GUIDE TO SELLING A HOME
"Guide to selling your home" has been prepared by Royal LePage Real Estate Professionals to offer you practical information about the selling process. It outlines the steps that will help you obtain the best results when you list your property for sale.


Understanding Market Conditions
• The real estate market is always changing. It helps to understand how market conditions can affect your position as a seller.
• I can provide you with current real estate market conditions and explain their impact.


Market Conditions
1a. Buyers Market: The supply of homes on the market exceeds demand.

2a. Sellers Market: The number of buyers wanting homes exceeds the supply or number of homes on the market.

3a.Balanced Market: The number of homes on the market is equal to the demand or number of buyers

Characteristics
1b . High inventory of homes. Few buyers compared to availability. Homes on the market longer. Prices tend to drop in this type of market.

2b . smaller inventory of homes. Many buyers. Homes sell quickly. Prices usually increase.

3b . Demand equals supply. Homes sell within an acceptable time period. Prices generally stable.


Implications
1c. Your home may take longer to sell. Less negotiating leverage in terms of selling price.

2c. You may have more negotiating leverage and obtain a higher selling price for your property.

3c. More relaxed atmosphere. Buyers have a reasonable number of homes to choose from.


Pricing Your Property
• The single most important decision you will make your real estate professional is determining the right asking price for your property.
• Once you've achieved a realistic sale price, you can count on your property being professionally marketed and promoted to bring more buyers to your door. You can also expect to sell your home for the best possible price in the least amount of time.


The Benefits of Pricing Right
• Your property sells faster, because it is exposed to more qualified buyers.
• Your home doesn't lose its "marketability."
• The closer to market value, the higher the offers.
• A well-priced property can generate competing offers
• Real Estate Professionals will be enthusiastic about presenting your property to buyers.


Determining the Value of your Home
• The market ultimately determines the true value of your property.
• Before you compare your home to similar properties and establish a competitive list price, the following points should be considered:

• Location
• Size
• Style
• Condition
• Community Amenities
• Buyer Supply
• Financing Options

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 neighborhood. 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 overpriced or poorly marketed.
• I will prepare a comparative market analysis for your home based on the most current market information. Together you and I will establish the proper list price for your property.


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


The Result 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. 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 over-priced, potential buyers looking in a lower price range will never see it.
• Those who can afford a home at your asking price will soon recognize that they can get 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 the crucial time when Real Estate Professionals and potential buyers sit up and take notice.
• If the home is over-priced, it doesn't take long for interested parties to lose interest. By the time the price drops, a majority of buyers are lost.


Agree On a Marketing Plan
• Your property is not something you sell everyday. In fact, for many people it is their largest asset. A house is very complex to market and the process needs to be well organized. To do the job properly a plan is needed.
• I will prepare a personalized plan for you containing all activities intended to market your property. At Royal LePage, your property will be aggressively promoted through Royal Lepage's own property advertising publications and internet site. As well as my own marketing.


Signing a Listing Agreement
The first formal step in marketing your property is to enter into a listing agreement - a contract that commits Royal LePage to actively market your home for a specified period of time.

In order to list your home properly the following documents may be required:

• Plan of survey or location certificate - A survey of your property which outlines the lot size and location of buildings as well as details of encroachments from neighbouring properties. This may be required in certain areas to complete the sale of your home. Your legal professional may recommend that you obtain a survey, especially if significant changes have been made to your property.
• Property Tax Receipts - Most listing agreements require that the current annual property tax assessments be shown.
• Mortgage Verification - Few homeowners know the exact balance on their mortgage as it is paid down. You will be asked to authorize your mortgage lender to provide the figures required.
• Deed or Title Search - This document is a legal description of your property and proof that you own it.
• Other Documentation - In some instances, it may help the sale of your property if you can provide prospective buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.

Preparing To Show Your Home 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. I will help you achieve that goal.

Exterior:
• House exterior in good repair
• House number easy to read
• Eaves troughs, down spouts and soffits in good repair
• Garage/carport clean and tidy
• Litter picked up
• Craked or broken window panes replaced
• Lawns and hedges cut and trimmed, garden weeded and edged
• Walks shoveled and salted
• Boot tray inside front door
• Doorbell and door hardware in good repair
• Porch and foyer clean and tidy

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 basins in good repair
• Floors 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 in warm weather
• Fresh air in house
• Fireplace lit in cooler weather
• Halls and stairs cleaned
• Drapes opened during daylight
• Carpets freshly vacuumed
• Fresh flowers in various rooms
• Valuables locked up safely
• Pets absent, where possible, or contained during the showing, and litter boxes cleaned.


The Major Elements of an Offer
1. Price
Depends on the market and the buyer, but generally, the price offered is different from the asking price.

2. Deposit
The deposit shows the buyer's good faith and will be applied against the purchase price of the home when the sale closes. I can advise you on the suitability of the amount of the deposit being offered.

3. Terms
Included the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume your existing mortgage if you have an attractive rate.

4. Conditions
These might include "subject to home inspection", "subject to the buyer obtaining financing" or subject to the sale of the purchaser's property."

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

6. Closing or Possession Date
Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified.