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What You Should Know before You Sell Your Home?
The Current Market!
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Prior to listing your home for sale, it will be beneficial for you to learn about the current real estate market in the KW area.
With so much information available these days, buyers continue to mistakenly sell their houses for too little, or ask too much, only to see their home linger on the market and not sell. Others have priced their homes aggressively and have sold in a few days for more than their asking price. Many buyers have lost out in bidding wars, and as a result, get carried away and end up paying too much for the next house they like. Market knowledge is critical in the home selling process, yet so many sellers fail to get the good advice they need. Your situation is different from everyone else, and needs to be approached with your specific needs and timeframes in mind.
Before your property is listed on the market, here are some things to consider:
The springtime and summer months are typically the busiest time of the year for house sales. The market generally has ample inventory, and buyers can usually choose from a wide selection of properties. As winter approaches, the market tends to slow somewhat with less and less inventory available. As the holiday season nears, anyone looking to purchase a home is almost always a serious buyer that could end up paying full market value for a property due to a lower supply of available homes. The state of the local economy can also have an impact, as will the prevailing interest rates. Each home seller’s situation is different, and should be evaluated individually.
It seems that every other day in the news there is conflicting information about the real estate market. Whether it’s an item about the downturn in new housing starts, or an article about the bright outlook for Ontario, it can be difficult to accurately assess where the real estate market is headed, and more importantly, where it is at today. The market for resale homes will always have some degree of volatility, and recent statistics can only provide an historical view of what has happened. There are several subdivisions in Kitchener and Waterloo, some which have seen higher price increases in recent years than others – this is helpful information to know prior to selling or buying a home. It’s a fact that there will always be buyers and sellers, and that the demand for residential homes will continue to grow over the long term. Your Realtor® will be able to assist you in understanding the current market conditions in your area.
In newer subdivisions, it is usually a straight-forward approach to establish an asking price for a home, based on what other resale properties have sold for in recent months. Adjustments still need to be made to account for the size of the living area, upgrades, the overall condition of the home, and other factors. In an older neighbourhood or in a rural setting, it becomes more difficult for a Realtor® to establish an accurate market value, as prices tend to vary due to a more subjective approach. There are tools and other resources available to assist a Realtor® in determining a reasonable asking price in these situations. If you would like to know what your home could be worth, please call for a free market evaluation.
In the past year, the average DOM or Days on Market in the KW area has averaged approximately 30-40 days. This takes into account those houses that have sold in one or two days, as well as those that were on the market for 8 or 9 months. Statistics vary by neighbourhood and by street, but 30-40 days is a realistic expectation for a home that is priced reasonably. Some home owners wish to sell quickly and can do so providing their home is priced attractively to prospective buyers. In addition, closing dates can often be accelerated by offering an attractive asking price.
A word of caution – homes that are priced too high are often overlooked by those buyers looking to buy in a specific price range. If an asking price is reduced, it may be too late to attract the buyer that would have bought the house if the asking price had
It’s been said that Realtor’s are a commodity, and it might be a true. On the other hand, a good Realtor® will possess a set of skills and knowledge base that will truly add value to the home seller and the home buyer. Providing excellent customer service is only part of the equation – a good Realtor® has a strong sense of what is going on in the market, and is attuned to the subtle changes and nuances as they are happening. Integrity, professionalism, and a proactive approach are other key components of what it takes to be a top agent. Technology is also an important area to consider – does your Realtor® have the technical savvy to market your home in today’s rapidly changing world. Are they connected and available? Are they responsive? Do they have a comprehensive marketing plan, or is a sign, an Open House and a newspaper ad the extent of their marketing efforts? What about business skills? Has your Realtor® been formally trained in negotiations? Can they manage their time (and your time) well? Do they communicate with you according to your expectations? Is your Realtor® a friend or a relative – if so, are you prepared to confront them and fire them if they do not get the job done?
There’s an old saying that says “you only get to make a good first impression once”. Preparing a home for sale is a very important component of getting the highest price in the shortest period of time. The Professional Home Staging industry has developed in recent years for this very reason. Staging has become an integral part of making a home more appealing by “de-personalizing” the home and by drawing the buyer’s eye to the more attractive areas of the house. Generally, a consultation with a Home Staging Professional is recommended for the home seller to assist in preparing the home for sale.
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