A Successful Real Estate Sale
What makes a successful real estate sale? A great selling price? A perfect closing date? Great terms? Take the time to understand all that is involved so that you can make the right choice when choosing your real estate agent. The following are the basics steps involved in getting your Markham home sold fast.
Choosing The Right Listing Price For Your Home
Above all, you want to make sure you establish a proper price for your home. If your home is overpriced, it will sit on the market unsold and become stale. On the other hand, if your home is underpriced, there’s a chance you could be giving away thousands of dollars to some lucky homebuyer. You’ll want to avoid both scenarios. Choosing a price that is at fair market value lays proper ground work for a successful sale. It is important to remember that selling your home is a business transaction and you must keep your emotions and personal attachments out of the way.
Analyzing Market Conditions
The market value of your Markham home is largely determined by supply and demand. If the market is experiencing more sellers than buyers, price may feel a downward pressure and homes may take more time to sell. This would be considered a buyer’s market.
When the market is experiencing more buyers than sellers, prices will feel an upward pressure and homes will tend to sell faster. This is typical of a seller’s market. So what kind of market are we experiencing in Markham right now? Check out Martin’s latest Markham real estate market analysis.
As a local Markham real estate agent, Martin can provide you with a no-obligation comparative market analysis at no cost. He can provide analysis on your local market and compare homes in your neighbourhood that are similar in size, style, lot, bedrooms, baths, etc.
Working Out Your Net Equity
After you’ve figured out the fair market value for your home, you can work out your estimated net equity. This will be the money you will have after all the expenses involved in getting your home sold are paid. These costs can vary, it is best to talk with your local Realtor to help you calculate your bottom line. You should also check with your bank or current lender to find out what kind of mortgage penalties may apply.
When it comes to getting your Markham home ready to sell, there are two types of preparation to consider. You’ll need to get your home ready for the market and you’ll need to get it ready for home showings. Without going into too much detail, you’ll want to focus on cleaning, de-cluttering, de-personalizing and optimal placement of furniture. It is often difficult for a homeowner to be objective about their own home so it can be beneficial to get opinions from family or friends, but especially from your real estate agent or a professional home stager. Home staging may cost you upfront, but is proven to put more money back into your pockets after the sale.
It’s no secret that marketing works. There’s a reason why we see advertisements everywhere we look. From billboards and print materials to television and the web, marketing is proven to be effective and attracts more buyers, whether you’re selling an iPad or a house. So wouldn’t it also make sense to say that stronger marketing attracts even more buyers? Of course it does. That’s why Martin has developed a plan that is second to no one.
In today’s marketplace, newer technologies and the internet has taken over. More than 90% of homebuyers will start their search on the internet and so a great marketing plan should have a great internet presence, no? The ideal marketing plan should combine the best of today’s technology with yesterday’s tried and tested techniques to give you a well rounded plan to sell your home for top dollar. That doesn’t necessarily mean that your home wouldn’t sell with a less effective marketing plan, but it would likely attract less attention and thus less money. The ultimate goal is to create competition and ideally draw multiple offers. Of course there’s never a guarantee of that happening, but shouldn’t we aim for that?
When the time comes and an offer is registered, you’ll need to consider more than just the price. While the price is extremely important, you’ll also want to consider such things as the deposit, the closing date, inspection and financing clauses, chattels and many other clauses and details that could be inserted. You will have the choice to either accept the offer, reject the offer or counter the offer. It is important to keep an open mind and keep your emotions out of the way. Every homebuyer wants a great house for as little money as possible. Stay objective and don’t view the buyer as an enemy. The best deals are accomplished when both sides feel like they’ve won. Martin is a proven negotiator and will always negotiate in your best interests while keeping your goals and motivations confidential at all times.
Once the deal is firm you are on your way to the closing date. Make sure you know what to expect in terms of procedures and closing costs so that there are no surprises. The last thing you want is to find out days before closing that you might not be able to close the deal. You need to stay on top of every little detail and your real estate agent can help you with this. Closing costs will always vary but it is always a good idea to be over prepared to ensure a smooth closing.