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Should I buy a new home before or after I sell this one?

Answer 1

How can I get the most value for my property?

If you’re thinking about selling your property in the near future, you probably already have plenty of questions. This article will allow you to better prepare your marketing strategy, while ensuring you obtain the best possible price.

Home Improvements

The first step to getting the best price is to take care of the necessary home improvements. Here, we are not talking about undertaking major renovations but simply focusing on small property details that can easily be repaired; Rickety cabinet doors, leaking taps, peeling paint or even old-fashioned door knobs. These small, inexpensive home improvements will be reimbursed several times over once you sell your home. Furthermore, the HomeGain association estimates that a minimum investment of $230 to "illuminate and refresh" your home will earn an average of $1 300, an investment return of 570%. The most crucial areas of a property are the kitchen and the bathrooms, therefore it is important to prioritize these two areas in order to maximize your investment return on improvements.

Visibility

In order to maximize the chances of getting the price you want on the sale of your home, buyers must be capable of finding your property easily - everywhere and anywhere. Thanks to the internet, the modern day real estate sector has transformed.

Although in the past, the primary way to find a future home was to take a drive and to visit the possibilities - all of this occurs more online today than ever before.

It is important to understand that the baby boomer generation made way to today’s millennials or Generation Y; the chance that the buyer of your property is part of this group is very high.

For this reason, it is necessary to adapt one’s marketing strategy in order for it to be quickly accessible, without hassle and on the widest possible range of web platforms. This includes traditional real estate agency websites such as Centris, Realtor.ca and Kijiji but also social media sites like Facebook or Instagram.

In addition, in 2016, the use of mobile devices (smart phones, tablets) exceeded that of computer for the first time. Convenience, ease of use and access to information are the most sought-after criteria for millennials which greatly explains the success of companies such as Uber, Dropbox and Airbnb. However, it is not enough to be present on the internet alone it's important to make your home stand out. How?

“A Picture is Worth a Thousand Words”

Arthur Brisbane, Journalist, 1911.

In fact, several studies show that the transmission of visual information through images attracts 94% more buyers than information transmitted in the form of text. In other words, in order to stand out from your neighbour and to benefit from greater visibility, it becomes necessary to have photos, videos and even a virtual tour available online for buyers. By choosing to do business with a real estate agent, you will benefit from all these extra services without spending extra money - in addition to the professional services that accompany you throughout the sale of your home.

Visits

A successful visit is the first step towards the successful sale of your property. Potential buyers can arrive at any time of the week or weekend so it is particularly important to be available and have a flexible schedule for visitors. If you have a busy schedule, call on the services of a real estate agent who will be able to perform the visit of your property for you during any absences. Generally buyers visit several properties at once and often in the same day. By not being available, you greatly minimize chances of obtaining a second visit and even less - an offer to purchase. Every visit is an opportunity for you to sell your home.

Negotiation - Real Estate Agent

In order to obtain the desired price for your home, it will be necessary to engage in strong negotiation. Several elements are taken into account when negotiating: The price, purchasing conditions and of course the date for taking possession of the property. Out of 20 transactions, only 1 is concluded with a simple acceptance of the offer - in general terms, one should expect a counter-offer. It is also paramount not to become emotional in this process - and let’s be honest, it's quite hard not to be when selling your own home. This is why choosing to do business with a real estate broker is greatly beneficial. This professional remains impartial throughout the process while putting their years of experience in negotiation to your profit, once again ensuring you obtain the best possible price. Moreover, most buyers use a real estate broker to help choose their home for the simple reason that it does not cost them anything to do so. The chances that your potential buyer is represented by a broker is very high and therefore, unless you are a highly informed in real estate transactions - you would benefit from being represented by one too.

How long will my property sit on the market?

As someone who is selling their current home, you probably have future projects in mind. Whether buying a larger property, starting a family, retiring or wanting to travel - it's only natural that you want to know how long your home will stay on the market before being sold.

Unfortunately, there is no mathematical formula to predict the answer to this question. Several factors may influence the time required to sell your property and principally, the demand, price and condition of your property. Let us analyze each of these points together.

Demand

The demand for your home depends largely on its location, for example: a central neighbourhood with a proximity to essential services such as grocery stores, schools and public transit may have a lower median sales time than a more rural and isolated. The type of property you have can also influence the time to sell. The more interesting your property is interesting for a higher number of potential buyers, the less time it will take to sell. For example, a 2016 4-door car and a well-known brand may be sold faster than a vintage vehicle from 1946. This does not mean that one is better than the other, but merely that there are more buyers for the first option. The season of the year is also a factor to be considered as real estate transactions are higher during certain periods. In general, we can see an increase in the volume of transactions during the second half of the winter and spring, as opposed to certain lower periods such as the summer and the holidays.

However, this does not mean that you should wait for a specific time of the year to market your property, but simply that certain periods are less active than others and therefore the time to sell may be lengthened.

Price

This is probably the most important factor for a quick sale. It is imperative to set a fair and realistic selling price in order to accomplish a quick transaction. It should be noted that the market value of a property is influenced by several factors and that the latter rarely reflects the municipal assessment. The popular yet negative conception of "testing" the market at a high price and then lowering it several weeks or months later is to be avoided at all costs.

Given the tightening within the real estate market and the greater balance of forces, there is a danger that sellers will overestimate their property when they market their property on their own. Considering that visits are more frequent in the first few days after a property is placed on the market and tends to diminish as the weeks go by, it is more than just important to establish a price that reflects as accurately as possible the actual value.

In order to further capitalize on the novelty effect, the quoted price must approximate the market value - which is dependent on recent sales of comparable properties within the neighborhood.

Otherwise, your property will not only attract little interest from real estate brokers and their clientele, but its presence on the market will also directly contribute to increased ridership and commitments to buying properties that are comparable to yours.

In fact, several studies demonstrate that the first 30 days of your marketing strategy are the most active and likely to give you the visibility needed to find the buyer of your home. This is particularly true in the case of today’s current market, which is otherwise known as a buyer's market. For this reason, it becomes important to work with a real estate broker who is capable of performing a detailed study of your neighborhood and market conditions in order to set the competitive price at which your home should be presented in order to be sold quickly. Furthermore, you will also greatly increase your visibility by appearing on the Centris system as well as that of the real estate agency serving within your sector.

Condition

The condition of your property is another key factor that will often impact the speed at which you will be able to display your “Sold” sign. It is important to understand that by condition, we are not necessarily talking about presenting a completely renovated or new house. There is a wide variety of buyers with different needs, budgets and expectations however, in any case, making a good impression from the start is imperative. Purify and depersonalize your decor, refresh and harmonize your interior, repair any small defects or apparent imperfections and opt for good lighting.

Finally, be transparent with your buyers because in most cases, the purchase of your home will be conditional upon inspection by a qualified inspector. Therefore it is important not to hide any problems or repairs that have occurred over the years in order to build confidence with the buyer and avoid possible legal action. If you have any doubts as to the condition of your property, you can opt for an inspection with a real estate broker who can advise and refer you to the appropriate experts.