Q: Is there a best time to sell?
A: Property sells year round, but generally picks up in the early Spring and Fall. Sales are based on supply and demand, so although you may have more prospective buyers during these busy times, if you list during the Summer or Winter when many people take their home off of the market, your home has less competition.
Q: What are the most important factors when trying to sell my home?
A: The two most important factors are Price and Condition. We will do a thorough comparative market analysis based on sales and listings that will compete with your property. These are listings that are similar in size, style, and location. To improve the condition of your home - repair any cosmetic defects, clean thoroughly, and “declutter”. Another very important factor is Exposure. We take professional High Definition photos and videos and ensure that your home is marketed to gain the widest exposure possible via the local multiple listing service, signage, internet ads, social media, Realtor tours and more.
Q: Should I make any needed repairs?
A: Minor repairs before putting the house on the market may lead to a better sales price. Although you are not obligated to make any repairs, any known defects (plumbing or electrical issues, appliances or systems that don’t work) must be revealed on the Property Disclosure Statement and may lower the price of the home. Most Buyers also include a clause in the contract that will allow them to back out of the deal if numerous defects are found in a Home Inspection. You should be prepared to either make repairs or negotiate the price with the repairs as a factor.
Q: How often will my home be shown?
A: This will depend greatly on the type of property you are selling and will be based on the number of Buyers that are looking for a home like yours. When your home is listed, you can expect the highest amount of showing activity in the first 2-4 weeks as buyers are eager to view a new home on the market. After the first month, showing activity will typically slow down.
Q: What disclosures am I required to make?
A: You are required to disclose any defects, strata fees: whether or not work done on the house meets local building codes and permits requirements; any restrictions on the use of property, including but not limited to zoning ordinances or association rules.
Q: How long will it take to sell?
A: While this can be a tricky question to answer with any real certainty, the more competitively your home is priced while it is on the market, the quicker it will typically sell. The best way to ensure a timely sale is to try to be the most desirable home on the market in your neighbourhood at any given price point, that way Buyers can easily recognize the value and will want to snap it up before somebody else does.
Q: How close to list price will my home sell for?
A: Currently in our real estate board area, the average the sold price hovers around 98% of list price, but this number changes slightly from month to month. Obviously, the more competitively a home is priced when it hits the market, the more activity it should receive out of the gate, which usually leads to offers that are much closer to the listing price than the board average.
Q: How much time will I have to move?
A: When it comes to selling your home, the amount of time between when we receive an offer, and when you would need to move is as negotiable as the price. Generally speaking, most transactions close within 45-60 days from when we receive an offer, but that is not to say it can’t happen much faster or slower than this. Sometimes, the Buyer will be trying to coordinate dates with the sale of another property, so they may have limitations as to how flexible they can be, but we will always try to negotiate the most favorable dates we can for you.
There is no such thing as a stupid question! Contact me today and I will be happy to provide you with any information I can to help you with this decision and process.