Selling a Home in Calgary – Monika Furtado Selling Process
When the time comes to consider the sale of your home there are a number of important decisions to make along the way. The Realtor you choose to work with is one of those decisions.
My approach to helping my clients sell their home is to provide them with the information and guidance they need to make the best decisions. Where outside expert advice is required I will help you find the experts you are comfortable working with.
Give me a call at 403-850-2446 or contact me to set up a free no obligation appointment and I will answer all of your questions, provide you with a market evaluation for your home and provide you updated information on our local market.
We will answer the fundamental questions every seller needs to review:
- What is the best timing to sell your home?
- What are the market conditions for your home including location and property type?
- What is your home worth in today’s market?
- What preparations are needed to best present your home?
- How do you sell your home for the best price in the most reasonable amount of time?
Calgary Real Estate Home Seller’s Guide:
1. Understanding Your Selling Goals and Needs
One of the first steps I take in assisting with the sale of a property is to understand the seller’s wants and needs. Understanding family needs, timing and the seller’s priorities allow me to ensure that the right information is highlighted and needs are met. Of course all information is kept in confidence.
2. Comparative Pricing Analysis – Pricing Your Home for Sale
A comparative market analysis or home evaluation provides the seller detailed information regarding market conditions, suggested listing price, expected sale price and requirements of sale.
Determining price is based on a number of factors and must be done with care and with the correct information in mind.
Understanding Market Conditions
When preparing to sell your home, the current market conditions will impact your selling strategy. Market conditions can be different across the city with some areas and property types seeing different environments.
In a buyer’s market, the number of homes offered for sale is higher than the number of people looking to purchase the type of property offered.
In this environment, there is a high inventory of homes and homes remain on the market longer. Prices tend to decline. Buyers have many options and feel they have more time to review properties. Buyers feel they have more negotiating power during a sale. Well priced homes will still sell. Sellers can expect more conditions on offers, re-negotiations regarding inspection issues and higher buyer expectations.
In a seller’s market, the number of homes offered for sale is less than the number of people looking to purchase the type of property offered.
In this environment there is a small inventory of homes and houses remain on the market a short time. Many buyers may be pursuing the same property. Prices usually increase in this market and sellers feel they have more negotiating power during a sale. There may be multiple offers on properties. Overpriced homes will not get the attention that market priced homes receive. Buyers have less options in this market and may feel pressure to act quickly and to propose less conditions on offers.
In a balanced market, the number of homes on the market is relatively equal to the number of people looking to purchase the property offered.
In a balanced environment houses sell within a reasonable amount of time and prices remain relatively stable. Price fluctuations between properties may be more to do with buyer/seller motivation than a market adjustment. Buyers have many options but well priced homes will always attract interest. Equal negotiating power exists between buyers and sellers.
Reviewing Your Selling Position
What does it mean to be ‘in the market’?
Pricing based on the recent area sales and evaluating what people are actually purchasing are factors in preparing your list price.
Evaluating recent comparable sales is very important. Often folks see the list price of homes but may not be aware of price reductions, final sale price figures or expired listings. This can create a false sense of home value.
Once you understand what other homes have sold for, it is also important to review the competition. New listings can come on tomorrow so we keep an eye on this every day.
Lastly, have a look at comparable expired listings, those that just didn’t sell and were taken off market. Review why they didn’t sell and what can be learned.
A home that is priced right and shows very well creates excitement and activity.
3. Preparing Your Home For Sale
How we live day to day and how we present our homes for sale are very different. A well presented home will sell quicker and often for more money. In some cases, it will sell for thousands more. Real estate sales are about price and condition, or as has been eloquently put, “It’s all a price war and a beauty contest.” This is all about preparing for the beauty contest.
The vast majority of people want to purchase a home they can move into without any additional work or renovations and many are willing to pay a little extra for a home that is move-in ready.
On listing your home, it is essential to begin looking at your home through a buyer’s eyes. Buyer’s often create a first impression of a home within the first 10-15 seconds. Sometimes this can be at the curb or at the front door so every effort to make the first impression a positive one is critical.
Once first impressions are established, we need to make buyers feel comfortable and allow them to picture themselves living in the home.
Well presented homes are often:
- Exceptionally clean
- Neutral in colour
- Neutral in smell
- Furnished to highlight the home’s accents and create an open flow
- Well defined with each room displaying a specific purpose
- Well organized including closets and cupboards
- Well landscaped with maintained yards
- Welcoming and inviting with small details of style.
- Accented with small details such as fresh flowers on the table and appropriate accessories.
When looking at homes, buyers are often drawn to those that make them feel at home and to those that connect with them personally. Often these positive connections are subtle, however, subtle differences can also be negative and make a buyer uncomfortable in a home.
In a general sense, it is important to neutralize your home to avoid a disconnect with a potential buyer. Neutralizing your home may include softening strong colours or design choices, elimination of strong statements (religious, political, etc), removal of large amounts of personal photos or refreshing the scents of cooking or pets. It is important to review which items can be removed or changed prior to showings.
If you are wondering what works, is worth doing, how much to spend on preparations or have questions regarding the current market or the sale of your home do not hesitate to contact me.
4. Marketing Your Home For Sale
There is a big difference between listing a property and selling a property. I have a strong record of SOLD properties.
Firstly, marketing begins with presentation. I will ensure you have the support to best present your home for professional property photography. Initial viewings begin online and your home needs to stand out.
Second, is the marketing plan. Each marketing plan is tailored to you and your property.
Multiple marketing streams notify buyers of a new property.
Professional and realistic photography, staging, videos and all other required means will be utilized to make your home stand out once it is presented to a potential buyer.
The listing has to encourage buyers to come view your home now. Timing is everything.
In our online world most buyers begin their search online. To that end I use a variety of methods to get the word out including:
- Exposure via the MLS system
- My website
- My blog and my blog feeds to hundreds of other websites
- Direct contact with potential buyers
- Direct contact with Realtors that work in the area
When viewing your home, buyers will be presented with detailed property sheets and full color custom brochures to take home.
Regular contact with me, regular market updates and exceptional presentation from first blush to the final takeaway. That is the standard that I work towards and continually work to improve as I assist you with the sale of your home.
5. Listing Documents and the Details to Get Your Home on Market
There are two kinds of documents to manage around the sale of your home.
The first are the listing documents which are legal documents. These should be clearly explained to you and you should ask any questions you have before signing.
The second are documents you may be required to obtain in order to sell your home. These include a Real Property Report (RPR) for detached homes or condo documents for a condo. The RPR is a property survey which will require a Stamp of Compliance from the City at sale. As well, you may be asked for repair or renovation receipts, current lease or rental agreements, mortgage information or other details to facilitate the sale.
Should you be married, but only your name on title, then Dower Rights will apply. Should you be leaving Canada before the possession date of your home then CRA requirements come into effect.
Understanding your situation, I will work with you to assist you in obtaining all the documents and details required to complete your sale.
6. Receiving Offers, Managing the Details and Looking forward to Possession Day
On listing your home, regular communication regarding showings, feedback, market updates and ongoing activity is standard.
We will review your listing strategy regularly and discuss any changes in the marketplace. On receiving an offer we will review all the details including terms and conditions of sale.
Offer to Purchase
An offer to purchase is a binding legal document. It is explained in detail when a buyer is purchasing a property as there are many details and aspects to an offer. The main elements of an offer include:
Price: The offered price to purchase.
Deposit: At the time of offer, a buyer will put forth an initial deposit that will be deposited into trust.
Conditions: A number of conditions can accompany an offer. A condition is something that must be satisfied in order for the offer to become firm and binding. The most common are financing, home inspection and review of condominium documents (in the case of a condo purchase). If an offer with conditions is accepted it becomes a conditional offer (or pending sale) and the buyer usually has a set deadline to remove the conditions to make it a firm offer. Once an offer is firm, both buyer and seller are legally bound to the contract.
Inclusions and Exclusions: The inclusions list include all of the unattached goods that will accompany the sale. The exclusions are those things that will be removed by the seller. These vary from home to home but include items such as window coverings and appliances.
Completion Day/Possession Day: This is the date that title to the property is transferred to the buyer and funds are received by the seller. Buyers generally get possession of their new home at or around noon on the Completion Day as per the standard contract wording.
Preparing for Possession Day
As Possession Day approaches, it will be time to meet with your lawyer to sign the sale documents and complete any details. I will forward you a checklist of items to leave for the new owners.