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Buy New or Renovate - August 23, 2010

 So now you have a new addition to the family - or your present house just seems to be bulging at the seams! The question is - do we add on? Or do we move?

 First, look at your neighborhood. If you overbuild - i.e. if you have the "best house in the worst neighborhood' - you will probably not recoup your renovation dollars when you sell. The type of neighborhood you live in will put a ceiling on how much future purchasers are willing to pay, no matter how lovely your home.

 If the neighborhood is not an issue then next examine your tolerance for dealing with the hassle of renovating versus dealing with the process of finding a more suitable house and moving. Should you decide to add on, you would need to find out if your house can, structurally, allow you to do the renovations without spending a fortune to reinforce the existing structure before you begin adding to it.

You also need to check your zoning regulations as to the square footage that you are allowed to build on and how close to property lines you may build.

 If you are unsure as to what to do, you might find the decision easier to make if you get a quote from a builder for your planned renovations and then add that figure to the price your Realtor® feels your house will sell for.

Armed with those figures go out with your Realtor® to see what you can purchase with that amount. You may find that you can afford to move into a home that provides all you want and...... The work is all done for you!

Price it Right - August 16, 2010

Your home should sell fast if the price is right and a professional market analysis will quickly establish what that price should be.

Full time Realtors® know what homes comparable to yours are selling for, and you should be realistic in setting a price that is competitive with other properties currently listed.

Many factors influence your home's true market value: size, condition, and yard area, interior finish and so on. Special features such as a finished basement, a hobby room or custom-made cupboards add value.

Your Realtor® knows how these factors affect asking price and is able to compare your home fairly against similar homes that have sold recently. A price within 5% of market value should garner a reasonably quick offer and hopefully the successful completion of the sale.

Setting a Price Range - August 9, 2010

After narrowing down the area in which you've chosen to locate, the Realtor® you select to help you find a home will have access to many listings, in a variety of price ranges to choose from. They do not want to waste your time with something you can't manage financially.

Armed with their knowledge of mortgaging alternatives they may be able advise you on how to swing a purchase you didn't think you could afford by asking for a few details about your assets, debt load and general financial situation.

They may advise against some the options available, or suggest some that will allow you to buy more than you thought possible. With this information they can help you set a price range in which to look and quickly rule out listings that don't fit the profile.

With the price range established you can concentrate on each viewing with the confidence of knowing you can afford it, or your agent wouldn't be showing it to you.  

Be Careful not to Overprice Your Home - August 2, 2010

Ready to sell? With a market that fluctuates you need to have information available to you in order to price your property competitively based on current market conditions. You know how much you paid for your property, now it's time to determine an asking price which is going to make it attractive to prospective buyers as well as make you happy!

A professional Realtor® can help you determine a realistic price to ask for your property. They will research recent sales in the neighborhood and will provide you with information about current properties on the market and current asking prices. In this way, the Realtor® can determine a good selling price for your home based on such factors as the condition, location and size of your home. The Realtor® can also let you know of properties that have been sitting on the market for some time, possibly due to over inflated asking price.

Naturally once the seller has decided to place his/her home on the market, they would like to close a deal as quickly as possible as well as making as much of a profit as they can. However, an over inflated asking price may not only delay the sale of the property but may also result in the owner settling for less than the bottom end of his asking price.

The Realtor® wants both buyer and seller to be happy. Therefore, they will assist you determine a realistic price based on their knowledge of the market and years of experience closing deals. So don't over inflate! You may end up cutting your own profit.

Dogs are sweet, BUT! - July 26, 2010

Your dog Muffin may be the most lovable, docile puppy in the world with you and your family. But when strangers come around he suddenly turns into "Cujo". It's his job to warn away strangers! But this can be a problem when the real estate agent is showing your house to a steady parade of strangers.

Just as you and your children have agreed to be elsewhere when your property is being shown, your dog is a member of the family too and needs to be "elsewhere". Perhaps this would be a good time to take him for a run at the beach or a nice time to visit a dog-loving friend.

Many people are frightened of dogs and will not enter the premises even if a dog is confined in the basement. One of these people could have turned out to be the buyer. Many Realtors® have concerns about entering premises where a dog has been left and rightly so! The Realtor® doesn't know the dog and vice versa.

If you must leave your dog at home during the open house, please leave signs advising that your dog is confined and where he is. Most of us love dogs and know that they can be our best friends and fiercest protector. It's just that we don't want them protecting to the point of scaring off potential buyers.

Could I be Asking Too Much - July 19, 2010

The one factor that speaks the loudest to your potential purchasers is price. The condition and location of your property will also attract buyers but the right pricing will be the most influential factor in determining the length of time it will take to sell your home.

If your house is listed and has had a number of showings but no offers, then it may be time to consider a price adjustment. If you feel your house isn't selling as fast as it should, it is time to sit down with your Realtor® and re-examine your pricing. Your Realtor® can provide you with the selling prices of comparable properties in your area.

There is no point in looking at what properties are LISTED at - the market is determined by what homes are actually SELLING for. Your Realtor® will also be able to tell you how long these properties were listed before they sold. This information needs to be current, as the present market may be very different from what it was 6 months or a year ago.

While you may be able to check listing prices in your area, only your Realtor® will have easy access to the actual sales prices through the Multiple Listing Service.

Tenant Problems - July 12, 2010

If you are an investment property owner you'll want to find a reliable and trustworthy tenant. You've worked hard for your investment so use caution before you rent it out.

We've all heard the horror stories about property damage and the nightmare having to evict a tenant can be. Avoid this by taking some steps to ensure that your tenant will be someone you'll feel good about residing on your property.

Make sure you have a list of references including former landlords and employment references. Have the prospective tenant sign a consent form to run a credit check. You don't want to end up with a "not sufficient funds" call from the bank.

Ask questions. Your property may require yard maintenance. It would be good to know whether your tenant is able to do yard work or whether he expects you as landlord to do this. Pets okay? Find out before you reach an agreement. You don't want to find out later that the "small dog" your new tenants told you about turns out to be Cujo!

Eviction can be a stressful event and it usually follows with worrisome times when you find out your tenant is not as careful with your property as you thought he would be.

Most people are responsible citizens who usually treat others' property as though it was their own. This is who you want living in your investment so take the time to check carefully. And don't forget: trust your "gut" instinct. Appearances can be deceiving!

Should We Fixer-Up Before Listing - July 5, 2010

The ideal listing is freshly painted, with beautiful wood floors or handsome carpet, and is outfitted with an up-to-date kitchen and bathroom. Does this describe your home? If not and you’ve decided it’s time to sell, your Realtor® can give you some suggestions. If it’s going to take more than a bout of spring cleaning to get your home ready for market, you may want to consult with both a Realtor® and a home improvement contractor.

Realtors® know what colors and styles buyers are currently favoring, and can sometimes offer cost-effective solutions to specific problems. The contractor can provide an estimate and framework for putting your plan into action. Having looked at repairing and refurbishing your home, you may decide that the price-in dollars or disruption-is simply too much.

In this case you may want to sell your home as a "fixer-upper", having consulted with your Realtor® to determine what you can expect to get for an "as is" sale of your home.

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