Guide To Selling a Home

Bill (D'Canis) Dikianidis & Wendy Easveld

Knowing Your Market

A comparative market analysis is an indicator of what today’s buyers are willing to pay for a home, it compares the market activity of homes similar to yours in your neighbourhood. Those that have recently sold represent what buyers are willing to pay, homes currently listed for sale represent the price sellers hope to obtain, those listings that have expired were generally overpriced or poorly marketed.

Market Conditions

Market conditions are constantly changing, it helps when selling your home to know the diffrent market condiditons and how they effect you as a seller.

Market Condition:	Charactoristics:	Effect:
Buyers Market The supply of homes on the market exceeds demand.	High inventory of homes. Few buyers compared to availibility. Homes on the market longer. Prices tend to drop in this type of market.	Your home may take longer to sell. Less negotiating. leverage in terms of selling price.
Sellers Market The number of buyers wanting homes exceeds the supply of number of homes on the market.	Small inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.	May have more negotiation leverage and obtain a higher selling price for your property.
Balanced Market The number of homes on market is equal to the amount of buyers on the market.	Demand equals supply. Homes sell within an acceptable time period. Prices generally stable.	More relaxed atmosphere. buyers have a reasonable number of homes to choose from.

Pricing Your Home

One of the most important desicisions you will make with your real estate professional is determining the asking price for your home. The current real estate market will determine the actual value of your home.

Before deciding on an asking price for you property you should get get a market analysis from your real eastate professional. You should also consider the following things:

• Location
• Size
• Style
• Condition
• Amenities
• Financing Options

Pricing Right

Why is it so Important to Price a Property Right?

• Your property will sell faster because it will be exposed to more qualified buyers.
• Your home won't lose its “marketability”.
• The closer to market value, the higher the offers.
• A well-priced home can generate competing offers.
• Real estate professionals will be more enthusiastic about presenting your property to buyers.

The Effects of Overpricing:

Many sellers believe that if they price there home high, they can lower it later. Often when a home is priced high, it experiences little activity. Gradually the price will come down to market value, but by that time it’s been for sale too long, and some buyers will be wary and reject the property.
continued...

Pricing Right (continued)

You may think that increased buyers “can always make an offer”, but if the home is overpriced, potential buyers looking in a lower priced range will never see it. Those who can afford a home at your asking price will soon recognize they can get better value elsewhere.

Listing Agreement

The first formal step in marketing your property is to enter into a listing Agreement. A listing agreement is a contract that commits your real estate professional to actively market your home for a specified period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale.

Your real estate professional may require the following documents:

• Plan of survey/location certificate:
  A survey of your property will determine the lot size and location of buildings. In some cases a survey is required to complete the sale of your property.
• Deed of title:
  A deed of title is a document that contains a description of your property and proof that you own it.
• Property tax recxipts:
  Many listing agreements indicate that property tax assessments be shown to the buyer.

continued....

Listing Agreement (continued)

• Mortgage verification:
  You may need to give authorization to find out exactly how much is still owed on your mortgage.
• Other documents:
  In many cases it will be helpful if you can provide buyers with current heating, electrical, and water expenses, as well as any recent home improvement costs.

Preparing to Show Your Home

In order to make the right impression you should check to following things before a real estae professional shows your home:

Exterior: House exterior in good repair House number easy to read from street Eaves troughs and down spouts in good repair Garage/car port clean and tidy (if applicable) Any litter picked up

Interior: Chipped plaster and paint touched up and repaired Doors and cupboards properly closed Leaky taps and toilets repaired Burned out or dim light bulbs replaced Mirrors, fixtures, and taps cleaned and polished

continued...

Preparing to Show Your Home (continued)

Exterior: Cracked or broken window panes replaced Lawns and hedges cut and trimmed, garden weeded and edged Paths and driveways shoveled and salted (seasonal) Doorbell and door hardware in good repair Porch and foyer clean and tidy

Interior: Floors cleaned, garbage containers emptied Inside of closets and cupboards neat and tidy Appliances and electronics cleaned Counters cleared and polished Comfortable rooom temperatures Carpets vacuumed and tiles/wood polished Any planned rennovations completed

Offers

The Main Elements of an Offer:

1. Price: Depending on local market conditions, the buyer's opinion of value and market information provided by the buyer's real estate professional, the price the buyer offers may be different from your price.
2. Deposit: The deposit shows the buyer's good faith and will be applied against the purchase of the home when the sale closes. The buyer's real estate professional can advise the buyer on an appropriate amount.
3. Terms: Includes the total price offered and the financing details. The buyer may arrange his/her own financing or ask to assume the your mortgage, especially if it has an attractive interest rate.
4. Conditions: These might include: "subject to home inspection", "subject to the buyer obtaining financing", or "subject to the buyer selling his/her property".
5. Inclusions and Exclusions: These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

continued...

Offers (continued)

6. Closing or Possession Date: Generally, the day of title of the property is legally transferred and the transaction of funds finalized unless otherwise specified.

How an Offer Concerns You as a Seller:

When selling your home buyers will present offers of purchase to you. The offer will probably include all of the the elements listed above, and depending on the element you may choose to accept the offer, reject the offer, or write a counet offer. Your real estate professional should explain the offer and help you write a counter offer if necissary.

Thank you!

We hope you have found this presentation informative and helpful. Please contact Bill (D'Canis) Dikianidis or Wendy Easveld if you have any questions or if you are interested in selling a home.
Click Here to return home.