If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
HOW REAL ESTATE MARKET CONDITIONS AFFECT YOUR OFFER PRICE
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
A hot market is a "seller’s market". During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
A very accurate saying is that "Any home will sell once you get the price right." Of course, this is usually said from the perspective of dropping a price until it's too attractive to pass up. Actually, the accurate pricing of your home prior to listing is as much an art as it is a science.
Marketing a home for sale is quite different from most other types of marketing and advertising. Unlike marketing many products, homes are each unique. Marketing decisions will be based on thorough examination of the home’s features and comparison to the competition in the marketplace. Decisions must also be made concerning improvements that might enhance the home and sell it faster and for a higher price.
If you haven’t prepared a home for sale in the last 5 – 10 years, then chances are that home staging is a brand new concept for you. Although staging has risen in popularity (with most real estate agents considering it a must), some sellers continue to skip this important step in the process. Showcasing your home under the best possible conditions has been proven to have major effects on the final selling price of a home. Here are just a few things you can do to spruce up your home before that ‘For Sale’ sign goes up.
Does your property’s exterior give off a ‘welcome home’ vibe? Making sure that your front lawn is neat and tidy; no wild branches, dead leaves, or stray garbage will make your home look crisp and clean. A bright pop of colourful plants surrounding the doorway will give the facade an instant lift.
Clear all surfaces and get rid of any and all personal items. Buyers need to be able to visualize the home as their own, so that giant family portrait over the fireplace or the collection of your daughter’s grade 3 art projects need to be packed away for showings. Minimize everything from furniture to accents and accessories. And buyers will open closets, so don’t even think about shoving it all behind closed doors!
SCRUB, SCRUB, SCRUB
Roll up your sleeves and give your home a deep clean from top to bottom. You don’t know what minute detail some buyers will focus on, so you don’t want to miss a thing! Go all out; steam clean carpets, scrub inner windows and casings, and dust curtains, fans, and any area that may have been long-forgotten.
LAYOUT AND FLOW
It may work for your family to face the kitchen stools toward the television, or have a sofa pointing toward your favourite neighbourhood view, but consider laying out your furniture in a way that best showcases your home. It could be you have one large living/dining space that you utilize as one big family room, however setting up your furniture and lighting to define two separate spaces can add value for a buyer. Facing chairs and sofas toward specific areas like a fireplace (rather than your TV) will draw attention and focus to a desirable feature of your home.
APPEAL TO THE SENSES
Walking into a bright, fresh space can completely affect the impression of a potential buyer. This means getting rid of any harsh odours (pets, kids, food), and setting the tone with lighting, music, and fresh flowers throughout.
Chestnut Park Real Estate Ltd., Brokerage, independently owned & operated