----------------------------------------------------------------- D’Arcy Harris – Weekly Real Estate Update August 29, 2005 -----------------------------------------------------------------
Noooooooooo! It’s the end of the summer! Well, not officially, but close enough. Time to get back to work!
Some Q&A for you:
**The market is cooling?***
Not yet. Sellers continue to get top dollar for well-priced properties. The only thing cooling the market right now is greedy sellers overpricing their properties - overpriced listings get rotten like bad milk, and just as fast. SELLERS: Price well. BUYERS: Watch what you pay, and don't be the one that over pays! **I'm holding on to my properties for the long haul.**
Why? Weird how beginners embrace a “buy and hold” strategy at the WORST time. It's like stock investors back in ’99 who bought shares at $10 that are soon worth $230, but they don't sell, saying "I'm in it for the long haul." STUPID. Why? The whole point behind "buy and hold" is that over 10-20 years, your investment can double. If your investment doubles in ONE year, SELL. I like buy and hold but I like "buy and sell" even better at the right time. Now might be it. Call me.
D'Arcy Harris Real Estate Broker Sutton Group - Westcoast Realty
P.S. Wondering what your home is worth? Find out with an Over the Phone Market Evaluation: http://www.vancouverrealestateinfo.ca/redir.asp?page=homeeval.asp&t=list
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Market Tidbit
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“British Columbia's real estate resale market will hit a record in 2005 before calming in 2006, the Canadian Real Estate Association is predicting in a revised sales forecast.”
Read the entire article:
http://www.canada.com/vancouver/vancouversun/news/business/story.html?id=4ba7b1a4-c6ff-40b4-bb29-c966e9f40bcc
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Insider Secrets Revealed:
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----------------------------------------------------------------- Weekly Real Estate Listings ----------------------------------------------------------------- These are all the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink or MLS.ca. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program. (http://www.vancouverrealestateinfo.ca/redir.asp?page=vip_buyer.asp&t=list) If they don’t load, hit refresh. If you’re using FireFox, the above links won’t work; but I’m working on it!
Vancouver Lofts: http://mlslink.mlxchange.com/EmailView.asp?r=826366639&s=BRC&t=BRC Investment and Revenue Properties: http://mlslink.mlxchange.com/EmailView.asp?r=899254055&s=BRC&t=BRC
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/EmailView.asp?r=1652272433&s=BRC&t=BRC
Vancouver Apartment Foreclosures:
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If you see any listings that interest you, simply email the MLS number and the time that you’re available to view it and we’ll set up a private tour just for you. Of course there will be no obligation!
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Housing Sales Smoking
Each month, I publish a series of articles of interest to homeowners- money-saving tips, household safety checklists, home improvement advice, real estate insider secrets, etc. All of it information that won’t fit in this newsletter, check it out: http://www.vancouverrealestateinfo.ca/redir.asp?page=gold_newsletter.asp&t=list
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27 VALUABLE TIPS You Should Know To Get Your Home SOLD FAST and for TOP DOLLAR
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Because your home may well be your largest asset, selling it is
probably one of the most important decisions you will make in
your life. To better understand the homeselling process, this
article has been prepared from current industry insider reports.
Through these 27 tips, you will discover how to protect and
capitalize on your most important investment, reduce stress, be
in control of your situation, and make the most profit possible.
1. Understand Why You Are Selling Your Home.
Your motivation to sell is the determining factor as to how you
will approach the process. It affects everything from what you
set your asking price at to how much time, money and effort
you're willing to invest in order to prepare your home for sale.
For example, if your goal is for a quick sale, this would
determine one approach. If you want to maximize your profit, the
sales process might take longer, thus determining a different
approach.
2. Keep the Reason(s) You are Selling to Yourself.
The reason(s) you are selling your home will affect the way you
negotiate its sale. By keeping this to yourself you don't provide
ammunition to your prospective buyers. For example, should they
learn that you must move quickly, you could be placed at a
disadvantage in the negotiation process. When asked, simply say
that your housing needs have changed. Remember, the reason(s)
you are selling is only for you to know.
3. Before Setting a Price - Do Your Homework.
When you set your price, you make buyers aware of the absolute
maximum they have to pay for your home. As a seller, you will
want to get a selling price as close to the list price as
possible. If you start out by pricing too high you run the risk
of not being taken seriously by buyers and their agents and
pricing too low can result in selling for much less than you were
hoping for.
SETTING YOUR HOME'S SALE PRICE:
* If You Live in a Subdivision.
If your home is comprised of similar or identical floor plans,
built in the same period, look at recent sales in your
neighborhood subdivision to give you a good idea of what your
home is worth.
* If You Live in An Older Neighbourhood.
As neighbourhoods change over time each home may be different in
minor or substantial ways. Because of this you will probably
find that there aren't many homes truly comparable to your own.
In this case you may want to consider seeking a Realtor® (that’s me!) to help
you with the pricing process.
* If You Decide to Sell On Your Own.
A good way to establish a value is to look at homes that have
sold in your neighborhood within the past 6 months, including
those now on the market. This is how prospective buyers will
assess the worth of your home. Also, a trip to City Hall can
provide you with home sale information in its public records, for
most communities.
4. Do Some "Home Shopping" Yourself.
The best way to learn about your competition and discover what
turns buyers off is to check out other open houses. Note floor
plans, condition, appearance, size of lot, location and other
features. Particularly, note not only the asking prices but what
they are actually selling for. Remember, if you're serious about
getting your home sold fast, don't price it higher than your
neighbour’s.
5. When Getting an Appraisal is a Benefit.
Sometimes a good appraisal can be a benefit in marketing your
home. Getting an appraisal is a good way to let prospective
buyers know that your home can be financed. However, an
appraisal does cost money, has a limited life, and there's no
guarantee you'll like the figure you hear.
6. Tax Assessments - What They Really Mean.
Some people think that tax assessments are a way of evaluating a
home. The difficulty here is that assessments are based on a
number of criteria that may not be related to property values, so
they may not necessarily reflect your home's true value.
7. Deciding Upon a Realtor®.
According to the National Association of Realtors, nearly
two-thirds of the people surveyed who sell their own homes say
they wouldn't do it again themselves. Primary reasons included
setting a price, marketing handicaps, liability concerns, and
time constraints. When deciding upon a Realtor®, consider two or
three. Be as wary of quotes that are too low as those that are
too high.
All Realtors® are not the same! A professional Realtor® knows
the market and has information on past sales, current listings, a
marketing plan, and will provide their background and references.
Evaluate each candidate carefully on the basis of their
experience, qualifications, enthusiasm and personality. Be sure
you choose someone that you trust and feel confident that they
will do a good job on your behalf.
8. Ensure You Have Room to Negotiate.
Before settling on your asking price make sure you leave yourself
enough room in which to bargain. For example, set your lowest
and highest selling price. Then check your priorities to know if
you'll price high to maximize your profit or price closer to
market value if you want sell quickly.
9. Appearances Do Matter - Make them Count!
Appearance is so critical that it would be unwise to ignore this
when selling your home. The look and "feel" of your home will
generate a greater emotional response than any other factor.
Prospective buyers react to what they see, hear, feel, and smell
even though you may have priced your home to sell.
10. Invite the Honest Opinions of Others.
The biggest mistake you can make at this point is to rely solely
on your own judgement. Don't be shy about seeking the honest
opinions of others. You need to be objective about your home's
good points as well as bad. Fortunately, your Realtor® will be
unabashed about discussing what should be done to make your home
more marketable.
11. Get it Spic n' Span Clean and Fix Everything, Even If It
Seems Insignificant.
Scrub, scour, tidy up, straighten, get rid of the clutter,
declare war on dust, repair squeaks, the light switch that
doesn't work, and the tiny crack in the bathroom mirror because
these can be deal-breakers and you'll never know what turns buyers
off. Remember, you're not just competing with other resale homes,
but brand-new ones as well.
Current homeowners: if you anticipate selling within the next few
years, the time to begin minor repairs is now! Save yourself
time and aggravation by addressing small problems as they arise,
rather than waiting and spending a lot of effort and money in the
short time before you sell.
12. Allow Prospective Buyers to Visualize Themselves in Your
Home.
The last thing you want prospective buyers to feel when viewing
your home is that they may be intruding into someone's life.
Avoid clutter such as too many knick-knacks, etc. Decorate in
neutral colors, like white or beige and place a few carefully
chosen items to add warmth and character. You can enhance the
attractiveness of your home with a well-placed vase of flowers or
potpourri in the bathroom. Home-decor magazines are great for
tips.
13. Deal Breaker Odours - Must Go!
You may not realize it, but odd smells like traces of food, pets
and smoking odours can stop deals quickly. If prospective buyers
know you have a dog, or that you smoke, they'll start being aware
of odours and seeing stains that may not even exist. Don't leave
any clues.
14. Be a Smart Seller - Disclose Everything.
Smart sellers are proactive in disclosing all known defects to
their buyers in writing. This can reduce liability and prevent
lawsuits later on.
15. It's Better With More Prospects.
When you maximize your home's marketability, you will most likely
attract more than one prospective buyer. It is much better to
have several buyers because they will compete with each other; a
single buyer will end up competing with you.
16. Keep Emotions in Check During Negotiations.
Let go of the emotion you've invested in your home. Be detached,
using a business-like manner in your negotiations. You'll
definitely have an advantage over those who get caught up
emotionally in the situation.
17. Learn Why Your Buyer is Motivated.
The better you know your buyers the better you can use the
negotiation process to your advantage. This allows you to control
the pace and duration of the process.
As a rule, buyers are looking to purchase the best affordable
property for the least amount of money. Knowing what motivates
them enables you to negotiate more effectively. For example, does
your buyer need to move quickly? Armed with this information you
are in a better position to bargain.
18. What the Buyer Can Really Pay.
As soon as possible, try to learn the amount of mortgage the
buyer is qualified to carry and how much his/her down payment is.
If their offer is low, ask their Realtor® about the buyer's
ability to pay what your home is worth.
19. When the Buyer Would Like to Close.
Quite often, when buyers would "like" to close is when they need
to close. Knowledge of their deadlines for completing
negotiations again creates a negotiating advantage for you.
20. Never Sign a Deal on Your Next Home Until You Sell Your
Current Home.
Beware of closing on your new home while you're still making
mortgage payments on the old one or you might end up becoming a
seller who is eager (even desperate) for the first deal that
comes along.
21. Moving Out Before You Sell Can Put You at a Disadvantage.
It has been proven that it's more difficult to sell a home that
is vacant because it becomes forlorn looking, forgotten, no
longer an appealing sight. Buyers start getting the message that
you have a another home and are probably motivated to sell. This
could cost you thousands of dollars.
22. Deadlines Create A Serious Disadvantage.
Don't try to sell by a certain date. This adds unnecessary
pressure and is a serious disadvantage in negotiations.
23. A Low Offer - Don't Take It Personally.
Invariably the initial offer is below what both you and the buyer
know he'll pay for your property. Don't be upset, evaluate the
offer objectively. Ensure it spells out the offering price,
sufficient deposit, amount of down payment, mortgage amount, a
closing date and any special requests. This can simply provide a
starting point from which you can negotiate.
24. Turn That Low Offer Around.
You can counter a low offer or even an offer that's just under
your asking price. This lets the buyer know that the first offer
isn't seen as being a serious one. Now you'll be negotiating only
with buyers with serious offers.
25. Maybe the Buyer's Not Qualified.
If you feel an offer is inadequate, now is the time to make sure
the buyer is qualified to carry the size of mortgage the deal
requires. Inquire how they arrived at their figure, and suggest
they compare your price to the prices of homes for sale in your
neighborhood.
26. Ensure the Contract is Complete.
To avoid problems, ensure that all terms, costs and
responsibilities are spelled out in the contract of sale. It
should include such items as the date it was made, names of
parties involved, address of property being sold, purchase price,
where deposit monies will be held, date for loan approval, date
and place of closing, type of deed, including any contingencies
that remain to be settled and what personal property is included
(or not) in the sale.
27. Resist Deviating From the Contract.
For example, if the buyer requests a move-in prior to closing,
just say no. Now is not the time to take any chances of the deal falling through
I recently received this from the real estate board of Vancouver:
“Phoney Buyer Warning:
No kidding. Boredom makes people do funny things…
----------------------------------------------------------------- Contact Info ----------------------------------------------------------------- We supply this information to you free of charge and without obligation with the hope that when you decide to buy or sell your home, you’ll call the D’Arcy Harris Team to help make it a reality. If we do all this for free, imagine what we do when we’re working together!
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Comments and suggestions are always welcome!
Thanks for Reading!
D'Arcy R. Harris Real Estate Broker Sutton Group - Westcoast Realty
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