Despite the fluctuations in the real estate market and economy, it‘s important for home owners to understand why they’ve made the decision to sell. This will affect everything from the asking price, to how much time and money a home owner invests in preparing their home to sell, to how the home is marketed and shown and how the negotiations are approached.
As a seller in a buyer’s market, it’s important for you to know why you’re selling and then define your goals, research your options and make your plans accordingly.
Answering some simple questions will determine your strategy regarding the sales process:
1. Are you selling your principal residence, a second home or investment property?
2. How are property prices moving in the area where you wish to sell? What is the listing-to-sales ratio and the average number of days-on-market for listings? Is this the right time to sell?
3. Do you have to sell or do you want to sell?
4. Do you plan to purchase another home? If so, will you be “moving up”, to accommodate a growing family; or will you will be “downsizing” perhaps due to becoming an “empty nester”?
5. Decide what’s important to you: how long your property is on the market, or how much money you make from the sale?
6. What are your sale price requirements?
7. Do you have “must-have” and “good-to-have” conditions and terms?
Once you’ve answered these and other related questions you’ll be in a better position to consider your options and create an action plan to progress forward.
You may want to do this on your own, but you may also benefit by consulting an experienced realtor right from the start – see www.chriskeleher.ca for more information.