Dear David,
With all the news and economic uncertainty south of the border, what questions are you hearing from sellers these days? – CURIOUS
DEAR CURIOUS: The home selling process is fairly consistent, but may vary based on the seller’s motivation, the current state of the market, and what’s going on in the rest of the world. These are the questions I’m hearing most from sellers:
When is the best time to sell? The traditional answer is in the springtime. Prior to the stock market crash of 2008, the cyclical nature of real estate was quite predictable. In recent years (and depending on local inventory levels), we’ve seen crazy things happen in January or February, or watched sales peak in the summer, which traditionally is a much slower time. I say the best time to sell a home is when you’re ready.
How should I price my house? The answer to this question never changes. It’s virtually impossible to underprice your house, assuming you have the correct marketing strategy in place. With that in mind, it’s very possible to overprice your house, no matter how hot or cold the market is.
What is the market like currently? Once things calm down south of the border, I expect we are poised for a balanced market, which means inventory levels should be on par with the volume of buyers entering the market. With interest rates sitting two percent lower than they were just six months ago, we are likely to see buyers coming out of the woodwork to pursue the moving plans they’ve put on hold for the last year or two.
What costs come with selling a home? Beyond the fees associated with hiring a professional Realtor, sellers should budget for legal fees to accommodate the transaction, potential repair expenses to get the home in tip-top shape, and moving expenses. As a seller, you’ll want to get a quote from a reputable mover. Also check with your bank or mortgage specialist to see if you can port your existing mortgage to your new home, and what the penalties might be for early termination.
How do I make my home attractive to buyers? This is one thing that never changes. Cleaning, painting and decluttering are areas where you’ll see the largest return on investment. Ask your Realtor for guidance on where to spend your resources. Make any necessary small repairs (tightening door knobs, etc.) and consider getting a quote on staging. I cover the cost of staging for the majority of my clients, and suspect it may be the most productive money you can spend.
PRO TIP: While many aspects of the sales process do not change with time, it’s critical to factor in current market trends. Like skydiving, there is no room for error when selling your home. You have just one opportunity to get it right. #Advice #AskDavid #TheNegotiator
David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.
