Real Estate Tips for a First-Time Home Seller

June 7, 2018 by darnold

Homeowners don’t generally think about filling the shoes of a first-time home seller until they decide to buy a new home. Usually, the motivating factor is the need to move — due to work-related issues or the needs of a growing family — and that generally involves buying another house.

It’s when the homeowners stop to consider the move that it may dawn on them, yes, because they need to sell, they are now a first-time home seller of Yorkton Real Estate.

Selling a home is very different from buying a home. Whereas buying a home generally involves emotions and feelings, selling a home typically centers on what listing agents like to call maximizing profit potential.

Price Your Home Accurately

Price your home accurately. For this, you should enlist the help of a reputable listing agent. Don’t choose your cousin’s sister-in-law, for example, who dabbles in real estate. You’ll fare much better if you select an experienced real estate agent who sells a fair number of listings, preferably in your neighborhood.

Your agent will analyze comparable sales and prepare an estimate of value, for comparative market analysis. It is OK to compare other homes online but note the variances your agent will point out because your listing agent should have the experience and education to provide you with a more accurate opinion of value.

Home Staging Boosts Selling Power and Appeal

Ask your agent to advise you on preparing your home for sale. Most homes show better with about half of the furniture removed. If a buyer walks in the door and wonders if anybody lives in the house, you’ve done your job correctly. Consider home staging to boost your selling power and appeal.

Painting is the single most effective improvement you can make. Don’t let dings in the woodwork or scraps on the walls make your home reflect deferred maintenance.

The Best Day to List Your Home

Choose the best day to list your home. This time period will vary depending on your local community, the weather, time of year, and a host of other factors, including the state of your present real estate market. It’s not like that movie Groundhog Day. You basically get one chance to present your home in hopefully its best light the first day on the market.

Be Flexible With Home Showings

Be flexible with showings. If home showings are too much of an imposition, consider going away the first weekend your home is on the market. Yes, it can feel a bit intrusive to allow strangers to trek through your home and check out your soft-closing drawers in the kitchen. The best way to sell your home is to let a buyer inside with her buyer’s agent to tour in peace and quiet. Leave the house when buyer’s agents show up. Anything you say can and will be used against you, plus, buyer’s agents prefer to show without interference.

Host an Open House

Allow an open house if your home is conducive to an open house.

Not every home is a viable candidate for an open house. If your home is located in an area close to major traffic, that is generally indicative of a reasonable expectation that the open house signs will pull in visitors. Ask your agent if she advertises the open house online. Many a home buyer has had no desire to buy a home until she spots an open house and subsequently falls in love.

Respond Promptly to a Purchase Offer

Try to respond promptly to a purchase offer. Many offers contain a date by which the offer expires. Notwithstanding, it can drive buyers crazy if they are forced to wait for a seller to decide whether to accept their offer or to issue a counteroffer. Remember, if you are selling because you need to buy a new home, you are no different when you are a home buyer yourself.

Line Movers Up Early

Line up your movers early. If you are thinking about moving at the end of May, for example, which is the busiest time of the year for movers, you might find it is impossible to locate movers for the day you want. You can start packing before your home hits the market, which will give you a head start on the process. It will also give you peace of mind to be prepared. Selling can be stressful enough.

The Art of Timing When to Buy & Sell a Home

February 19, 2018 by darnold

Wondering when to sell? Hoping to make the most profit possible? Afraid you’ll be stuck with two houses if your first doesn’t sell? Let’s talk about the art of timing, and how your timing will make or break your success.

When it comes to getting the absolute best value for your home, timing is everything. You need to consider several factors when determining the best timing to sell, including your needs, market demand, seasonal factors and competition levels.

Your Needs

Your own needs play a very strong factor in what your home sells for. When you need to sell, you leave yourself little room for negotiation and are prone to taking a lower offer—because you’re desperate and therefore have to. People who need to sell, often due to relocation or divorce, are more likely to “compromise” and cut into profit margins to make it work.

When you don’t need to sell, you won’t be motivated to part with your property unless someone meets or exceeds your expectations. This puts you in a power position and lets you hold out for what you want. Even if your home never sells, you’re no worse off and can enjoy another year building equity. In a perfect sellers world, people would only sell their homes when they don’t need to.

Market Demand

Market demand follows the same principles as general supply and demand: the rarer a resource, the more people are willing to pay for it. If there are more buyers than properties, those buyers will need to pay more money to beat out their competition—therefore allowing your home to sell at a higher price. However, if there are more properties than buyers, then the need to outbid will dwindle and houses will generally sell for less.

Hot $$$ Tip: Sell your home when inventory levels are low and buyer demand is high! This can lead to multiple offers and bidding wars if you price your property right.

Seasonal Factors

The time of year can also play a role in selling real estate, and seasons can have a direct impact on people’s motivation to make big transitions. As a general rule, most people don’t want to move in the fall or winter, because the weather is cold, the kids are in school, and holidays take a chunk out of financial budgets. Consequently, most people want to buy in the spring or summer; going back to the concept of market demand, you want to sell when buyers want to buy.

Hot $$$ Tip: If you sell your home during the popular months, try to extend your possession date into fall when there are fewer buyers and more motivated sellers!

Competition Levels

You share more than a fence with your neighbour—you also share real estate values! It’s typical for homes within the same neighbourhood to be similar in size, shape and location, which means they’re also similar in price. If your neighbour lists their home at a lower price than yours, they’re going to get the buzz from buyers. Would you rather pay $350k or $340k for a home? Even worse, you might drive extra traffic to only your neighbour’s listing; people will think they’ve scored a great deal at the neighbour’s and may never actually check out your place. Pricing your home competitively can make or break your sale.

Hot $$$ Tip: List your home when competition is low. Buyers will have fewer options and be willing to pay more for your property.

Should I Sell Or Buy My Home First?

This question is classic and it has a very simple answer: sell first! You never want to get into a situation where you own two homes at once. Therefore, as a buyer, you would need a clause in your contract that allows you to get out of the deal if your own home doesn’t sell. It makes your offer less attractive, and you could lose the deal on that alone.

If you do manage to negotiate that clause, it will come at a price. A smart seller will ask for a higher offer in exchange for their “generosity”. But worse, you’ll start to feel desperate to sell your own home. You’ll suddenly need to sell, and fast, which gives the negotiating power to potential buyers. They’ll be more likely to lowball you, and you’ll be more likely to accept.

On the other hand, selling first gives you the upper hand. You won’t have to sell immediately, and you also won’t have to buy either. Once you receive a good price for your home, you can begin your own hunt, with fewer clauses and much stronger negotiating power.

Hot $$$ Tip: Talk to your bank about bridge financing if you do find yourself in a position where you own two homes. Sometimes buying first is actually a smart strategy, particularly when inventory levels are exceptionally low.

Want to sell your home? Contact Deanne Arnold to get the highest profits possible!

How to Get Your Home Ready to Sell

January 27, 2018 by darnold

Prepping Your House For Sale

Although blind luck can sometimes play a part in helping a home sell quickly, most of the time it is the result of hard work and a well-developed plan. Since most areas usually have multiple homes for sale across a range of prices, attracting a buyer will require your home to stand out from the crowd.

The following tips will explain how to get your home ready to sell and help you complete the process sooner rather than later.

Make The Home Neutral

When potential sellers visit the home or look at Yorkton Real Estate listings they want to envision living in the home. However, this can be a tough task if they are surrounded by photos and personal items that all reflect you and your loved ones.

Put away the personal stuff along with your heirlooms that speak to your personality and tastes.

The idea is to create an environment that a buyer looks around and thinks “it would be SO EASY to live here!” This means having only a few pieces of furniture in each of the major areas of the living room, kitchen, and bedrooms. People can picture their own items better if there are few distractions.

It is also a good idea to have neutral colors. Off white, tan or similar colors for walls make the place feel as if it could be changed easily to fit the buyer’s tastes.

Take Some Time to Let Go

If you have been in your current home for any length of time, there are likely many warm memories wrapped up in the place. Moving away and leaving those moments behind can be emotionally painful. Here are some ways to help you make the transition.

Spend time in each room to reflect on the memories of those specific spaces. Then say goodbye to the rooms.
Keep repeating to yourself “the precious memories of this place will always live on in my heart and mind. The home is merely a place to be bought and sold.”
Consider the fact that a new owner(s) is looking for a place to create their happy spot and joyful memories.
Also, consider that you are enabling the new owner to develop a calm and peaceful place to call their own by selling your wonderful place to them
Now is the time to embrace a bold, new future

By physically and mentally going through the process of saying goodbye to your old home, it will make the sale easier. Instead of only being sad at the thought of change, you will be in a mindset that you are making an opportunity for a new owner.

Physical Actions to Improve the Appeal of Your Home

There are 3 main things to focus on in order to physically improve the appeal of the home.

Rearrange – closets and cabinets need to be organized to maximize space and allow future buyers to see how their belongings will fit in the confines of the new home.

Neatly arranged closets and storage spots will indicate to the buyer that you have taken great care of the home.

Here are a few ways to make order out of chaos.

Stack all of the pans and dishes as neatly as possible.
Hang pants together. Likewise, hang shirts together and facing all to the same direction.
Place the shoes in a neat line.
Align all the spice jars in alphabetical order.
Turn each of the coffee mugs so that all handles face a uniform direction.

Remove all clutter – The majority of people hang on to a number of things long after their usefulness has expired. Now is a time to get rid of the stuff that you no longer need.

Pull down all of the books from the various bookcases.
Items that are used every day should be kept in a box. The box can then be put away in a closet. Things like coffee maker, toothbrush, razor, comb, etc.
Put things that are no longer used in one spot. Sell them online or donate them if they are truly of no use to you any longer.
Gather all knickknacks, gifts, etc. and pack them up.
Clear off all the counters in the kitchen. Makes the room look bigger and more user-friendly

Store things in a temporary unit – Homes are usually easier to sell when they are not packed with furniture, clothes, appliances and the like. For this reason, it may be a good idea to remove a few items from the home and place them in a storage facility.

The books and knickknacks mentioned earlier can be stored away. Also, if you have a dining table with removable leaves, take out the extra leaves and store them away. Each room needs a modest amount of furniture.

This allows potential buyers to picture their own items in the various rooms without too much distracting them.

Take Out Items to Avoid Haggling

There are people who are truly gifted at decorating a home. They are so good at it, that some buyers may see the home and wish to buy it as is, with everything in place. However, most sellers envision taking their belongings with them when they move.

If you are attached to any particular fixture, or you wish to keep the appliance(s), go ahead and move these things out now. If you cannot move them to the home of a friend or relative, consider putting them in short-term storage.

Buyers will never ask to buy something if they have never seen it.

Shine Up the Home

This is a great time to perform a deep cleaning of the whole place. It may take more than a day. It could also be a wise investment to hire a professional cleaning company to help out.

Do not rule out staging your bathroom either. It’s an important opportunity to add appeal that a lot of home sellers miss out on.

Here are some of the major items to clean:

Wipe down any cobwebs from all rooms
Remove old items from refrigerator
Clean both the outside and inside of every window
Apply fresh caulk to sinks, tubs, and showers
Dust all the light fixtures as well as the blades on ceiling fans
Put up clean, new towels in all bathrooms
Clean the sidewalks and driveway with a pressure washer
Wax any hardwood floor
Use bleach to clean the grout in tile floors
Apply polish to all mirrors and the faucet fixtures in bathrooms and kitchen

Getting everything sparkling clean will impress potential buyers with not only a nice look but also a fresh smell in the home when they make their first entrance.

Fix the Small Stuff

Walk through the home and make note of any small repair that you have put off. Getting everything in working order will boost the home’s appeal.

Repair leaks to faucets
Replace any cracked tile. This includes tiles on the floor and tiles along the walls in the bathroom
Remove any non-working light bulb and replace with new bulb
Apply oil to squeaky doors.
Fix any drawer in the kitchen or bathroom that does not close/open easily
Apply spackle to any holes in the walls. Then paint over the spackle

If a potential buyer sees multiple small repairs that need to take place, it could have a negative impact on their perception of the home. Instead of viewing the place as move-in ready, they may see your property as a fixer-upper and try to negotiate the price down severely.

Maximize the View from the Curb

Some people make a choice to see a home or turn it down based on the appearance from the curb. Take some time to improve the exterior of the home to get as many buyers as possible to make an appointment.

Clean off the sidewalks of leaves, toys and any other item.
If the paint on the trim around windows is faded, repaint it
Trim the hedges
Keep the lawn mowed
Add some yellow flowers to the front entrance. Yellow has been shown to cause people to buy more frequently
Check to see that the house number either on the mailbox or the home is easy to read

Improving the curb appeal should improve your chances of getting more appointments to view the home. Remember, only one happy buyer has to agree to purchase your home.

Deanne Arnold – Yorkton Realtor
53 6th Ave N
Yorkton, SK S3N 0X7
Canada
(306) 621-8890

https://deannearnold.wpengine.com/

5 Cheap Fixes To Boost The Value of Your Home

October 18, 2017 by darnold

If you’re planning to put your home on the market, it pays to make sure you’re maximizing your equity. Taking on a large-scale remodelling project can boost your home’s value and make it more appealing to buyers but it can also break the bank if you’re not careful.

I’ve got 5 strategies that you can use to boost the value of your home without putting yourself in the poorhouse.

Landscaping: Cost $500 – $2,000. Return: $5,000+

With homes, as with people, it’s hard to shake that first impression. Your front yard is your home’s first introduction to potential buyers and it can colour the rest of the experience.

Painting wood panelling. Cost: $300. Return: $2,500+.

Many people know that a fresh coat of paint can give a home an essential facelift. That effect, though, is even more dramatic in those old Canadian homes that feature dark wooden panelling.

Cover wainscoting and crown moulding in white and watch the magic happen. Dark, outdated-looking rooms suddenly appear bigger, brighter and breezier.

Painting kitchen cabinets. Cost $500-$750. Return: $5,000+

Is your kitchen stuck in the 1970s, with their brown cabinets and avocado-green appliances? One effective, low-cost touchup is to paint over the cabinets in lighter, more modern shades, said Pasalis.

Also, be sure to replace those squeaky hinges with some new hardware.

Updating bathroom fixtures. Cost: $500-$750. Return: $2,500+

This is the low-cost take on the bathroom makeover: take out those old brass faucets and replace them with the shiny, stainless steel variety.

You can also brighten up the bathroom with upgraded lighting and a light paint job.

Finally, you’ll be surprised what a difference new knobs can make. Splurge on some designer handles to turn a cabinet from “old” to “antique” or to add some flair to your Ikea furniture.

Exterior painting. Cost: $750. Return: $5,000

This is absolutely necessary if there are cracks or paint chips flaking off, said Pasalis.

But even if your exterior walls are in fine shape, you might want to consider a trendier colour combination. Have a walk around your neighbourhood and see if you can find any recurring colour patterns among newly renovated homes, especially those that were revamped by experienced contractors. If you do, take note and replicate.

Whats On The Market Now?

It’s always good to compare your home to what’s currently on the market. Review the current MLS listings in the area here: http://homes.deannearnold.ca/i/houses-for-sale-yorkton-sk