Assessing your home’s value
with Market Watch
What is Market Watch?
Market watch is an information source that introduces you to current real estate market conditions. If you are looking to sell either now or in the future and would like to start receiving market information, subscribe to Market Watch. Market Watch is an easy way to keep up to date with new properties coming onto the market and recent sales of similar properties to yours.
Receiving Market Information
You will receive e-mails of all new listings and recent sales that fit your profile.
Simon will send you the most up to date market information on your profiled property, giving you the benefit of his experience and market knowledge.
Evaluating Available Properties
Market watch will allow you to evaluate properties on the market. This will help you build your understanding of the current real estate market and allow you to be realistic about the property you intend to sell. You will begin to develop your own understanding and market knowledge so that when the decision to sell approaches you will have the ability and confidence to make the right decision.
The Feedback System
It is common for people entering into the real estate market to have a limited understanding of current market values. By sending feedback to Simon regarding the listings he sends to you, Simon will be able to develop an understanding for your unique real estate requirements needs.
This process will also create an opportunity for you to re-evaluate the value of your property. You may learn that the price you had in mind may not fit with the current market values.
In this case Simon may be able to give you feedback as to how you can achieve your desired price.
How do you prepare a house to sell?
- Sweep the sidewalk, mow the lawn, prune the bushes, weed the garden and clean debris from the yard.
- Clean the windows (both inside and out) and make sure the paint is not chipped or flaking.
- Be sure that the doorbell works.
- Clean and spruce up all rooms, furnishings, floors, walls and ceilings. It's especially important that the bathroom and kitchen are spotless.
- Organize closets.
- Make sure the basic appliances and fixtures work. Get rid of leaky faucets and frayed cords.
- Make sure the house smells good: from an apple pie, cookies baking or spaghetti sauce simmering on the stove. Hide the kitty litter.
- Put vases of fresh flowers throughout the house.
- Having pleasant background music playing in the background also will help set your stage.
There is no "best" time to sell per se. Selling a house depends on supply, demand and other economic factors. But the time of year in which you choose to sell can make a difference both in the amount of time it takes to sell your home and in the ultimate selling price.
Weather conditions are less of a consideration in more temperate climates, but most of the time, the real estate market picks up as early as February, with the strongest selling season usually lasting through May and June.
With the onset of summer, the market slows. July is often the slowest month for real estate sales due to a strong spring market putting possible upward pressure on interest rates. Also, many prospective home buyers and their agents take vacations during mid-summer.
Following the summer slowdown, real estate sales activity tends to pick up for a second, although less vigorous, fall market, which usually lasts into November when the market slows again as buyers and sellers turn their attention to the holidays.
If this makes you wonder if you should take your home off the market for the holidays, consider the advice of veteran agents: You are always more likely to sell your house if it is available to show to prospective buyers continuously.
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider.
Before you list your home, you must determine your asking price. This largely depends on the selling price of other properties in your neighbourhood with comparable square footage, amenities and features.
The asking price is usually established somewhat higher than its actual worth to provide some room for negotiation. Setting it too high may deter some prospects and result in a longer selling period. When a home is 'priced to sell' with a lower asking price, it may capture a lot of attention but it can also cause some 'too-good-to-be-true' skepticism.
A quick MLS search will give you a rough idea of the competition amongst properties for sale in your area. But as market conditions fluctuate frequently and purchasing conditions are often complex, sellers do best to consult your Realtor to perform a professional competitive market analysis based on comparable properties in the same market.
Simon Myara has access to detailed information on current listing prices, recent sales reports, and timely market conditions to give you an accurate, competitive assessment of what potential buyers are willing to pay for your home.
With expertise on real estate markets and valuable selling experience, Simon Myara can create a powerful selling strategy that accounts for all your selling expectations including price, time-to-sell and special terms and conditions.
In the end, Simon Myara will help you get the right price for your home with the best terms and conditions for your needs.
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause (a buyer contingency that allows a buyer to back out if numerous defects are found or to negotiate their repair.)
The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy at almost any price. On the other hand, making such repairs may be the only way to sell your house in a down market.
Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed which can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.
Another option is to pull your house off the market and wait for the market to improve.
Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender.
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.
Most purchase offers include two standard contingencies:
a financing contingency: which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender.
inspection contingency:which allows buyers to have professionals inspect the property to their satisfaction.
The purchase contract must also include the seller's responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.
If you are a seller in a seller's market, in which there is more demand than supply, you probably won't have to entertain too many contingencies. But if you are selling in a buyer's market, when buyers are few, prepare to be very flexible. Granting contingencies also depends upon what kind of price you want to get and on the condition of your property, most experts agree.
Remember, contingencies are written into the contract and are negotiable during the negotiation phase only.
Under the strictest laws, you and your agent are required to disclose all facts materially affecting the value or desirability of the property that are known or accessible only to you.
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Simon Myara Personal Real Estate Corporation
Sutton Group - West Coast Realty - Suite #301 1508 West Broadway
Vancouver BC, V6J 5K9 - Tel: 604.714.1700 Fax: 604.738.1888