An Overview to Selling Your Home
For many people purchases of real estate are considered major investments; most often the largest of their lifetime. When the time comes to be involved in this legal process, comfort in your decisions comes from knowledge - and knowledge from information. This page provides information about the processes of buying and selling residential real estate. It is intended to be used as a helpful guide, to provide some insight into the world of real estate, and to help you achieve your goal of selling your home. It is not to be used as a substitute for legal counsel. Therefore, we strongly recommend that you secure competent advice from your Realtor or a Lawyer before finalizing any real estate contract.
The following briefly outlines the stages involved in selling your home. These start with the initial decision to sell. Reasons for the sale of residential property vary along with the personal circumstances of each vendor. It may involve a job elsewhere, a new baby or children moving-out on their own. However varied the reasons for selling are, the decision to and justification for initiating this "major life-change" is best well thought out. In short, before committing yours and others resources towards selling your home, be sure that this is the right decision for you and your family.
One of the first things to consider when selling your home is its market value. Commonly, a Comparative Market Analysis (CMA) is used to assess a homes value. This involves finding the sale prices of other homes (sold recently) that are similar to your home. Also, other property which is currently listed (or the competition) is researched. These two data - plus information on those houses which have failed to sell in a reasonable amount of time - combine to determine a homes Market Value. (Other factors involve: provincial and inter-provincial economic and political conditions; also, unemployment, inflation, migration and interest rates. Just to name a few!) As a result of this complexity many people lack sufficient information to properly price their home. Hence, some do not receive a fair price for their property. If in doubt ask us for a CMA on your property; it is what we are trained for and it will prove useful for determining your asking price.
Other considerations involve improving the marketability of your home. That is, what to do to increase the value prospective buyers place on it. Remember that value does not equal worth. Value is market driven, worth stems from personal feelings of costs. Buyers care little about what your home cost you (in time, energy and money), but they do care about what other homes are available and at what price. Through shopping buyers are able to compare different homes and their varying prices; resulting in an intuition for knowing a fair deal. Furthermore, many buyers involve the services of a Realtor to aid not only in their search for a suitable home, but also in their final purchase decisions; since Realtors also tour many houses, qualified buyers usually only pay prices very close to "fair market value." In short, if the asking price for your home is not placed at or near market value, it may not sell. In order to increase the value buyers place on your home, and thereby increasing the final sales price, you may make improvements. These improvements are made to both the house and the property. Things as simple as keeping a very clean entrance way (the first impression) will improve a buyers impression of your home. Other improvements to help you maximize your asking price are outlined below.
Once your home is appropriately priced and is looking its best, offers to purchases will undoubtedly start to be presented. Only the initial decision to sell is more important than the decisions made in this stage. It is here that many people seek external sources of advice; most from their Realtor. Having professional advice is even more important when offers are presented which could jeopardize you financially. Be careful and remember: The advice of a Realtor or a Lawyer can easily save you the cost of their services. In order to provide you with basic information about offers, counter-offers and acceptance - sections dedicated solely to those topics are included on this page.
Of course, the final stage in the process of selling your home is moving out. It is not uncommon for this stage to prove to be the most stressful for many families. The final sections of this page provide tips and tricks to make your move easier. Suggestions and check-lists are given which outline what may be taken from your old house and how to move it (with the least problems) to your new one. Similarly, ideas on how to appease each member of the family are provided. Remember: Of all those that are affected by a residential move, children are often the least prepared and equipped to handle the experience. It pays to involve them from start to end; from the initial decision to sell - to packing their stuff and moving boxes. Therefore, if your move involves more than yourself, the section on moving is a must read.
Re/Max Kelowna 100-1553 Harvey Ave
Kelowna BC V1Y6G3