SMART SELLER'S GUIDE

At CENTURY 21®, we provide you with the most current information to help you make an educated decision. We are your resource in real estate. With that in mind, this helpful guide will explain some relevant terms and scenarios you can expect as you prepare to sell your home.

Informed Consent

Real estate professionals have a regulatory requirement to provide consumers with information regarding their agency relationship with themselves. This information explains the different relationships you can have with a real estate professional to buy, sell or lease a property. Before consumers receive advice and disclose confidential information regarding a real estate transaction, consumers need to understand what type of business relationship they will have with an agent. Below is a video that explains your relationship with a real estate professional:

Disclosure of Representation in Trading Services Form

Disclosure of Risks to Unrepresented Parties Form

Understanding Market Conditions

The real estate market is always changing. Varying economic indicators dictate which stage your local market is experiencing. It helps to understand how market conditions can affect your position as a seller.

What is a Balanced Market?

The number of homes is equal to the demand or number of the buyers. Typically, this type of market shows that demand is equal to supply, homes sell within an acceptable time period and prices are generally stable. What does this mean for you? You may experience a more relaxed atmosphere with buyers having a reasonable number of homes to view and choose from.

What is a Seller's Market?

The number of buyers wanting to purchase homes exceeds the supply of available homes on the market. Typically, this type of market has smaller inventory of homes, many buyers, homes sell quickly and prices usually increase, there may even be bidding wars. What does this mean for you? You may experience more negotiating leverage and obtain a higher selling price for your property.

What is a Buyer's Market?

A buyer's market occurs when the supply of homes on the market exceeds the demand. Typically, there is a high inventory of homes, few buyers compared to availability, homes stay on the market longer and prices tend to drop over time. What does this mean for you? It may take longer to sell your home with less negotiating leverage in terms of selling price.

Getting to Know Your Market

A comparative market analysis is an indicator of what today's buyers are willing to pay for a home. It compares the market activity of homes similar to yours in your neighbourhood. Those that have recently sold represent what buyers are prepared to pay. The homes currently listed for sale represent the price sellers hope to obtain. And those listings that have expired were generally over-priced or poorly marketed. Your CENTURY 21 REALTOR® will prepare a comparative market analysis for your home based on the most current market information. Together, you and your Realtor will establish the proper list price for your home.

The single most important decision you will make with your CENTURY 21 Realtor is determining the right asking price for your property.

Determining the Value of your Home

The market ultimately determines the true value of your property. A common-sense definition for the appropriate value of your home is what a willing buyer will pay and what a willing seller will sell for. Before you compare your home to similar properties and establish a competitive list price consider the following points:

Location
Size
Style
Condition
Community
Amenities
Buyer Supply
Financing Options

The Results of Overpricing

Many sellers believe that if they price their home high initially, they can lower it later. Often, when a home is priced too high, it experiences little activity. Gradually, the price will come down to market value, but by that time it's been for sale too long and some buyers will be wary and reject the property. On occasion, the price is dropped below market value because the seller runs out of time, then the property sells for less than it's worth.

Missing the Right Buyer

You may think that interested buyers can always make an offer, but if the home is overpriced, potential buyers looking in a lower price range will never see this home. With the abundance of information available online, buyers are well educated about the market they are shopping in and can quickly ascertain an appropriately priced home versus an overpriced home. Those buyers will not waste their time viewing homes not priced within a suitable range. Those who can afford a home at your asking price will soon recognize that they can get a better value elsewhere.

The Importance of Early Activity

As soon as a home comes on the market, there is a flurry of activity surrounding it. This is crucial time when a Realtor and potential buyers sit up and take notice. If the home is overpriced, it doesn't take long for interested parties to lose interest. By the time the price drops, the majority of buyers have moved on.

The Benefits of Pricing Right

Your property sells faster because it is exposed to more qualified buyers.
Your home doesn't lose marketability.
The closer to market value, the higher the offers.
A well-priced property can generate competing offers.
Realtor will be enthusiastic about presenting your property to buyers.

Understanding the Factors that Influence Overpricing

Extensive renovations/hidden costs
Desire to purchase in a higher-priced area
Original cost of the home was too high
Lack of real market information
Building in bargaining room
Perceived emotional value

Signing a Listing Agreement

The first formal step in marketing your property is to enter into a Listing Agreement - a contract that commits CENTURY 21 to actively market your home for a specifi ed period of time. It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale.

Agree on a Marketing Plan

Your property is not something you sell every day. In fact, for many people it is their largest asset. A home is very complex to market and the process needs to be well organized. To do the job properly, a plan is needed. Your CENTURY 21 Realtor can prepare a personalized plan for you containing all activities intended to market your property. At CENTURY 21, your property will be aggressively promoted through CENTURY 21's customized marketing plan.

Preparing your home to show to potential buyers

First impressions are lasting impressions. You will want to make sure that buyers looking at your home are left with the best possible impression. Your CENTURY 21 Realtor can help you achieve that goal.

What you'll need to prepare for your appointment:

Plan of Survey or Building Location Certificate
Property Tax Receipt
Mortgage Verification
Deed or Title Search
Utility costs, info about transferable warranties (if available)
Info about outstanding contracts (alarm, hydroloans etc.)
Dates or renos or upgrades (and receipts if available)
Spare set of keys
Alarm codes
Pet safety instructions

Exterior

House exterior in good repair
House number easy to read
Eaves troughs, soffits, fascia and downspouts in good repair
Garage/carport clean and tidy
Litter picked up
Cracked or broken window panes replaced
Lawns, hedges cut, garden weeded and edged
Walks shoveled and salted
Boot tray inside the front door
Doorbell and door hardware in good repair
Porch and foyer clean and spacious

Interior

Chipped plaster and paint touched up and repaired
Doors and cupboards properly closed
Leaky taps and toilets repaired
Burned out light bulbs replaced
Squeaky doors oiled
Mirrors, fixtures and taps cleaned and polished
Seals around tubs and basing in good repair
Floor cleaned, garbage containers emptied
Inside of closets and cupboards neat and tidy
Appliances cleaned
Countertops neat and polished
All lights turned on
Air conditioner turned on (weather permitting)
Fresh air in the house
Fireplace lit/furnace on (weather permitting)
Halls and stairs cleaned
Drapes opened during daylight
Carpets freshly vacuumed
Fresh flowers in various rooms
Jewelry and valuables locked safely away or taken with you
Valuable property (such as art objects, vases figurines out of reach, out of sight or locked away)
Pets absent or contained during the showing (pet messes indoors or out cleaned up)

THE MAJOR ELEMENTS OF AN OFFER

Price

Depends on the market and the buyer, but generally the price offered is different from the asking price.

Deposit

The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. Your CENTURY 21 Realtor will advise you on the suitability of the amount of the deposit being offered.

Terms

Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging their own financing or may ask to assume your existing mortgage if you have an attractive rate.

Conditions

These might include, but are not limited, to: subject to home inspection, subject to buyer obtaining financing or subject to the sale of the purchaser's property.

Inclusions & Exclusions

These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

Closing or Possession Date

Generally, this is the day the title of the property is legally transferred to the new
owner(s) and the transaction of funds finalizes.

SOME MOVING TIPS

Once your home is sold, your CENTURY 21 Realtor can help make the move easier for you. Follow this handy checklist

Book the Movers

You can choose to have your movers pack everything, just the breakables, or you can pack yourself
It's a good idea to obtain estimates from several different companies

At Your Present Home

Arrange to have your gas and electric meters read on the day you leave and have the bill forwarded to your new address
Have the oil/propane tank read and filled before your sale closes and provide a receipt to your legal professional if required
Disconnect your telephone, cable and water softener

At Your New Home

Make arrangements for the gas and electric utilities, water softener, telephone cable to be connected on the day the sale closes (or possession date)

General

Get change of address cards from the post office and send them out well before moving day.
Have the post office forward your mail to your new address
Cancel any contracted services and preauthorized cheques, newspapers, magazines and other home services, Arrange for services at your new address.
Inform gardening, dry cleaning, garbage pick up
Cancel or transfer social, athletic, civic, religious or business affiliations and memberships
Arrange for the transfer of medical, dental, prescription and optical records
Change the address on your driver's license effective the day of the move
Make special arrangements for the moving of perishables, such as plants
Collect all items out for cleaning, repair or storage
Make special arrangements for the moving of your pets
Safely dispose of all flammable liquids, as it is illegal for movers to carry them

THE POWER OF CENTURY 21®

GLOBAL EXPOSURE

Your listing gets ultimate global market exposure to promote your property both to the neighbourhood next door and to the other side of the world. Every CENTURY 21 listing gets included on Century21Global.com which is available in 36 countries and in 18 languages.

C21 Canada sends a direct listing feed to Zillow, the leading real estate and rental marketplace. This partnership will give your home more exposure and capture the attention of the largest audience of home shoppers online.

CUSTOMIZED MARKETING PLAN

We work closely with you to create a plan to reach the broadest market for your property so you can secure the best offer.

Through social media advertising, this tool provides even more visibility to your property and targets specific home buyers. Back At You Media also automatically creates a report to show the impact of the advertising.

EVEN MORE VALUE

Only CENTURY 21 can offer you exclusive discounts you'll want on products and services you need.

CENTURY 21 SMART TIPS

Common Questions

What if I need to sell quickly?

In a seller's market, top price and a fast sale can go hand-in-hand. In a buyer's market, more sellers are competing for your potential buyer. If you have to sell right now, consider lowering your asking price a bit to speed up the sale. A REALTOR® can help you figure out the right price-to-speed ratio.

What if you find your new dream home first?

Talk to your existing mortgage lender about "Bridge Financing". This is when your lender agrees to lend you the down payment for your new dream home, while you still cover the mortgage on your existing property.

Update & Repair

While some people may not be put off by outdated styles or untidy gardens, a lot of buyers will be more easily charmed by newer appliances, updated hot water tanks and windows, groomed walkways and lawns, and a fresh coat of paint on the interior walls. A little can go a long way.

Avoid bad odours

You want to make every inch of your house pleasant to walk through, and that includes how your house smells. People may love the look of your kitchen but a lingering smell of something they can't quite put their finger on could mean the difference between an offer and a pass. Take the trash out, try not to deep-fry anything in the kitchen and light a candle before people come for showings. Just make sure to blow the candle out before you leave!

Consider Doing a Pre-Inspection

A pre-inspected house can be very appealing to Buyers, as they can have accurate and up-to-date information on your house. If the report comes back with any issues you can either fix them or factor it into your listing price, and having the issues laid out in front of the Buyer will reduce any possible objections they might have. Pre-inspection can be worth the initial fee to help your home sell more quickly.

How We Can Help

Staging your home When preparing to sell a house it is highly recommended that you declutter, stage, and clean, clean, clean!

Declutter: Maximize the space you have, remove personal items and re-arrange furniture to maximize the space in the room. Clear out closets, donate items and store items elsewhere while your house is for sale.
Stage: Make sure every room is staged for optimal use, keep your decor basic to help potential buyers “see” themselves in the house.
Clean: Clean your windows, dust your ceiling fans, organize your closets. Clean houses sell faster, and potential buyers will be looking inside your cupboards, closets and bathroom vanities.

Decide when to sell Real estate in the Similkameen Valley varies with the weather; December, January and February are usually the slowest months while March, April and May are typically the busiest. Supply & demand is also a big influencer, as with any market, within local neighbourhoods and Princeton as a whole. Working with a REALTOR® can help make timing work for you.

Find Your Home's Selling PointFor every home a Buyer, and for every Buyer a home. Sometimes houses need a little helping hand, and our REALTORS® can help by finding the right angle to get your house sold. With first-rate photography and an appealing narrative, we can help find that perfect someone to buy you house.

Important Information: Are you considering Selling your home? One of the first things you should do is to find out if you wish to use a real estate professional, or if going in unrepresented is a better option . Please take a moment to watch these complimentary videos which explain some important consumer protection information from the Real Estate Council of BC.

Get In Touch

Century 21 Horizon West Realty

Phone: 250-295-6977

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