Price Your Home to Sell or Sit?

 

By Jody Thompson

A great article on why pricing your home properly is soooo important.  All sellers should read this article.  It is right on the money.   Please read this article Here.

If you would like know how to price your home to sell please reach out to me to get your own free Free Home Evaluation

11 Ways to Get Your Offer Accepted in the Hot Toronto Market

Hedge-Carpenter-Thompson Historic District on ...

Trying to buy a home in Toronto can be a frustrating experience.  I have listed 11 tips that will help you win in this heated market.

1. Make your offer as “clean” as possible. Clear any conditions like financing before you put the offer in.

2. Don’t ask the seller for their personal property that are not in the listing.  If they did not include it, they probably want to keep it.  I have seen deals fall through over something as small as the drapes!

3. Ask your agent to find out what’s important to the seller (price, terms, closing date, etc.) and then craft your offer around this information.

4. The typical inspection period is 5 days long. Consider doing your inspection BEFORE you put your offer in.  This way you can submit a clean offer.

5. You may have to offer more than the list price. Really? Yes. Really.  The price that you will pay is the price the market will bear.

6. A typical earnest deposit is $20,000 on any property in Toronto. Give the seller more than this to show you’re financially strong and serious about buying the home.

7. Agree to open escrow with the listing agent’s preferred title company.

8. Forr first time buyers, agree to get pre-qualified with the listing agent’s preferred lender. This doesn’t mean you have to finance the home with the listing agent’s preferred lender. It will just reassure the sellers that you really are qualified to purchase their home.

9. Write a letter explaining why you chose the seller’s home and why you want to live there. You may even include a photo of your family, if you feel comfortable doing this.

10. Make sure you’ve provided all of the required documents with your initial offer. If a seller receives multiple offers, one of the first things he/she often does is throw out the sloppy and incomplete offers.

11. In a multiple bid situation, put your best offer in first.  Your best offer is the maximum amount your are prepared to pay for the house.

If you are are looking for help in purchasing your home, please let me help.  You can contact me through by My Website

Good luck and happy home buying!

Six ways to make sure you buy the right house

By Mark Weisleder

A year ago I wrote the most common mistake home buyers make is buying with their heart instead of their head — usually because they panic while involved in a stressful negotiation for which they are unprepared.

The result is that buyers pay more than they should, or are disappointed later when they find defects in the home or discover the neighbourhood isn’t quite what they thought.

So, here’s an updated list of six ways to prepare yourself:

1. Sell or buy first?

We are still in a seller’s market in the GTA, with the number of buyers exceeding the number of available homes. In this type of market, you should buy your new home first and then sell your existing home. If you sell first, you may find yourself running out of time, with no home to move into, as the closing date nears. This leads to panic buying.

In a buyer’s market, sell your home first as you won’t have as much trouble finding a new one.

2. Research, research, research

Check police websites for neighbourhood crime statistics. Ask at City Hall if new developments are planned or whether a new large employer is relocating to the area. Jobs mean demand.

Walk any neighbourhood you are interested in and talk to people. You will learn the demographics of the area and its facilities. What schools are in the area and is there a waiting list to get in? Are there activities nearby for children, including parks, libraries and community centres? You also get a sense of the friendliness of the community and whether there are surprises that no one is going to advertise — vandalism, former grow houses, or the neighbour from hell.

3. Find the right agent

Do not go into an open house alone, thinking you can save commission. The agent is working for the seller and their job is to get the seller the most money possible. While focusing on saving a few dollars negotiating commission, you will invariably give away important information about yourself, which will hurt you later.

Start by asking family and friends for a buyer agent referral. Then study the agent’s own website. Do they offer information that will assist you with your search? Do they have a team of professionals they can share with you? When you interview them, ask them about their knowledge of the area; in particular, is it known for sewage backups, termites, flooding or mould. Ask for their own success rate when working with buyers, especially in bidding wars, and then call those buyers yourself.

4. How much can you afford?

You should never live just to pay your mortgage, or else the rest of your life will suffer. Meet with a mortgage broker in advance to determine how much you can safely borrow, based on your income and family needs. Buyers should also realize the lender will do an appraisal and if the lender believes you paid more than the house is worth, they will not give you the full amount of the loan you expect. So, be very careful about stretching yourself to the limit when you make an offer.

5. Choose a home inspector carefully

The home inspection is becoming even more important, as it is one of the only ways for a buyer to check against unwanted surprises after closing.

Ask for references and call these references yourself, especially the ones who bought older homes, where problems are more likely to occur later. There are now additional inspections that test specifically for mould or termites. There are video cameras that can tell you the condition of your sewage system and scanners that can look behind walls. If it is an older home, it is worth this extra investment.

Remember, most inspection firms have a limitation of liability clause, which states that if they miss something that costs you money, they are not responsible. Ask the company if they have ever been sued by a buyer.

6. Title insurance is a must

Title insurance can be arranged through your lawyer. You will be protected against unpaid taxes or water bills by the seller, as well as problems that are not known at closing. This includes problems where part of the home or swimming pool is in fact on your neighbour’s property.

However, it is a mistake to believe title insurance will protect you against everything. For example, it won’t compensate you if you thought your lot was 50 feet and a later survey showed it was only 48 feet. That is why you should always ask for an up-to-date survey on the property.

If you are looking to buy a home and are just beginning your research, please check out My Website for my information.

Key to Success in Bidding Wars

Buyer|10 w/ Krystal Gable

Toronto’s hot housing market continues to spark bidding wars and in many cases buyers are being advised by agents to make “clean” offers to get the house they want. Unfortunately, the reality is the winning bid most often goes to the individual with a clean offer at the highest price.

“Clean”, means an offer without any conditions in order to make it more acceptable to the seller. A clean offer does not mean that you need to take on more risk in purchasing a home but you need to be well organized to be able to satisfy all conditions in a in the very short period of time. The definition of a short period of time could be only a couple of days.This means that you need to have a home inspector lined up, and pre approval for your mortgage before you start your house hunt.  It can be done, and will put you in a much better position to win the home of your dreams in this very competitive market.

The Value of a Home Inspection

       For Sellers  I recommend that every seller completes a home inspection before they put their house on the market.  This pre-listing inspection will identify for the sellers their home deficiencies and highlight what they could potentially fix inexpensively before they list.  Buying a home is an emotional purchase, and a long list of little things that need to be fixed can scare a potential buyer away.

For Buyers  A pre-purchase home inspection will reduce the risk of unexpected and costly repairs popping up after you close.  It is also piece of mind for the buyer and will help you validate that you have made the right purchase decision.

The pre-purchase inspection also gives the buyer an opportunity to negotiate the purchase price to account for any deficiencies in the home.

Do you need knowledgeable advise?  Let me help you ensure that the purchase or sale of your home is a success.  Reach me at www.thompsonsells.com

Getting Your Home Ready For Sale

Rearranged bedroom

Every seller wants their home to sell fast and bring top dollar. Does that sound good to you? Well, it’s not luck that makes that happen. It’s careful planning and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep a house and turn it into an irresistible and marketable home.

Here’s How

1.  De-Personalize   Remove photos. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there!

2.  De-Clutter  Remove all books from bookcases, Pack up those knickknacks, Clean off everything on kitchen counters.

3..Rearrange Bedroom Closets and Kitchen Cabinets  Visitors will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well.

4.  Remove/Replace Favorite Items.  If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, she won’t want it. Once you tell a buyer she can’t have an item, she will covet it, and it could blow your deal. Pack those items and replace them, if necessary.

5.  Make the House Sparkle! Hang up fresh towels, clean windows, through out worn rugs, clean out fridge, polish chrome facets, dust, clean out any musty smells

Do you need knowledgeable advise? Le me help you ensure that the purchase of your home/sale is a success  Reach me at  www.thompsonsells.com