Selling Tips for Lake Bonavista Sellers
Home Selling Tips For Lake Bonavista Sellers
"...discover how to protect and capitalize on your most important investment..."
Because your Lake Bonavista home may be your largest asset, selling it is probably one of the most important decisions you will make in your life. Through these 27 tips you will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.
Understand why you are selling your home
Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money and effort you're willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, this would determine one approach. If you want to maximize your profit, the sales process might take longer thus determining a different approach.
Keep the reason(s) you are selling to yourself
The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you don't provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the reason( s) you are selling is only for you to know. Furthermore, prospective buyers may talk to your neighbours or people you know in Lake Bonavista. Keep your reasons for moving confidential in order to not potentially compromise your negotiation position.
Before setting a price - Do your homework
When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high you run the risk of not being taken seriously by buyers and their agents and pricing too low can result in selling for much less than you were hoping for.
Do some "home shopping" yourself
The best way to learn about your competition and discover what turns buyers off is to check out other open houses in Lake Bonavista. Note floor plans, condition, appearance, lot size, location and other features. Particularly note, not only the asking prices, but also why they are actually selling. Remember, if you're serious about getting your home sold fast, don't price it higher than your neighbour's. We can set you up to receive regular updates for sold homes in Lake Bonavista. Just get in touch with us and we can set you up.
When getting an appraisal is a benefit
Sometimes a good appraisal can be a benefit in marketing your home. However, an appraisal does cost money, has a limited life, and there's no guarantee you'll like the figure you hear. Based on the frequency of business we do in Lake Bonavista, we can give you the most accurate assessment for today's market, at no cost to you.
City tax assessments - What they really mean
Some people think that you City tax assessment is a way of evaluating a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true value. Property assessments in Lake Bonavista can either be way too high, way too low, or accurate. It's really a crap-shoot.
Deciding upon a Realtor®
All Realtors® are not the same! Being Lake Bonavista experts means that we know the market and have information on past sales, current listings, a marketing plan, and will offer references. Trust and feel confident that we will do a good job on your behalf.
Ensure you have room to negotiate
Before settling on your asking price make sure you leave yourself enough room in which to bargain. For example, set your lowest and highest selling price. Then check your priorities to know if you'll price high to maximize your profit or price closer to market value if you want sell quickly.
Appearances do matter, make them count!
Appearance is so critical that it would be unwise to ignore this when selling your home. The look and "feel" of your home will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home to sell.
Invite the honest opinions of others
The biggest mistake you can make at this point is to rely solely on your own judgment. Don't be shy about seeking the honest opinions of others. You need to be objective about your home's good points as well as bad. Fortunately, we will be unabashed about discussing what should be done to make your home more marketable.
Get it Spic n' Span clean & fix everything, even if it seems insignificant
Scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, repair squeaks, the light switch that doesn't work, and the tiny crack in the bathroom mirror because these can be deal-killers and you'll never know what turns buyers off.
Allow prospective buyers to visualize themselves in your home
The last thing you want prospective buyers to feel when viewing your home is that they may be intruding into someone's life. Avoid clutter such as too many knick-knacks, etc. Decorate in neutral colors, like white or beige and place a few carefully chosen items to add warmth and character. You can enhance the attractiveness of your home with a well-placed vase of flowers or potpourri in the bathroom. Home-decor magazines are great for tips.
Deal killer odours must go!
You may not realize but odd smells like traces of food, pets and smoking odours can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they'll start being aware of odours and seeing stains that may not even exist. Don't leave any clues.
Be a smart seller - disclose everything!
Smart sellers are proactive in disclosing all known defects to their buyers in writing. This can reduce liability and prevent lawsuits later on.
It's better with more prospects
When you maximize your home's marketability, you will most likely attract more than one prospective buyer. It is much better to have several buyers because they will compete with each other; a single buyer will end up competing with you. One of the advantages of working with our team is that we most effectively expose you to those shopping for a home in Lake Bonavista right now.
Keep emotions in check during negotiations
Let go of the emotion you've invested in your home. Be detached, using a business-like manner in your negotiations. You'll definitely have an advantage over those who get caught up emotionally in the situation.
Learn why your buyer is motivated
The better you know your buyers the better you can use the negotiation process to your advantage. This allows you to control the pace and duration of the process.
As a rule, buyers are looking to purchase the best affordable property for the least amount of money. Knowing what motivates them enables you to negotiate more effectively. For example, does your buyer need to move quickly? Armed with this information you are in a better position to bargain.
What the buyer can really pay
As soon as possible, try to learn the amount of mortgage the buyer is qualified to carry and how much his/her down payment is. If their offer is low, ask their us about the buyer's ability to pay what your home is worth.
Know when the buyer would like to close
Quite often, when buyers would "like" to close is when they need to close. Knowledge of their deadlines for completing negotiations again creates a negotiating advantage for you.
Never sign a deal on your next home until . you sell your current home
One of the largest factors affecting this decision is your financial position. If you are not in a comfortable enough financial position to carry 2 homes, beware of closing on your new home while you're still making mortgage payments on the old one. You might end up becoming a seller who is eager (even desperate) for the first deal that comes along.
Moving out before you sell can put you at a disadvantage
It has been proven that it's more difficult to sell a home that is vacant because it becomes forlorn looking, forgotten, no longer an appealing sight. Buyers start getting the message that you have another home and are probably motivated to sell. This could cost you thousands of dollars.
Deadlines create a serious disadvantage
Don't try to sell by a certain date. This adds unnecessary pressure and is a serious disadvantage in negotiations.
A low offer - Don't take it personally
Invariably the initial offer is below what both you and the buyer knows he'll pay for your property. Don't be upset; evaluate the offer objectively. Ensure it spells out the offering price, sufficient deposit, amount of down payment, mortgage amount, a closing date and any special requests. This can simply provide a starting point from which you can negotiate.
Turn that low offer around
You can counter a low offer or even an offer that's just under your asking price. This lets the buyer know that the first offer isn't seen as being a serious one. Now you'll be negotiating only with buyers with serious offers.
Maybe the buyer's not qualified
If you feel an offer is inadequate, now is the time to make sure the buyer is qualified to carry the size of mortgage the deal requires. Inquire how they arrived at their figure, and suggest they compare your price to the prices of homes for sale in your neighbourhood.
Ensure the contract is complete
To avoid problems, ensure that all terms, costs and responsibilities are spelled out in the contract of sale. It should include such items as the date it was made, names of parties involved, address of property being sold, purchase price, where deposit monies will be held, date for loan approval, date and place of closing, including any contingencies that remain to be settled and what personal property is included (or not) in the sale.
Resist deviating from the contract
For example, if the buyer requests a move-in prior to closing, just say no, that you've been advised against it. Now is not the time to take any chances of the deal falling-through.
Please tell me about the property you're looking to sell & any additional details, by using the form below or by contacting me directly. Let's get started!