The real estate market is always changing. It helps to understand how market
conditions can affect your position as a seller.
Your agent can provide you with current real estate market conditions and
explain their impact.
The supply of homes exceeds the number of buyers (supply is greater than
demand). In this market, prices tend to drop and the homes stay on the market
longer. Thus your home may take longer to sell and you will have less
negotiating power in terms of the selling price. Fortunately, you will be in
the driver's seat when making an offer on your next home.
The number of buyers exceeds the number of homes on the market (demand greater
than supply). In this market prices are increasing and homes sell quickly. As a
seller, you will probably have more negotiating power and obtain a higher
selling price for your property. Unfortunately, you will be on the other side
of the fence when purchasing your next home.
The number of homes on the market is equal to the number of buyers (supply
equals demand). In this market, prices are stable and homes sell within a
reasonable period of time. It is a calm atmosphere with buyers having a
satisfactory number of homes from which to choose
Setting a Price
The single most important decision you will make with me, as your Real Estate
Professional, is determining the right asking price for your property.
Once you've achieved a realistic sales price, you can count on your property
being professionally marketed and promoted to bring more buyers to your door.
You can also expect to sell your home for the best possible price in the least
amount of time.
Benefits of Pricing Right
Your property sells faster, because it is exposed to more qualified buyers.
Your home doesn't lose its "marketability."
The closer to market value, the higher the offers.
A well-priced property can generate competing offers.
Other Real Estate Professionals will be enthusiastic about presenting your
property to buyers.
Value Of Your Home
The market ultimately determines the true value of your property.
Before you compare your home to similar properties and establish a competitive
list price, the following points should be considered:
Overpricing your Home Many sellers believe that if they price their home high
initially, they can lower it later.
Often, when a home is priced too high, it experiences little activity.
Gradually the price will come down to market value, but by that time it's been
for sale too long and some buyers will be wary and reject the property.
On occasion, the price is dropped below the market value because the seller
runs out of time. The property sells for less than it's worth.
Missing The Right Buyer
You may think that interested buyers "can always make an offer," but if the
home is overpriced, potential buyers looking in a lower price range will never
Those who can afford a home at your asking price will soon recognize that they
can get a better value elsewhere.
As soon as a home comes on the market, there is a flurry of activity
surrounding it. This is a crucial time when Real Estate Professionals and
potential buyers sit up and take notice.
If the home is overpriced, it doesn't take long for interested parties to lose
interest. By the time the price drops, a majority of buyers are lost.
Getting Ready For Market Plan
Your property is not something you sell everyday. In fact, for many people it
is their largest asset. A house is very complex to market and the process needs
to be well organized. To do the job properly a plan is needed.
As your Real Estate Professional, I will prepare a personalized plan for you
containing all activities intended to market your property. Your property will
be aggressively promoted via this Internet site, other Real Estate
Professionals, the MLS information library (unless it's an exclusive listing),
and mailings to potential buyers in your area.
The first formal step in marketing your property is to enter into a Listing
Agreement - a contract that commits me as your Real Estate Professional 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.
We may also 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 the current annual property tax
assessments be shown.
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
Deed or Title Search
This document is a legal description of your property and the proof that you
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.
Show Your Home
First impressions are lasting impressions. You will want to make sure the
buyers looking at your home are left with the best possible impression. As your
Real Estate Professional, I can help you achieve that goal.
Exterior of Your Home
House in good repair
House number easy to read
Eaves troughs, down spouts and soffits in good repair
Garage/car port clean and tidy
Litter picked up
Cracked or broken window panes replaced
Lawns and hedges cut and trimmed, garden weeded and edged
Walks shoveled and salted
Boot tray inside front door
Doorbell and door hardware in good repair
Porch and foyer clean and tidy
Interior of Your Home
Chipped plaster and paint touched-up and replaced
Doors and cupboards properly closed
Leaky taps and toilets repaired
Burned out light bulbs replaced
Squeaky doors oiled
Mirrors, fixtures, and taps cleaned and polished
Seals around tubs and basins in good repair
Floors cleaned, garbage containers empty
Inside of closets and cupboards neat and tidy
Countertops neat and polished
All lights turned on
Air conditioner turned on in warm weather
Fresh air in house
Fireplace lit in cooler weather
Halls and stairs cleaned
Drapes opened during daylight
Carpets freshly vacuumed
Fresh flowers in various rooms
Jewelry and valuables locked safely away or taken with you
Valuable property, such as objects of art, vases and figurines out of reach,
out of sight, or locked away
Pets absent, where possible, or contained during the showing, and litter boxes
Elements Of The Offer
There are six key components to the elements of an offer. They are:
Depending on the local market conditions and information provided by me, your
Real Estate Professional, the price you set may be different from the buyer's
The buyer's deposit shows good faith and will be applied against the purchase
of the home when the sale closes. As your Real Estate Professional, I can
advise you on an appropriate amount.
Includes the total price offered and the financing details. The buyer may
arrange their own financing or ask to assume your mortgage, especially if it
has an attractive interest rate.
These might include "subject to home inspection", "subject to the buyer
obtaining financing", or "subject to you selling your property".
Inclusions And Exclusions
These might include appliances and certain fixtures or decorative items, such
as window coverings or mirrors. These items would remain in the house after you
vacate the premises.
Closing or Possession Date
Generally, the day the title of the property is legally transferred and the
transaction of funds finalized.