When Is the Best Time to Sell?
While the right time to sell will always come down to the time that works best for you, there are a few things you may want to take into consideration. These include the time of year, market conditions and interest rates. To learn more, see the information provided under “Is Now the Right Time to Sell Your Edmonton Home?” on our website.
Can I Buy and Sell at the Same Time?
We get asked this a lot, but the answer always depends on your unique situation. Interest rates, mortgage flexibility, personal finances and the property you’re looking to purchase all play a role in determining whether you should buy before selling. Fortunately, this is a scenario an experienced REALTOR® will be more than familiar with and they can help you come up with the right strategy to achieve your buying and selling goals.
How Much Should I List my Home For?
Coming up with a great asking price is key if you want to attract buyers and sell your home within a reasonable time frame. Sellers who price their home too high run the risk of having their property sit on the market. Sellers who price their home too low are likely to sell quickly, but at their own expense.
Both scenarios can be avoided with the help of a comparative market analysis or home evaluation. Many REALTORS® are happy to provide this service for free and you’ll walk away with a much better sense of how to price your home competitively in the Edmonton market.
How is My Home’s Value Determined?
Your property’s assessed value, determined by the municipality for tax purposes, is rarely a true reflection of what your home is actually worth. That’s why a thorough home evaluation is so important when it comes to determining your home’s TRUE value – a.k.a. market value. In short, a home or market evaluation determines what buyers are likely to pay for your home within a 30 to 90-day market period.
Here’s how market value is determined:
Your Location – Your location has a direct impact on the value of your home. That’s why two identical homes in two completely different Edmonton communities can vary in price so significantly. We’ve all seen examples of this on a larger scale, where an apartment in downtown Vancouver costs more than a two-storey Edmonton home – simply because of its desirable postal code. The same logic applies when it comes to Edmonton neighbourhoods; where the exact location of your property influences its value.
Your Home’s Current Condition – The current condition of your Edmonton home will also have a direct impact on what it’s worth. Homes that require significant repairs or improvements will ultimately be less valuable than those in new or like-new condition.
30 to 90 Days – The 30 to 90-day metric comes from the average time it takes a home to sell in most markets. The majority of properties should sell within three months of being listed if the property was well- priced.
Do I Need to Renovate Before Selling?
As we mentioned, homes in a new-like condition tend to sell for higher asking prices. For this reason, you’ll want to consider making a few repairs or renovations to help you improve your home’s overall resale value. However, some repairs and renos will see a higher return on investment than others. Before splurging on a complete kitchen or bathroom remodel, talk to a qualified Edmonton agent about what changes make the most sense for your home.
Is it Expensive to Sell a Home?
While you will have to set aside a little extra for potential home repairs, closing costs and/ or a down payment on a new home, selling doesn’t have to be expensive – especially with the help of a great Edmonton REALTOR®. Working with an agent will save you time and money when it comes to improving your home’s current value, marketing and promotional costs, vetting home buyers and more.
How Long Will It Take My Home to Sell?
Current market conditions and home style will always influence how long it takes a home to sell. Condos, duplexes and townhomes tend to stay on the market a little longer than single-family styles, with the average for all homes ranging between two to three months. Keep in mind, an ideal asking price combined with a great marketing plan will help you sell your home faster and for more money.
Do I Really Need a REALTOR®?
While you don’t NEED a REALTOR®, we do recommend hiring an agent. As agents ourselves, we’ve spent years getting to know the Edmonton market. We also have the skills, expertise and experience to guide you through the home selling process. From assessing your home’s “true” value and coming up with a great asking price to helping you market and promote to buyers, here again, working with a REALTOR® will enable you to sell your home quickly and for more money!
Didn’t find the answer you were looking for? We can help! Contact Terry Parancyh Real Estate Group today and we’ll be happy to answer any questions you might have. Or, get your free copy of our Seller’s Guide by simply clicking the button below!
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