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****This free evaluation does not apply to commercial properties
- Pricing your property right
- The benefits of the right place
- Listen to the market
- Don’t overprice your home
- Renovating for resale
- Preparing for an Inspection
- Signing a Listing Agreement
- NEIGHBORHOOD SOLD REPORT
Pricing your property right
If you price your property too low, it may sell quickly, but you’ll lose out on money. If you price it too high, it may not sell at all. Your agent can help you figure out the best asking price for your home.
The benefits of the right price
A well-priced property may generate competing offers, which will drive up the final price. Other real estate professionals will be enthusiastic about presenting your property to their buyers. Your home will sell faster because it is exposed to more qualified buyers.
Listen to the market
As part of your pricing strategy, your agent will put together a comparative market analysis, which is a good indicator of what today’s buyers are willing to pay. It compares the market activity of homes similar to yours in your neighbourhood.
Don’t overprice your home
Some sellers believe that if they price their home high initially, they can lower it later. Instead of making you more money, this strategy could end up hurting you. a name=”renovate”>
Early activity is key
As soon as a home comes on the market, agents and potential buyers sit up and take notice. If it’s overpriced, interested parties will quickly lose interest. By the time the price drops, the majority of buyers are lost. When a home has been for sale too long, buyers will be wary and may reject the property.
You’ll miss the right buyer
You may think that interested buyers can always make an offer, but if your home is overpriced, potential buyers looking in a lower price range will never see it. And those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.
You could run out of time
You may end up having to drop your price below market value if your home doesn’t sell initially. Price it right the first time, and you won’t end up having to sell it for less than it’s worth.
Renovating for resale
Renovations don’t have to be expensive or extensive to offer you a good rate of return. In fact, a quick coat of paint can go a long way to boosting your selling price. Just make sure your new décor is tasteful, with shades of white and tame versions of popular colours.
The kitchen and bathroom are your best bets for renovation with the highest payback. Take a look at these average rates of return for home upgrades:
- * Interior painting and décor…73%
- * Kitchen renovation…72%
- * Bathroom renovation…68%
- * Exterior paint…65%
- * Flooring upgrades…62%
- * Window/door replacement…57%
- * Main floor family room addition…51%
- * Fireplace addition…50%
- * Basement renovation…43%
- * Furnace/heating system replacement…48%
- * New lighting…84%
Preparing for an Inspection
If you’re selling your home, be prepared for a visit from a home inspector, who will be checking out the property on behalf of possible purchasers. Take a look through your home using these steps, and repair any problems to ensure that your inspection is a success.
- Make sure the structure is sound. Check to see if any renovations have damaged the structure. Look for termite damage. Ensure that “settling” hasn’t caused damage to the foundation or support beams and joists.
- Check if electrical and wiring systems are safe. Loose wires or incorrectly installed or wired receptacles, switches or electrical box problems are hazardous and should be fixed. All homes should have a minimum of 100 amp service.
- Look for leaks. Water can leak into unexpected places, causing extensive damage over time. Examine the underside of sinks and dishwashers, along ceilings, on floors or along basement walls. Plumbing fixtures, water-using appliances, drain pipes, water supply inlets and outlets, basements and roofs can all be causes and sources of water damage.
- Resolve safety issues. Make sure windows open easily and lock securely, and entrances/exits can be securely locked. Correct hazards such as hidden curbs, loose railings and stairs, uncapped wells, etc.
- Check plumbing. Faucets should run easily and shut off completely, bathtubs should be properly caulked and grouted, toilets should be bolted down securely, drains should be clog free, and the water heater should be in good working order.
- Make sure your heating and cooling systems work. Make sure they are up to date, clean, in good working condition and have clean filters. Check refrigerant in air conditioning units.
- Have a friend take a look. A general, unbiased overview of your home by a neighbour or friend may reveal issues you might have overlooked.
Signing a Listing Agreement
The first formal step in selling your property is entering into a Listing Agreement with your Royal LePage agent. The Listing Agreement is a contract in which Royal LePage commits 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 part of the Agreement, your agent may require the following documents:
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 a survey, especially if significant changes have been made to your property.
Property Tax Receipts
Most Listing Agreements require that current annual property tax assessments be shown.
Mortgage Verification
Few homeowners know the exact balance of their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
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. Some provinces require that you sign a property condition disclosure statement.
NEIGHBORHOOD SOLD REPORT
Most people want to know what homes are selling for in their neighbourhood. Do you? Just fill out the form below to receive convenient monthly e-mail reports on recent sales in YOUR neighbourhood. When it comes time to place your home on Winnipeg, MB’s highly competitive market, the mystery of what neighbouring homes are selling for will be solved!
