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Thinking of Moving?
Life changes on a daily basis – financial circumstances, employment situation, family/marital status, lifestyle changes – these are common factors that often influence a decision to move.
Is your choice to move optional or necessary? Does this make a difference? We will help you to establish if moving now is really in your best interests. By delving a little further, important questions can be answered such as: What is your motivation behind this decision? What is your goal? What are your expectations with respect to your sale price? What sale price is required in order to meet your needs? What is the actual market value of your house?
Let’s examine a few important factors that need to be considered when evaluating a move:
Your Motivation To Sell
The motivation behind your decision to sell your home may determine how your sale is handled. If your goal is a quick sale, you might take a different approach than someone having no time constraints.
Whatever your reasons for selling, your motivation should be privileged information for your selling agent only, to ensure you maintain a strong position during negotiations. If you are pressed for a reason by a buyer or their agent, it is best to offer a general response such as “my housing needs have changed.” Never show your cards – keep a poker face!
Our negotiation skills are second to none. Our goal is always to attain the best price and negotiate the most advantageous terms for our clients.
Proper Pricing of Your Home
Many homeowners have an emotional attachment to their property and often overvalue their home. This is understandable, especially for those who may have invested many hours and dollars into upgrades over the years. When a homeowner loves their home, traditional rules of economics – supply and demand – often go out the window and are replaced by personal belief of value. The reality is that the market ultimately determines the value of your home.
We can help you determine the current market value of your property with a free, no obligation, Comparative Market Analysis (CMA).
How important is accurate pricing of your home? It is critical. If you overprice your home, you will actually be working against yourself, sending buyers elsewhere to a ‘better bargain’. An overpriced home will stand out and make other homes on the market look better by comparison. Homeowners also lose the excitement and momentum gained when the property first hits the market but is overpriced. Buyers come through the property, and even if they like it, they may decide to put an offer on the property because they feel the seller is unreasonable.
In addition to creatively marketing your property to active buyers, we will also target many local Realtors who work with homebuyers. These Realtors can act as an extended sales force. During the first couple of weeks, your home should be a flurry of activity with buyer’s agents coming to preview your home so they can sell it to their clients. If your home is overpriced, fewer agents will preview your home because they know local market conditions and home values. If your house is priced dramatically above market, they will not likely view your home.
Potential buyers may even conclude there may be something ‘wrong’ with your property after seeing your home listed for weeks on end. Wasted time and a lower selling price – if the home sells – are typically the result when a home is improperly priced from the outset.
We will provide objective price counselling based on comparable properties and professional insight to establish a competitive listing price.
Count the Cost
After establishing a current market value for your home, what’s next?
If you’re like most people, you will need to consider your remaining mortgage. Do you have enough equity built up in your home to make a move worthwhile? What about the terms of your mortgage? If you are ending the agreement early, have you considered any penalties that may apply?
If you’ve got a reasonable amount of equity and the mortgage terms are on your side, then there’s no reason to hold back on listing your property. However, if equity is minimal and penalties are significant, selling your home at this time may not make the most financial sense. It may be better to revisit the idea further down the road at a time when your situation is more favourable.
There are other costs to consider when listing your home, such as those associated with preparing your home for the market, as well as legal fees and Realtor services/commissions that are usually deducted from the sale of your home.
When you put your house for sale on the market, your home must always be ‘show-ready’ at a moment’s notice. Depending on the market, a properly priced home may even take longer than expected to sell. The entire household must be prepared to be in ‘show-mode’ for several weeks, if necessary. Luckily, we have a team of specialists that get your place show ready in no time.
Is Refinancing An Option?
Perhaps your thought is to sell your home to relieve a heavy financial burden. Are you finding it difficult to keep up with your current payment schedule? Life happens to the best of us. But not all is lost. There may be options, such as refinancing, that you haven’t considered. Refinancing may allow you to keep your home, while putting you in a better financial position than you were before.
The best time to refinance is when interest rates are down. If you deal with the right lender at the right time and are able to secure refinancing, you can be confident that you will save thousands of dollars with refinancing. All the effort and time will surely be worth it if it allows you to keep your home and alleviate the stress of overwhelming debt. We would be happy to refer you to a mortgage specialist who can review your financial situation and examine all your options.
We have helped clients obtain refinancing as a successful solution to their financial challenges.
We strive to make every real estate experience a positive and enjoyable one for all of our clients. We will continue to keep the best interests of our clients a priority as we hope to serve them for many years ahead. That is, simply, the way we do business.
If you are curious about what your home might be worth or would like to discuss a move, please contact us today.