Price
I cannot stress enough how important it is to price your home correctly from the beginning. Sellers who choose to “just try it a bit higher for awhile to see if they can get a little more for it” end up disappointed and stressed because their home ends up staying on the market too long, becomes stale and eventually sells for a lower price than they probably would have gotten for it had they priced it correctly the first time. This is especially true in today’s market.
A “CMA” is a Comparative Market Analysis and is the most important tool in determining what a buyer will pay for your home if it is listed in the MLS system, and marketed properly by a responsible, professional Realtor. The commission is built into the price paid by these buyers.
A CMA compares properties in your area that are similar to yours and shows us what the properties are listed for and what a buyer paid for them. It also shows you what is currently for sale in your area, because the price we put on your home must be competitive with the other ones buyers are considering. As well, the CMA shows us what properties were listed and didn’t sell. We don’t always know the reason why they didn’t sell, but in most cases it is simply because the asking price was too high. (See my sample CMA)
A CMA is statistics – it is not guesswork. You should always expect to see a professionally prepared CMA, not just hear the opinion of a Realtor who is giving you a price off the top of their head.
Remember, the Realtor isn’t going to buy your home! Many Realtors will tell you a price that is too high just to get your business and they will later ask for a price reduction. This is unfair to you and just causes you to be frustrated when your home takes too long to sell. You may eventually accept a lower price because you are tired of the whole thing.
I always prepare a complete CMA. I go over it in detail with you so that you have all the information necessary to make the key decision on setting the price. I keep the CMA current until you are ready to list your house and then do a final update to ensure that your house is marketed at the right level on the day you list it.
Condition
Homes that sell for top dollar are those that have been upgraded to modern styles and modern systems. If you have kept your house in good condition and repair and replaced those things that have seen better days you are more likely to sell quickly and for a higher price.
If your kitchen needs replacing though, better not to do it just before you sell. You will not get your entire outlay of dollars back in your sale price. The kitchen you put in is going to be to your taste and budget and will not be brand new, so its better to adjust your price accordingly and let the new owner choose for themselves.
A carpet or some flooring that has seen better days and has become impossible to keep looking clean would be a better application of your dollars if you are inclined to do some sprucing up. You won’t spend as much money on flooring or paint as you would on something major such as a kitchen.
If you are thinking about doing some things before putting your home on the market, ask me what buyers would value before spending any money and effort. Your home may well be marketable just the way it is.
We love our pets – they’re like members of our family. Unfortunately, when it comes to selling a home, pets sometimes cause us grief. If your home is not available because you are at work and not able to remove the family dog, then your home cannot be shown. No agent will show a home with a strange dog in charge nor would you want to be responsible for a confrontation between your pet and strangers entering its space. If you are a pet owner you will have to consider how you will keep your home available, clean and odour-free without upsetting you or your pet too much. It can be done, but it requires you to keep other people’s perspective in mind.
Remember, selling your home is a cooperative effort! I can’t do my job if you don’t do yours, so lets both be frank about what we expect from each other! (See the following article: “Home Staging Tips for Quick Resale”.)
The MLS System
One of the most important advantages of using a Realtor to help sell your home is that your home can be listed in the MLS system for Realtors.
MLS is a Multiple Listing Service whereby any property listed in the system is available to be purchased by any buyer who is represented by a Realtor who is licensed in the Province of Nova Scotia and the commission payable is shared between the listing agent and the buyer’s agent.
If you look at the statistics, there are about 900 Realtors in Halifax Regional Municipality. Each Realtor has hundreds of clients in their databases and each of them are actively working with two or three buyers, on average, at any one time.
Price is based on demand - the more possible buyers there are for your home, the higher the price you are apt to get for it. MLS brings your home immediately to hundreds of active home buyers. (See information on the MLS system in this Guide).
Advertising
Now that all the Realtors and their clients in the area know about your home being on the market through MLS, we have to let the general public know about it. That means advertising.
We have many different venues for advertising: The Real Estate Book, The Homeguide, the local newspaper, cable TV, www.mls.ca etc. Most of these are very expensive to use, and some are only available to licensed realtors. People who are in the market to purchase a home scrutinize all of them carefully and regularly.
As a Realtor I know what features are important to buyers in today’s marketplace, and which ones to feature in our advertising. I always have a methodical but flexible marketing plan and it is unique to each property I have listed. I ensure that your home is continuously promoted throughout the listing. This is an important strategy in selling your home!
