The real estate market in Halifax and surrounding areas has changed significantly in the last 18 months. We have gone from a "Balanced" market (equal number of buyers and sellers) to a "Sellers" market (listing inventory is down and prices are up) prompting multiple offer situations, listings selling almost as soon as they are on the market and often for over the list price.
So what does that mean if you are thinking of selling your home? It means you need to be strategic with your pricing, you need to be prepared for the potential of a lot of showings as soon as your property is active in MLS and you need to be willing to act quickly to deal with offers as they come in.
In the current market, it's still important for you to prepare your property for sale, making it look its best to potential buyers. So look at your property critically and make sure that you are doing all of the necessary things to make it stand out.
A Competitive Market Analysis (CMA) will help you understand how to price your property in this market. A CMA will provide a comparison of your home to others on the market to help you understand where you stand against others in your neighbourhood and price range.
As part of preparing to sell your house you also need to consider the following so you can deal effectively with offers when they come in:
- Know what your bottom line is in terms of the price you can sell for. How much do you still owe on your mortgage, what are the commissions to be paid to real estate agents and what will be your closing costs?
- If you have anything leased in the house, what is the payout and can you afford to pay out the lease if that is a condition of the sale?
- What kind of closing date do you need? It will be a condition of the sale and you need to know exactly what kind of a date you can accommodate. In this type of market, buyers are frequently looking for either quick closing dates or longer dates depending on their plans
- Where are you going next? What are your plans once you sell? Whether you are going to rent or plan to buy another home, you will need time to look for another place to live. If you had to move quickly, do you have somewhere you can go short term?
Bottom line in this Sellers Market: you need to be prepared and ready to act. Turning to a professional REALTOR® at this time ensures that you are getting the right advice and guidance in terms of how to deal with the market and get the best deal and most money in your pocket.
Home Seller's Guide
It is important to plan properly when selling your house so that it is represented well in the marketplace and so that you get top dollar when an offer is received. A few of the things we will assist you with are:
Prepare a Comparative Market Analysis (CMA) of what your home is worth in today's market and compared to other similar properties in your neighbourhood. This will help you understand how the property needs to be priced.
Guide to Preparing your Property We will look at your property critically to determine what is required to get it ready so that it shows well once it is listed. We will assist you in evaluating all aspects of your home to determine what absolutely needs to be done and what could be done but may not be necessary. The goal is to ensure that your property will stand out against your competitors.
Marketing Plan We will prepare a customized Marketing Plan that will expose your property on the MLS, on our website and on the C21 Canada website as well as on various social media platforms.
Connect you with Professionals who will be able to assist in getting your property ready to sell. We have a full team of professionals who we refer to that can assist with things such as roofing, furnace cleaning, inspections, electrical, and more. In addition, we will put you in touch with a property lawyer so you are ready to move when an offer is received.
When an offer is received we will review the offer with you to help you understand all of the aspects of the offer. We will provide advice in terms of countering or accepting the offer and negotiate on your behalf with the other agent.
Acceptance of an Offer. Once an offer has been accepted, we will provide the support that you need to ensure that documents are provided to all parties as required and to follow-up on all condition deadlines. We will communicate with you throughout the process to ensure that you are aware of any issues that arise and assist when there are items to be dealt with.
Closing Day and Beyond. We will work with you up to the Closing Day to make sure that the property is ready to close. After the property is closed we are always available to answer any questions on the transaction and to provide support if required.
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