Get the most out of the sale of your home with these top tips.
Tip 1: Determine Your Reason for Selling
Your motives to sell play a crucial role in the overall selling process. Not only will they affect pricing, but they’ll also impact the time and money needed to prepare your home for listing, how you vet and negotiate with buyers, and much more. For instance, you need to consider which is more important: the money you walk away with or how long your home sits on the market. If you’re hoping for a quick sale, the amount you get for your home may come secondary. Conversely, if maximizing profit is your goal, the process may be longer.
Keep in mind it’s important not to disclose your motivations to the buyer. Sharing too much information, such as urgency to move, can put you at a disadvantage during negotiations. When asked about your reasons, it is best to state that your needs have changed, as your reasons belong solely to you.
Tip #2 Price Your Home Correctly the FIRST Time
Pricing your home correctly upfront is key if you hope to tell your home quickly and for the most money possible. By setting the right price the first time, you’ll limit your time spent on the market and, in many cases, sell for more than you anticipated. If you initially price your home too high, potential buyers and their real estate agents may not take you seriously. Conversely, setting your price too low can result in selling for significantly less than your desired amount.
Determining the sale price can be relatively simple if you live in an area where homes have similar floor plans and were built around the same time. In such cases, you can examine comparable sales (“comps”) in the neighbourhood to get a rough estimate of what your property is worth.
However, this may be harder to determine with older homes as they’re likely to have undergone many changes over the years. For example, the house next door may be fully renovated with the latest finishes and features or the property across the street may be a brand-new infill home. As the community evolves, you might find it challenging to identify homes that are on par with yours when it comes to price. This is one of many reasons why partnering with an Edmonton REALTOR® is essential.
If you choose to sell your home independently, the most common approach to determining its value is by analyzing homes sold in the neighbourhood within the past six to twelve months, as well as those currently on the market. Prospective buyers will also assess the worth of your home in a similar manner. Here again, if this research seems overwhelming, you might consider hiring a REALTOR®. They can conduct market research, provide you with comparable properties and suggest the right price range based on your goals, whether for a quick sale or maximizing profit.
Tip #3: Partner with an Exceptional REALTOR®
A home evaluation, also known as a market evaluation or property valuation, involves a qualified Edmonton REALTOR® assessing the current market value of your home. This assessment takes various factors into account to determine the true worth of your home within a 30–90-day timeframe.
It’s important to note a home evaluation differs from your home’s “assessed value,” which primarily determines the tax rate rather than the actual selling price. The assessed value generally remains unchanged for a year, while the market value of your property can fluctuate at any given time.
In addition to helping your price your home correctly the first time, home evaluation benefits include:
Enhancing Your Home’s Value: Capitalizing on their expertise in market valuation, your REALTOR® can recommend cost-effective ways to improve your home’s current state. Even small changes can make a big difference when it comes to your asking price (as long as you make the right choices).
Gaining a Competitive Edge: A home evaluation aims to facilitate the sale of your home. This assessment will ensure you price your home competitively and receive the highest possible amount while giving you an advantage over other sellers in the market.
An Industry Expert on Your Side: Your evaluating REALTOR® is a crucial source of advice and guidance, particularly when navigating the Edmonton real estate market. With their support, you can have peace of mind, knowing someone is advocating for you and securing the best deal for your home.
Completely Free Service: Lastly, the best Edmonton REALTORS® provide their home evaluation services free of cost. As such, you’ll receive expert advice on selling your home without incurring any additional expenses. Win, win!
Tip #4: Make Room For Negotiations
While we understand you want to get the most for your home, leaving room for bargaining is essential. In the event a buyer’s first offer doesn’t meet your expectations, it’s crucial to keep an open mind and work with them to find a more agreeable price point.
You can begin by determining the absolute minimum price you would be willing to accept and then determine the price you would receive in the best-case scenario. By doing so, you establish a price range that should guide your discussions with your REALTOR® and aid in negotiating the sale.
As you determine your asking price, it may also be worth reassessing your priorities. Are you still focused on maximizing your profit or selling the property quickly? If your goal is to maximize profit, you may set a higher price; however, if time is of the essence, pricing closer to the market value might be a better idea.
Check out: Sometimes Even the Best Homes Don’t Sell
Tip #5: Clean and De-Personalize
Be sure to thoroughly clean and organize your living space by picking up, straightening, decluttering, scrubbing, scouring, and dusting. If your living room feels cramped, consider removing excess furniture. Remember that you’re not only competing against other homeowners but also against newly constructed properties.
Decluttering is also important as buyers need to be able to envision themselves living in your home. For this reason, you need to create a neutral environment. While a few carefully selected knickknacks and family portraits can add warmth and character, excessive decorations can be distracting. Opt for neutral shades of white or beige when it comes to painting and carpet, as unique or trendy colour schemes may not appeal to everyone.
Tip #6: The Little Things Go a Long Way
While personal items can detract, other small touches and home staging can help make your home more appealing to buyers. Whether it’s a well-placed vase of flowers, an artful accent piece, or potpourri in the bathroom—all can enhance the attractiveness of your home in a subtle, soft-spoken way. Try perusing any of the home magazines for tips. Keep in mind, odd smells can kill deals quickly, and all traces of food, pet, garbage, and smoking odours must be eliminated. Other small touches may include lighting (turn all the lights on), music and treats (i.e. cookies) to entice your visitors.
Tip #7: Be Honest About Everything
In the world of real estate, savvy sellers should be proactive when it comes to disclosing any known defects to potential buyers. This practice becomes even more airtight when these disclosures are documented in writing. By ensuring buyers are fully aware of any issues upfront, sellers minimize the risk of potential lawsuits arising from buyer grievances later on.
Tip #8: Keep Your Emotions at Bay
Approaching negotiations with a businesslike mindset devoid of personal attachment to your home can significantly alleviate the stress associated with the home selling process. By letting go of emotional investment and adopting a more objective perspective, you’ll ultimately enjoy a better home selling experience. Moreover, this approach provides a distinct advantage over other prospective buyers who DO let their emotions get the better of them.
Tip #9: Know Your Buyer and How Much They Can Afford
The more you understand your buyer, the better the outcome. Of course, buyers aim to find the best property within their budget, but having specific knowledge about what motivates them allows for more effective negotiations. For instance, knowing if your buyer needs to relocate swiftly or can only afford slightly less than your asking price puts you in a stronger bargaining position. We also recommend gathering details about the buyer’s mortgage qualification and down payment as soon as possible. In the event of a low offer, be sure to check with their REALTOR® regarding their ability to pay the true value of your home.
Tip #10: If Possible, Avoid Restricting Yourself With Timelines
If you find yourself in a situation where you must finalize the purchase of a new home while still paying for your old one, you may inadvertently be more willing to accept the first offer that comes your way. Research has indicated that selling a vacant home can be more challenging, as it tends to appear abandoned, neglected, and/or less enticing to potential buyers. In fact, this situation could potentially result in significant financial losses. Additionally, by relocating, you are essentially signalling to buyers that you’ve already moved and have a strong motivation to sell.
Tip #11: Don’t Take Low Offers Personally
In most cases, the initial offer tends to be lower than the eventual amount the buyer is willing to pay for your property. As mentioned above, it’s essential to remain composed during the negotiation process and not take offence. Instead, carefully assess the offer objectively. Ensure that it clearly states the proposed price, appropriate earnest money, down payment amount, mortgage details, the desired closing date, and any specific requests. This will provide you with a starting point for negotiation.
A really low offer may also mean a buyer isn’t qualified. If you believe the offer you received falls short, it is essential to confirm the buyer’s eligibility to secure a mortgage for a deal (if this information hasn’t been disclosed yet). Inquire about their reasoning behind the proposed amount and propose that their real estate agent utilize comparable property prices in your neighbourhood to assess current market values.
Tip #12: Stick to the Contract
To ensure a smooth transaction and prevent potential issues, your contract must clearly outline all terms, costs, and responsibilities involved in the sale. The contract should include:
- The date it was drafted
- The identities of the parties involved
- The address of the property
- The purchase price
- The designated location for holding deposit funds
- The deadline for loan approval
- The date and venue for closing
- The type of dee,
- Any unresolved contingencies
- The inclusion or exclusion of personal property in the sale
You must adhere strictly to the contract, no matter what. For instance, if the buyer requests to move in before the closing, we suggest sticking to the original plan. Now is not the time to take any risks that might jeopardize the successful completion of the deal.
Are you thinking about selling your Edmonton home or curious at to what your home is worth? Find out today with the help of the Terry Paranych Group FREE Home Evaluation. We also invite you to take advantage of our free seller’s resources, including:
- The Terry Paranych Real Estate Group Seller’s Guide – You will be guided through the whole home selling process from start to finish, including pricing your home correctly before you list it to negotiating with buyers.
- 12 Common Mistakes to Avoid When Selling a Home – Home sellers, no matter how experienced, can make mistakes. Use our guide to ensure a successful, hassle-free home sale.
- The Terry Paranych Real Estate Group Home Seller Blog – Everything you need to know about Selling a home in Edmonton, including tips, tricks, and advice.
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