5 Tips to Help You Sell Your Home Fast
By Adam Miller
Prudential Family Realty, Brokerage
There is no question that in many parts of the country, houses are currently on the market longer. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your home on the fast track to sale:
Price It Right
The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects.
Deciding the value of a home isn’t an exact science. Yet, there is data to help you determine a fair asking price that is right on target. You may want to hire a real estate appraiser for an objective, unbiased estimate. Then consult with a real estate professional who can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. From your analysis, you may want to price your home conservatively to give it a competitive edge.
Make Your Home Irresistible
Unless they are looking for a fixer-upper, most homesellers are more likely to make a bid on a home that they can enjoy immediately. Therefore, you need to create an environment the buyer can’t resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself.
Evaluate the home from a buyer’s point of view. An experienced real estate professional will be able to offer an objective view and will also know what buyers are asking for. Get your home in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your home’s look such as installing newer carpet and light fixtures and painting the walls a neutral shade.
Create Traffic
If you want buyers to see your home, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property’s most desirable features. Your strategy should include ways to reach buyers online and offline – such as word of mouth, the Internet, yard signs, direct mail, open houses and so on.
Go with a Professional
Selling a home is more than just putting a sign in your yard and having a listing on the Internet. And in a competitive market, you don’t really want to take the chance of making novice mistakes that can slow the selling of your home. By hiring a real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your home based on their vast experience.
Plus, there’s the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together – sometimes even before the property goes on the market.
Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. Or, pay for a professional home inspection or a home warranty – and, depending on your market and budget, offer to pay some of the closing costs.
Don’t be discouraged if there are competing homes for sale in your neighborhood. With just a few smart moves, you can turn a buyers’ market in your favor.
Your mortgage may have a 30-year term, but not many homeowners stay with the same loan for that long. In fact, the average Canadian refinances his or her mortgage every four years, according. That’s because paying off your present mortgage and taking out a new one can mean big savings over several years. However, refinancing comes with a price in the short term, so it’s important to consider both the costs and benefits before making your decision.
Here are some reasons to consider refinancing your mortgage:
1. To obtain a lower fixed rate. If you took out a fixed-rate mortgage several years ago and interest rates have since dropped, refinancing may lower your payments considerably. A $150,000 mortgage with a 30-year term and a rate of 8 percent, for example, carries a monthly payment of $1,100. The same mortgage at 6 percent will have a payment of less than $900 a month.
2. To switch to a fixed rate or an adjustable rate mortgage. Adjustable-rate mortgages (ARMs) offer lower interest rates initially, but some homeowners find the fluctuations stressful. If rates are on the way up, you might consider locking in at a fixed rate and consistent monthly payment. On the other hand, if you want to reduce your monthly payments and are comfortable with the interest rate changes of an ARM, it could save you money to refinance to an ARM.
3. To reduce your monthly payments. Refinancing for a longer term will lower the amount you have to pay each month. You will end up paying more in interest charges over the life of your loan, but if you’re having difficulty making your current payments, this strategy could provide some relief.
4. To turn home equity into cash. You may want to take out a new mortgage with a larger principal, in order to turn some of your home equity into cash for a major expense. This is called cash-out refinancing. The advantage of taking out a loan secured by your home is that you can get a lower rate of interest than you can with an unsecured loan or credit card. However, if the interest rate offered for your refinanced mortgage is higher than your current rate, a home equity loan or line of credit might be a better choice.
Before you get ready to pack - make sure you have your equipment ready:
- Boxes
- Packing tape
- Labels and a magic marker to mark your boxes
- Newspaper or other cushioning materials
Organization counts~ When you start to pack, make sure you pack the least used and off-season items first. When you're packing - label the boxes from the top and the side, so it's easy to read no matter how it gets put in the truck. If the items you're packing need to be used as soon as you move in - mark them "OPEN FIRST".
To protect your belongings, make sure you mark the boxes. Some important words to remember: FRAGILE and THIS SIDE UP. A great packing tip for dishes - use your tea towels, wash clothes, and bath towels for extra padding. Fragile items can break easily - especially flat items like platters and plates. To keep them safe, pack them on the edge.
When looking for a moving truck or company - here are some good things to remember:
When moving your home yourself:
- Make sure you have help to load and unload the truck. A good pay off for friends is lunch, dinner, and some cold beverages after the move is complete.
- Most people move at the end of the month and especially Fridays and Saturdays, so if you're move is schedule any day after the 20th, make sure you book well in advance.
- Check with your insurance company to make sure that your homes belongings are covered while in transit to the new location.
- To calculate your loading time, allow at least one hour per 1,000 pounds of carg0. Unloading times will be similar. A normal house move is about 5,000 to 8,000 pounds.
When hiring a professional moving company:
- For local moves you will usually pay by the hour, and your rates will depend on: size of the vehicle, number of staff assigned to your move, date of move.
-For long distance moves, you will usually pay based on weight of the shipment and the distance it travels. Surcharges are also added for remote areas, toll crossings, etc.
- Get at least estimates from three separate moving companies.
- Check the Better Business Bureau for companies reputations before you make your choice, or ask a friend who has recently moved their home.
- Moving companies will often pack your items in your house for you at an additional cost. Make sure you ask about this option.
Getting ready to move means contacting the utilities and all those other important folks to let them know your new address. Here is a one stop shop for a bunch of those important people.
Cellular Phone Service Providers
Rogers Cellular 1-888-ROGERS-1 (1-888-764-3771)
Bell Mobility 1-800-667-0123
Telus 1-866-GO-TELUS (1-866-468-3587)
Television Service Providers
Rogers Cable TV 1-888-ROGERS-1 (1-888-764-3771)
Bell ExpressVu 1-888-SKY-DISH (1-888-759-3474)
Home Phone Service Providers
Rogers Home Phone 1-888-ROGERS-1 (1-888-764-3771)
Bell Canada 1-800-668-6878
Internet Service Providers
Rogers Internet 1-888-ROGERS-1 (1-888-764-3771)
Bell Sympatico 1-800-773-2121
Union Gas 1-888-774-3111
London Hydro 519-661-5503
Reliance Home Comfort (Water heat, air conditioner and heater rental)
1-866-RELIANCE (1-866-735-4262)
Don't forget to get in touch with the following before you move:
- Banking services (including credit cards, mortgages, banking and any investments)
- Insurance providers (auto insurance, home insurance and other)
- Any subscriptions (magazine, newspaper, other)
Visit Canada Post to apply a mail forward to your house - which will forward all mail to your new moving address from anywhere between one month and a year for a nominal fee.
When contacting any of the above services, make sure you have your old and new moving address at hand, including postal codes.
Let toddlers know about the move when it becomes obvious that something is going on, but keep it simple and clear. When you do move, try to minimize the changes. For example, don't replace their bedroom furniture, having familiar objects will comfort them in their new space. Also, when packing toys make sure your child knows that they aren't being throw out, but are being moved to the new home.
Pre-teens can make the move more difficult because they will be up rooted from their neighbourhood, school, and friends. Let them know everything about the move, it gives them more time to adjust. And if the move is local, take them by the new house and let them see it.
Teenagers will have a harder time with the move, since they will have close ties to their community, friends, school, and romantic attachments. When you discuss the move, make sure you let them know why you are moving. Don't be shocked by their distress, and acknowledge their feelings. If at all possible, include them in the process and assign them responsibilities.
Pets add a new dimension to the move. Before you move make sure you obtain your pet's veterinary records and ask them for advice on moving your pet. A pet container will help you in the move. To help your pet get used to the container before the move, open it in the house and give it treats inside the new container. Once you have moved in, keep a close eye on the pet and the yard. A pet will often try to leave its new environment for it's old confines. Try to make your pets new space familiar with toys, feeding dishes and bedding from the old home.
1) Do it now. If you're looking to remodel this year, now is a good time. You may even be able to get your contractor on the phone...on the first try!
That's because the remodeling market is slowing down according to Kermit Baker of Harvard University's Joint Center for Housing Studies. Contractors may not be as busy these days because homeowners are concerned about rising short term interest rates and slowing home appreciation.
Even the Labor Department statistics indicate that contractors are less busy than they were a year ago. That's good news to homeowners who in the past may have had to wait up 12 months or longer for services.
2) Think trends, not fads. OK, so we all know that if you want to get the most bang for your revo buck, you should look to the kitchen and the bathroom. Remodeling these rooms can give you a 98 to 100% return on your money. Try to avoid the hot trends that tend to come and go like trash compactors or avocado green appliances.
3) Scope out the 'hood. When you remodel, you want to get an idea of what your neighbors are doing. You may love the fish pond and the menagerie or the wrought iron fence, but you generally don't want your house to look out of place.
Bankrate estimates that no matter what you do to increase the value of your home, you shouldn't plan on pushing your home's value beyond 25 percent of its current selling price; even in the best market, you probably won't get it.
On the other hand, if you're the only house on the block without a deck or a swimming pool, you may want to consider adding features that make your home more attractive to buyers.
4) Contractor checklist. When it does come down to hiring a contractor, there are a few rules you'll want to keep in mind.
First of all you'll probably be happier if you go with a contractor who was recommended to you. Consumer Reports suggests that when it comes to jobs like plumbing or other professional services, you should hire them yourself. Don't let a general contractor do the hiring. You'll save time and money. Make sure you get at least three bids to gauge the going rate, but don't always jump at the lowest rate. Consumer Reports warns that people who did generally got poorer work. Of course you know to ask for proper licensing and insurance. Certification from the National Association of the Remodeling Industry is a plus.
And finally, it comes down to dollars. Get estimates. You should have a piece of paper that lists the products, material, labor costs and a time table.
5) Silver: The new granite? So what kind of trends will we see going forward? All you have to do is look to your parents for the answer.
An aging demographic is going to drive more demand for renovations that help boomers get around. That means wider doorways and hallways, bathroom handrails and wheelchair accessibility.