatments
The cheap vertical plastic blinds, paper shades, or horizontal aluminum blinds that may have come with your house definitely don’t add any value to your home. Consider replacing them with plantation shutters, wooden blinds or nice drapes. By the way, it doesn’t matter whether the drapes will come with the house if you are in the market as a seller. The important thing is that they make it look nice while it’s on the market and help you get top dollar for your home.
Reveal and Restore Hardwood Floors
Older homes in particular are likely to have hardwood floors lurking beneath carpet. If your floor squeaks, that’s a decent sign that you may have wood floors. If you’re not sure, pull up your carpet in an unnoticeable corner and investigate. If you do have wood floors, there’s a good chance you’ll have to refinish them to restore them to their original splendor, but that will be much less expensive than installing new flooring from scratch.
Redo the Bathroom Floor
Many people can learn how to do this task themselves with a simple class (your local home improvement store may offer one). Because installation makes up a major part of the cost of most home improvements, saving all that money on labor may allow you to pick nicer flooring than you could otherwise afford. Opting for a neutral-colored tile will add the most value.
Update Fixtures
If you have generic, cheap and/or outdated fixtures, replacing them with newer, more customized versions can make your bathroom sparkle. For about $40-$100, you can replace a shabby bathroom vanity or ceiling light fixture with something elegant. A similar cash outlay will get you a new sink faucet. A spa-style chrome shower head adds a touch of luxury for about $80. Towel bars are the easiest and cheapest fix at about $20-30. Sometimes the upgrade can even be more energy efficient, increasing not only the aesthetics of your home but “greening” it up as well. (For more on saving energy, read Ten Ways To Save Energy And Money.)
Paint or Stain Kitchen Cabinets
You could buy all new cabinets and save money by purchasing prefabricated (rather than custom) cabinets and installing them yourself, but that’s more work and money than painting or staining your existing cabinets. White cabinets will brighten the room, don’t usually go out of style and are easy for future owners to repaint if they want something different. You’ll need to remove all the hardware from your cabinets, including removing the doors. You’ll also need to clean the cabinets first so that residue like grease won’t ruin your work. This renovation can be used to spruce up your bathroom cabinets as well.
Upgrade Cabinet Knobs and Drawer Handles
It’s surprising how a seemly innocuous element like a cabinet door knob can make your kitchen look cheap or dated. Updating this hardware can give your kitchen a face lift whether you redo your cabinets or not.
Clean Fireplace Brick
If you have a brick fireplace and it’s ever been used, chances are some of the brick is stained with soot and creosote. Because a nice fireplace can be a major selling point in a home, you’ll want to make yours look as nice as possible. Just use a damp rag to wipe away some of the soot, then follow up with a fireplace cleaner designed to remove creosote. It will take some scrubbing with a stiff brush and possibly several applications, but you’ll have that brick looking spiffy when you’re finished.
It may be easy for you to ignore your home’s exterior when you spend most of your time inside, but it’s the first and sometimes only impression that others get of your house. Here are a few simple ways to make it look its best.
Install a New Front Door
A very basic steel front door costs about $100, but for just another $100-$200, you can get a door with a lot more character that will improve your home’s curb appeal. If you can’t afford a new door, a fresh coat of paint in an inviting color may be all you need.
Replace the Front Door Mat
When you’ve had the same doormat for years, it can be easy to overlook how worn out or dirty it’s become, but it’s one of the first impressions people get of your home. This is one area where $20 can make a big difference.
Gutters
This is more an issue of maintaining your home’s value than increasing it, but it’s extremely important. Without properly functioning gutters, which are designed to carry water away from your home, rain may seep into your home or pool around it, causing problems like mold and mildew and eventually compromising the house’s structural integrity, leading to very expensive repair bills.
Power wash the Exterior of Your Home
For less time and money, a good washing can make your home’s exterior look almost as good as a fresh coat of paint.
Repaint the Exterior
If washing the exterior of your home didn’t brighten it up as much as you’d hoped, consider a new paint job. With the ladders and heights involved, this may not be a DIY task for everyone, but even if you have to hire others to do this job, it’s still pretty inexpensive as far as home improvements go and can make your house look almost new from the outside.
Power wash the Driveway, Walkways and Patio
As long as you’re renting the power washer, you might as well clean your driveway, your patio, and any walkways. You may be surprised by how new they’ll look afterward.
Upgrade Landscaping or Clean Up Existing Landscaping
Flowers and other plants are a great way to brighten your home’s exterior. Use greenery in front of your house and/or along walkways to draw attention to your house. To get the most for your buck, choose perennial plants, or ones that will come back year after year, rather than annuals, which will die in a year or less and not return. Patch any bald spots in the yard with fresh sod and trim existing trees and bushes to complete the yard’s new look.
Put on Your Tool belt
Upgrading your home doesn’t have to be expensive or difficult and it doesn’t have to involve contractors. There are a variety of projects for all price ranges and all levels of skill and enthusiasm that can improve your home’s value, whether to future buyers or, perhaps more importantly, to you. Putting a few of these home-improvement ideas into action will help you get the most value out of one of your biggest assets whether you’re staying in it or selling.
Amy Fontinelle Investopedia.com
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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