Should I sell my current home before buying a new one?
It is likely the very first question that popped into your head when considering a move. The answer depends on the current real estate market, your financial situation and personal goals. Residence Real Estate Group works with clients every day posing this very same question. As Okanagan home buyers ourselves, we too have been in this situation. We are eager to share what we’ve learned from each and every one of our real estate transactions.
How much is my home worth?
A home evaluation is a crucial step in the home selling process and this FAQ is tough to answer with a general statement. We can’t stress enough how important it is to hire a qualified realtor as we use a variety of methods to determine a home’s value. The most common is to complete a comparative market analysis; an in-depth evaluation of comparable homes that have sold in the last 6-12 months. It’s not a crystal ball, but our team skillfully uses this information to narrow the sale price range.
We also consider the home’s features which include but are not limited to:
1. Square footage
2. Number of bedrooms
3. Number of bathrooms
4. Kitchen upgrades
5. Bathroom upgrades
6. Window quality
7. Roof age
8. Lot features
10. Style of residence
Do I need a REALTOR® to sell my house?
No. However, statistics show that 90% of home sellers who use a realtor have a better selling experience, save time, receive higher offers and save money.
How do I hire a REALTOR®?
We suggest interviewing a variety of REALTOR®S. We’re confident that Residence Real Estate Group will impress you with our experience, skills, real estate marketing knowledge and Ultimate Service Guarantee, but a relationship based on trust is always a priority. When personalities mesh well, the home selling experience becomes exceptional.
Should I price my home higher to leave room for negotiations?
We understand how this makes sense to many sellers, but it could cost you more money in the long run. How? A well-priced home will sell quicker and closer to the selling price. A price set too high could scare off buyers leaving your home on the market much longer, increasing your costs.
How much does it cost to sell a house?
Some costs to consider when selling your home are realtor commissions, legal fees, potential mortgage penalties, staging, repairs and other prepping. We'll walk you through it all so that you've budgeted correctly and feel prepared.
Will I lose money if I sell the house I just bought last year?
The short answer, it depends. Again, this takes hours of research in the real estate market. Residence Real Estate Group is continually learning what makes the Okanagan real estate market tick. Typically, it takes three years for buyers to break even on their home. Certain variables can affect this ‘norm’ such as renovations, repairs, the demand for your property, and price changes in your neighbourhood within the last year.
What should I do to prepare my home for showings?
While preparing a home for sale is like taking on a part-time job, it is 100% necessary to sell your home quickly and at top dollar. To ensure your home is bright, clean, de-cluttered, and inviting, we’ve offered 32 tips for prepping your home for sale on our blog.
My house is currently empty, how much does staging cost?
Residence Real Estate Group works with preferred stagers in the Okanagan to offer not only the best in the industry but a variety of options to suit any budget. The cost of staging depends on the number of pieces needed, the type and quality of furniture.
Who pays for the professional photos and video of my home?
If you decide to use our services these will come as part of our listing package, while we would like to say every realtor photos are the same, we beg to differ. Some agents will shoot photos with there iPhone, and while this may be in their business practice it certainly is not in ours. We leave this up to the pro's, Will hire our full-time videographer and photographer to shoot your home inside and out.
Is marketing my home really worth it?
The ‘For Sale’ sign on the front lawn is still important, but long are the days when that sign alone was the main motivator for buyers. Top realtors always supply a comprehensive marketing plan [link to marketing page] which includes a strong online presence. With the evolution that the internet has had on the real estate industry, it’s critical that your realtor mixes traditional marketing strategies with digital trends to maximize the listing's exposure and reach. Over 90% of potential homebuyers start their search online. Look for a quality website, a strong social media presence, and up to date blogs. You can also ask to see the realtor's recent printed marketing materials such as mailings and newspaper ads.
Do Open Houses help sell my home?
In our experience, they do. Why wouldn’t you want to make the home as accessible as you can? Yes, nosy neighbours will visit but they serve as excellent walking billboards spreading the word to friends they want as neighbours. Experienced realtors can concentrate their sales efforts on the real potential buyers yet appease the neighbours by answering their questions. It’s also important to note that in some cases, such as with condos, an Open House may not be allowed for security reasons.
What is the purpose of a pre-listing home inspection?
Many sellers wait until the home inspection is done by the buyer. However, a pre-listing inspection can bring attention to any problems that need immediate repairs. Knowing the issues will give you time to remedy the situation now OR adjust the asking price to reflect the cost of major repairs.
How much are legal fees in the Okanagan?
Both Lawyers and Notaries set their rates for real estate transactions. Typically, an industry average is between $499 to $1500 in legal fees. We suggest checking with your lawyer to prepare for these costs ahead of time. If you don’t have a lawyer, we’re happy to refer one to you.
Who pays the land transfer tax?
The buyer will pay any land transfer taxes owed on the property. The amount is due upon closing of the sale.
Why is it taking so long to sell my home?
First, we need to look at the average number of days a home stays on the market in your local area. We can then determine if the price is too aggressive, the current marketing isn’t practical, or the home was prepped improperly. Residence Real Estate Group is in constant contact with our clients throughout the process. We are proud to say that we avoid situations like this by staying on top of the marketing campaign, knowing what’s happening in the neighbourhood and updating ourselves, and you, with feedback from buyers and their agents who visit the home.
What happens if I’m not happy and want to cancel the contract?
It’s not something that realtors like to bring up, but we know it can happen. As part of Residence Real Estate Group’s commitment to the Ultimate Service Guarantee, we ask every client to participate in a survey after completing the sale. The feedback we receive allows us to perform at our best. We take great pride in providing exceptional service to all of our clients and promote every review we’ve received online HERE. However, we understand that sometimes personalities just don’t mesh and our priority is that you have the selling experience you want.
Have more questions? We are ready to answer them! Contact us HERE.