Selling Your Home?
If you are thinking of selling your Vancouver home, whether it be a house, townhouse or condo, there are many things to consider before listing your property for sale. Below we have assembled five of our all-time favorite tips for selling any type of real estate in the Vancouver area...
Sellers, Know Your Market.
Initially, you will get a "CMA" from your Vancouver real estate agent - a market analysis showing what the recent sales in your neighbourhood have been. If it's a condo, it will show you what other units in the building have recently sold for. If you want $50,000 more than the last sale, the market better be able to support that.
Stats, media, websites: there are so many amazing websites out there now that follow the market, literally, on a daily basis. Make sure you know the stats and follow along online as much as possible. And, once you list, the price you listed at two weeks ago may not be the price of the market now. Hopefully it is more, but it might be less. You have got to follow the market.
Try and stay ahead of the market. Sometimes, our good friends in the media put something in the paper and it reflects what happened last month - that's not current enough. Yes, it is good information to know, but you need to be aware of what happened yesterday and last weekend, not just last month.
You have to be realistic and objective about selling your home.
When we talk about curb appeal, we are talking about making your Vancouver home look as good as possible with respect to the age and style of your home.
So, if you have an older home, accent the heritage side, and if you have a newer home, make it look more modernistic. Just make it look as good as you possibly can from the outside. It is very important to do things like: paint the window trim, make sure that your gardens and landscaping look as good as they can, because when people drive by, you want them to stop and love your house.
In the background here, you can see we have done some heritage style steps - the home is about 95 years old, so we have tried to accentuate the heritage flavour to highlight the age-appropriateness of the style. You want people to fall in love with your home and want to pay lots of money for it - as soon as they see it when they drive up. Curb appeal!
Deficiences-To Fix or Not To Fix
"Deficiencies", to disclose or fix, that is the question. Yes, nobody likes to do this, but you have to deal with it before you sell.
Especially major problems; for example, in houses, basements - moisture, roofing, those sorts of major things have got to be fixed because people do not want to buy into those sorts of problems. Get them fixed so that the inspection comes out clean.
Even minor things can come back to haunt you, for example, let's say your stove isn't working, it is better to either fix it, or disclose it to the buyers so that they know going in that they are going to have to buy a new stove.
In condominiums, major issues will be in the minutes anyways, so just do your due diligence. Sellers shouldn't hide anything as buyers will find out anyways.
Sellers complete the Property Disclosure Statement where they are required to disclose knowledge of any deficiencies. Make sure that you are really truthful on that form as otherwise it could come back to haunt you.
Make Your Home a Show Home
When you are selling, make your home look like a show home. Get rid of all your clutter. Get all of your junk out of the way as you want your house to look as spacious and immaculate as possible. Lotions, creams, make up: get them off the bathroom counter. Kitchens: get everything out of the way so that your counters look fabulous.
Personal items: photos, photos of the kids, photos of the hamster that you love - get rid of them. You do not want any personal photos, unless they look like something that has come out of a magazine.
Closets: insides of closets and drawers - the more organized they are, the more impressed potential buyers are going to be.
Clean, clean, clean. Hire a professional cleaning company to clean. Make sure it is spotless. And, of course, you need to keep it clean for the whole time it is listed.
You can always hire a home staging company. From $500 to $5,000, they can work with any budget to help you sell your home.
Buy First or Sell First
1st question. Tom says follow the market closely. Be realistic. Get comparables & be aware of market conditions. Find your dream home & buy first, then sell. Kerrie says sell first 1. You know how much money you have. 2. You have a finite amount of money so sell first.
2nd question. Do you know where you are going? Tom- If you buy first, you can pick the perfect spot. Good listings in Vancouver sell quickly. Kerrie-If you sell first, you can rent a place and live comfortably while you look to buy.
3rd Question. Will dates be secure? Tom-If you are realistic about market conditions, you know the home will sell and you will get your dates. Kerrie-What if your house sits on the market and it doesn’t sell? If you sell first, you know your dates and you can ask for a long completion date and find the perfect home comfortably.
4th Question. Market fluctuations? Tom-Today’s market might be more stressful to buy first but, again, if you follow the market closely and price properly, you will be fine. Kerrie-Important to know risk tolerance, especially in this market. If you are risk adverse, sell first. People want to buy in buyers market. Lots more to choose but it might make it harder to sell.