How to sell for the right price at the right time.

Market Analysis

To optimaize the return on your investment takes the right combination of timing, pricing, advertising, preparation and patience.

Time of year can affect housing values. Spring and fall are typcal "busy" times for real estate and and depending on weather the market has a surplus of buyers or sellers can affect the price.

Pricing is determined by sale history in your area, market conditions, property condition, property staging can also help, advertising and networking increase the numer of buyers and can create competing offers thus rasiing the selling price. Preparation can be anything from staging your house to lappeal to a broad range of buyers to pre-packing and storing some of your belongings, there are 2 key reaosn for this. A de-cluttered house often appears larger and can feel more inviting. Buyers coming from away on house hunting trips are pressed for time and can make higher offers but usually with short closing times. Therefore be alble be move quickly can also lead to a greater selling price.

How can I prepare my property for listing?

Look at your home with the eyes of a potential buyer. What is your first impression? What needs to be cleaned, painted, repaired, or tossed out to make your house as attractive as possible?

A small investment in repairs, decoration, and organization can add thousands of dollars to your property value.

Selecting a Realtor

What makes a good Realtor?

Good Realtors will save you time and money. They know your community, what buyers want in a home, how to negotiate the best price, and how to close the deal.

A Royal LePage Realtor will:

Recommend a competitive price for your home

Develop a marketing strategy to bring in as many potential buyers as possible

Take care of all the details (so you don't have to)

Advise you about your rights, options, and obligations

Negotiate to get you the best price and the best terms

Renovations

What renovations will give me the greatest return when selling my property?

The top three renovations that get you the most money* are:

Bathrooms (75 to 100% return)

Kitchens (75 to 100% return)

Interior and exterior painting (50 to 100% return)

*Appraisal Institute of Canada's 2004 Home Renovation Survey

Other renovations and their average rate of return (the value they add compared to what they cost) include:

Replacing roof shingles (50 to 80%)

Replacing the furnace and heating system (50 to 80%)

Renovating the basement (50 to 75%)

Adding a recreation room (50 to 75%)

Installing a fire place (50 to 75%)

Up-grading floors (50 to 75%)

Building a garage (50 to 75%)

Replacing windows and doors (50 to 75%)

Building a deck (50 to 75%)

Installing central air conditioning (25 to 75%)

Curb Appeal

How important is the exterior look of my property?

First impressions really do count. If the impact of your curb appeal is strong, people will want to see what is inside.

Cut the lawn.

Cut and trim the shrubs.

Remove dead tree limbs and other yard debris.

Brighten up the garden with fresh shrubs and flowers.

Get rid of the clutter. Put away toys and gardening equipment.

Touch up peeling paint on doors, siding, and trim.

Repair and paint the fence.

Fix damaged roof shingles and flashing.

Clean windows, replace broken panes, and fix torn screens.

Clean gutters and downspouts.

Wash the driveway and sidewalk. Patch cracks or holes.

Clean up the garage and shed.

Have the gas grill ready for use.

Make sure outside lights and doorbells work.

Interior Preparation

What should I do to the interior of my property, before I list it for sale?

Every room should look as spacious, bright, and warm as possible.

Wash walls, ceilings, and trim. Consider painting with light, neutral colours. Repair cracks.

Tighten loose knobs, towel racks, switch plates, and outlet covers.

Fix tight doors and windows, squeaky floorboards, and loose stair banisters.

Clean and repair caulking around tubs and sinks. Fix leaky faucets; remove water stains.

Clean and organize the basement and attic. (This is a good opportunity to throw out all the bits and pieces you don't want to move.)

Organize closets. Get rid of the clutter. Limit the number of items stored overhead or on the floor.

Clean out kitchen cabinets, and remove clutter from countertops.

Clean drapes, blinds, and curtains. Shampoo carpets, and wax floors.

Now is a good time to spray for bugs.

Arrange furniture to make rooms appear as spacious as possible.

Remove any items you're taking with you, such as chandeliers and mirrors.

Discerning Property Value

How is the market value of my property determined?

The market sets the price. Your local Royal LePage Realtor will help you set a realistic price to match market conditions.

Your Realtor can give you a comparative market analysis based on similar homes in your area. It will show current listings, recent sales, and expired listings (a good thing to check because these houses are usually either overpriced or poorly marketed).

Your Realtor will help you develop a competitive price based on:

Location

Size

Style

Condition

Community amenities

Financing options

Market conditions (Is it a buyers or a sellers market?)

Remember: The market determines price. Avoid the urge to price your home based on considerations that do not affect its market value. For example, the following do not affect the market value for your property:

How much you need to purchase your next home

How much you paid

How much you spent on improvements

The value of a similar home in a different community

The cost to build the same home today

Your personal attachment to your home (Yes, it's your house and you're proud of it, but this makes no difference to potential buyers.)

Importance of Pricing

Why is listing my property at market value so important?

A realistic competitive price means:

Your property will sell faster. People don't bother looking at over-priced homes.

Your home doesn't lose its "marketability."

Offers are higher when a property is closer to market value.

A well-priced property can generate competing offers.

Realtors will be more willing to present your property to buyers (and be more enthusiastic when they do so).

Showing Your Home

How should I prepare for showings and open houses?

Your house should be ready to show at all times. Make sure it is kept clean and clutter-free. And, those last minute touches before someone comes to look at your home can make all the difference:

Turn on all the lights, even during the daytime, including outside entrance, closet, basement, and attic lights. Open all the drapes and blinds.

Turn off the television, stereo, and radio (easy listening music is OK).

On cold days, light a fire. If not in season, make sure the fireplace is clean.

Put pets in a fenced yard. Better still, ask friends to look after them. Some people may be allergic, others may be afraid of animals. Clear any pet odours.

Clean the kitchen and bathrooms. Leave windows and mirrors sparkling.

Set out fresh flowers, hang decorative hand towels in the bathroom, and place an attractive tablecloth on the dining room table.

If possible, leave! Some buyers are uncomfortable when the owner is in the house. In their hurry to get away, they may miss important features, or fail to ask important questions. If you must remain, be courteous, but try not to make conversation. The buyers Realtor knows what the buyer is looking for. He or she can discuss features and answer questions.