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Selling a Home

If you are interested in selling your home, then you have chosen a dedicated realtor. Here is some helpful information, and if you require any further advice, feel free to get in touch with Marian for a personal consultation.

Understanding Market Conditions
The real estate market is always changing. It helps to understand how market conditions can affect your position as a seller.

Market Conditions	Characteristics	Implications
Buyer's Market: The supply of homes on the market exceeds demand.	High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop in this kind of market.	Your home may take longer to sell. Less negotiating leverage in terms of selling price.
Seller's Market: The number of buyers wanting homes exceeds the supply or number of homes on the market.	Smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.	You may have more negotiating leverage and obtain a higher price for your property.
Balanced Market: The number of homes on the market is equal to the demand or number of buyers.	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.

As your Royal LePage Real Estate Professional, Marian can tell you the market conditions at the time you are considering selling your home. Contact Marian for a personal consultation.

Pricing Your Property

The single most important decision you will make with your Royal LePage Real Estate Professional is determining the right asking price for your property.

Once you've achieved a realistic sale price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the least amount of time.

The Benefits of Pricing Right

(1) Your property sells faster, because it is exposed to more qualified buyers.

(2) Your home doesn't lose its "marketability."

(3) The closer to market value, the higher the offers.

(4) A well-priced property can generate competing offers.

(5) Real Estate Professionals will be enthusiastic about presenting your property to buyers.

Determining the Value of Your Home

The market ultimately determines the true value of your property.

Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:

(1) Location
(2) Size
(3) Style
(4) Condition
(5) Community Amenities
(6) Buyer Supply
(7) Financing Options

Getting to Know Your Market

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

As your Royal LePage Real Estate Professional, Marian will prepare a comparative market analysis for your home based on the most current market information. Together you and Marian will establish the proper list price for your home.

Understanding the Factors that Influence Overpricing

(1) Extensive renovations/hidden costs
(2) Desire to purchase in a higher priced area
(3) Original cost of the home was too high
(4) Lack of real market information
(5) Building in "bargaining room"
(6) Perceived emotional value

The Result of Overpricing

Many sellers believe that if they price their home high initially, they can lower it later.

Often, when a home is priced too 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.

On occasion, the price is dropped below market value because the seller runs out of time. The property sells for less than it's worth.

Missing the Right Buyer

You may think that interested buyers "can always make an offer," but if the home is overpriced, potential buyers looking in a lower price range will never see it.

Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.

The Importance of Early Activity

As soon as a home comes on the market, there is a flurry of activity surrounding it. This is the crucial time when Real Estate Professionals and potential buyers sit up and take notice.

If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.

As your Royal LePage Real Estate Professional, Marian can help you price your house to the market conditions at the time you are considering selling your home. Contact Marian for a personal consultation.

Agree on a Marketing Plan

Your property is not something you sell everyday. In fact, for many people it is their largest asset. A house is very complex to market and the process needs to be well organized. To do the job properly a plan is needed.

Marian can prepare a personalized plan for you containing all activities intended to market your property. At Royal LePage, your property will be aggressively promoted through Royal LePage's own property advertising and Internet site, other Royal LePage offices and Real Estate Professionals, the MLS information library (unless it's an exclusive listing), and mailings to potential buyers in your area.

Signing a Listing Agreement

The first formal step in marketing your property is to enter into a Listing Agreement - a contract that commits Royal LePage 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.

As your Royal LePage Real Estate Professional, Marian may require the following documents:

(1) Plan of Survey or Location Certificate:
A survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend that you obtain a survey, especially if significant changes have been made to your property.
(2) Property Tax Receipts:
Most Listing Agreements require that the current annual property tax assessments be shown.
(3) Mortgage Verification:
Few homeowners know the exact balance on their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
(4) Deed or Title Search:
This document is a legal description of your property and proof that you own it.
(5) Other Documentation:
In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.

Marian can help you organize what you need in order to make a listing. Contact Marian for a personal consultation.

Preparing to Show Your Home to Potential Buyers

First impressions are lasting impressions. You will want to make sure that buyers looking at your home are left with the best possible impression. Use this handy checklist to help you achieve that goal.

Exterior:

House exterior in good repair.

House number easy to read.

Eaves troughs, down spouts and soffits in good repair.

Garage/car port clean and tidy.

Litter picked up.

Cracked or broken window panes replaced.

Lawns and hedges cut and trimmed, garden weeded and edged.

Walks shoveled and salted.

Boot tray inside front door.

Doorbell and door hardware in good repair.

Porch and foyer clean and tidy.

Interior

Chipped plaster and paint touched up and repaired.

Doors and cupboards properly closed.

Leaky taps and toilets repaired.

Burned out light bulbs replaced.

Squeaky doors oiled.

Mirrors, fixtures, and taps cleaned and polished.

Seals around tubs and basins in good repair.

Floors cleaned, garbage containers emptied.

Inside of closets and cupboards neat and tidy.

Appliances cleaned.

Countertops neat and polished.

All lights turned on.

Air conditioner turned on in warm weather.

Fresh air in house.

Fireplace lit in cooler weather.

Halls and stairs cleaned.

Drapes opened during daylight.

Carpets freshly vacuumed.

Fresh flowers in various rooms.

Jewelry and valuables locked safely away or taken with you.

Valuable property, such as objects of art, vases and figurines out of reach, out of sight, or locked away.

Pets absent, where possible, or contained during the showing, and litter boxes clean.

Marian can help you organize what you need and offer advice to make your home show well.

The Major Elements of An Offer

(1) Price
Depending on local market conditions, your opinion of value and market information provided by Marian as your Royal LePage Real Estate Professional, the price you may offer may be different from the seller's asking price.

(2) Deposit
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. As your Royal LePage Real Estate Professional, Marian can advise you on an appropriate amount.

(3) Terms
Includes the total price offered, and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.

(4) Conditions
These might include "subject to home inspection", "subject to you obtaining financing" or "subject to you selling your property."

(5) Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

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

Need a better understanding of the elements of an offer? Contact Marian for a personal
consultation.

Some Moving Tips

Once you have purchased your home, here is a handy checklist that can make the move easier for you:

(1) Book the Movers:
You can choose to have your movers pack everything, or just the breakables, or you can pack yourself. It is a good idea to obtain estimates from several different companies.

(2) In Your Present Home:

Arrange to have your gas, water, and electric meters read on the day you leave and have the bills forwarded to your new address.

If the water sftener is rented, arrange for a transfer of the rental agreement to the purchaser, or terminate the contract.

Disconnect your telephone, cable TV.

If your Security System is leased or you have a contract which extends beyond the date you move, arrange for the buyer to take over the contract, or a satisfactory arrangement must be in the contract.

(3) At Your "New" Home:
Make arrangements for the gas and electric utilities, water softener, telephone, and cable TV to be connected on the day the sale closes.

(4) General:

Get "Change of Address" cards from the post office and send out well before moving day.

Have post office forward your mail to your new address.

Cancel any contracted services and pre-authorized cheques.

Inform gardening, dry cleaning, garbage pickup, newspapers, magazines, and other home services. Arrange for services at your new address.

Cancel or transfer social, athletic, civic, religious or business affiliations, and memberships.

Arrange for transfer of medical, dental, prescription, and optical records.

Change the address on your driver's license(s) effective the day of the move

Collect all items out for cleaning, repair, or storage, e.g. dry cleaning.

Make special arrangements for the moving of perishables, such as plants.

Make special arrangements for the moving of your pets.

Safely dispose of all flammable liquids as it is illegal for movers to carry them.

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