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Top 5 Seller Questions
Good morning, Marilyn. Last week I put forth the offer to “Ask me anything” real estate related, and boy, did the listeners ever come through! I’ve chosen the top five seller questions to answer this week, and next week I will be dealing with the top five buyer questions. Thank you to everyone who participated by submitting a question.
So here we go! The top five seller questions submitted by listeners and clients:
Number 1: Here’s a perennial favourite: “How’s the market?” This question was asked by a number of you, but I’ll say thanks to Frank from North York for asking it first. And Frank, in general I’d answer that the market is picking up after the normal seasonal reduction in activity. However, it’s also important to remember that there is not one “real estate market.” Toronto is a city of neighbourhoods, and there is variation in the performance and prices in different areas. Someone living in Etobicoke, for example, doesn’t really benefit by knowing sale prices in Unionville.
Moreover, even within neighbourhoods, different segments of the real estate market are doing different things. Condos, townhouses and detached homes all must be evaluated separately to be able to answer this seemingly simple question, “How’s the market?”
Number 2: Should I sell my home first, or buy my new place first? This is another popular question with several asking it. Thanks to Carol for being first out of the gate. Given the uncertainty of the sale outcome, I generally recommend that homeowners sell their properties before buying. This way they know for sure what funds they can count on, and can set a realistic budget. I know some worry that if they sell first they might end up homeless, but with the abundance of inventory available right now there are lots of next homes to choose from. I think the greater threat is that you could end up owning two homes if you buy first.
Number 3: I’ve only got $5000 for home improvements to sell my house. How should I spend it? Thanks to Jeanne from Don Mills for submitting this excellent question. If It was my $5000, I would split it between a professional organising company to come help with the packing up, and a home painter to freshen up the paint in key areas like the main floor and primary bedroom. The combination of the decluttered home and the new paint is the one-two punch that packs a wallop when selling a home.
Number 4: My brother’s nephew’s girlfriend says she’ll sell my property for a discounted commission. Should I go for the cheapest agent I can find? Simon asked this, but I know a lot of other people think it. There’s an old saying that you get what you pay for, first of all, but secondly, I’ve seen situations where hiring family members has led to long-term conflict in the family. Ask yourself this, “If I had to fire this relative for not doing a good job, would I still enjoy harmonious family relationships?” How awkward are holidays going to be if you don’t think they did a good job listing my home for sale? Really, the question has two potential pitfalls: hiring a discount agent and hiring family members. I think this topic deserves its own segment, so that’s going to be what we cover in a couple of weeks. Stay tuned.
Number 5: Finally, Francis in Streetsville asked, “I live in a neighbourhood where many of the older homes are being torn down. Should I bother to prepare my property for sale?” To this, Francis, I can give you an unequivocal Yes! You should prepare your property for sale even if it's a potential redevelopment site for two reasons. First, we cannot know for certain who your buyer will be ahead of time, so it’s wise to make your home as broadly appealing with basic preparations like decluttering and staging. We want to spread the net wide and not just limit our prospects to investors and builders. Second, in my experience someone who is intending to live in the home will pay more than an investor who usually has to buy at a discounted price in order to make a profit.
There you have it, Marilyn. The top five seller questions. Thanks to everyone who submitted a question, and be on the lookout for your coffee cards in the mail.
If you’re wondering how to prepare your home for sale, check out our upcoming webinar, Staging Secrets on a Shoestring Budget, next Wed. Aug, 28th at 1 pm. Registration online at smartrealtysolution.com.
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