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Why Does the "For Sale By Owner" Approach Rarely Succeed?
Posted on Sun, 15 Apr 2018, 11:40:00 AM  in Home selling tips
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Why Does the "For Sale By Owner" Approach Rarely Succeed?

Have you thought about selling your home? There may be a thousand reasons why you feel it is best for you and your family to move on. But before you can do so, you will need to sell your current property. It isn't merely a matter of offloading your present home.

You will naturally want to get the best possible price for it. There are many things that you need to consider before you embark on a plan of action. One of the most important will be whether you list it with a real estate company or go the "Do It Yourself" route.

 

Why Does the "For Sale By Owner" Approach Appeal to Some People?

Why Does the For Sale By Owner Approach Rarely Succeed?It's easy to understand why the "For Sale By Owner" approach will appeal to a certain kind of person. There are many people who feel that listing their home with a real estate professional will cost too much. They are worried that the commission the expert charges will cut too deeply into their own profits from the sale.

They may also feel that there is very little a real estate professional can do for them that they couldn't ultimately achieve by themselves. For this reason, the idea of hanging a "For Sale By Owner" sign and advertising in local newspapers and circulars may seem like a more logical plan of action. But is it really so?

 

Acting on Your Own May Not Bring the Very Best Results

If all you do to advertise the fact that your home is for sale is put out a sign on the front lawn, you may be in for quite a long wait. There is no law that says that you can't take this approach. But common sense dictates that if you want to sell your home, you may as well do so in a quick, timely, and profitable fashion.

For example, how much do you want to sell your home for? If you go the "For Sale By Owner" route, it's up to you to hash out the final selling price with your potential buyer. This means that you have no one but yourself to rely on as a negotiating expert. If you don't have the skills to back your play, you may end up being bargained down to a price that is far less than the one you originally desired.

 

Listing Your Home Will Get You Faster and Better Results

If going the "Do It Yourself" route didn't do you any favors, you can try a whole new tactic. You can contact a real estate professional in order to get your home placed on the official listings. Since the home for these listings is on the world wide web, you will automatically increase your potential audience by an exponential amount.

Instead of relying on word of mouth among the local population, you can now reach buyers all over Canada - in fact, all over the world - who are interested in buying a property in your area. The mere fact that your audience has increased to this degree will play a huge part in speeding up the selling process.

No one can tell you what to do with your property. You are free to choose any method you desire. It's up to you to do so in a fashion that you believe will get you the very best deal. However, time has shown that some methods are simply better than others. If you are serious about selling your home, now is the time to get it listed.


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How To Price Your Home Just Right
Posted on Tue, 15 Nov 2016, 12:45:00 PM  in Home selling tips
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Pricing a home is truly a science. However, when it comes to setting a price, many homeowners want to listen to their hearts rather than the cold hard facts. However, experience tells us that the numbers don't lie and in order to sell your home, you will need to accept the professional's assessment of your home's fair market value.

 How To Price Your Home Just Right

Beware Of Overpricing

All too often, homeowners mistakenly think that that they should overprice their home at first. However, this strategy never pans out as they think it will and they sacrifice most of the buyers in the process. Overpriced homes stay on the market for much longer than other homes in the area and often cause delays for sellers who are looking to move into a new home. Even worse, if they have already purchased their next home, then they are saddled with two mortgages.

Sure, it is possible to lower the initial price of your home. However, homeowners should beware. If they continually lower the price of their home, the home may develop a stigma as home buyers wonder what may be wrong with the home to warrant the continual price drops. The best thing you can do to market and sell your home is to price it right from the beginning. This way, your home will sell faster. Who knows, in the right market, with a well-priced home, you may even land more than one offer.

 

Why Your Home May Not Be Worth As Much As You Think

Most homeowners who overvalue their home's worth either confuse their home's sentimental value with its dollar value or they believe that their home is more valuable because of the renovations that they have made.

Unfortunately, buyers do not see the cherished memories when they walk into the home and they certainly do not equate the sentimental value into a monetary sum. Likewise, buyers do not necessarily value all of the renovations the same way that the seller does, and no buyer is willing to pay more than the price of similar homes in the area that have sold recently.

 

The Numbers Don't Lie

What is the best way to price your home? The answer is simple, get the help of a real estate agent. Real estate professionals are able to look at the comparable sales in the area. These recent sales help agents determine what would be the fair market value of the home. This value can help you arrive at a listing price that will be competitive in your home's current market. Agents look at a huge amount of data and variables to arrive at this price. They look at information such as square footage, amenities, floor plans, and more. Additionally, all of the information comes from homes that have sold in your area in the last few months.

Once the agent has collected the list of similar homes and the prices that buyers were willing to pay for them, they are able to make an estimate of what they believe your home will fetch on the current real estate market. Although this number may be less than you hoped, you will be glad when your home sells quickly.


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6 Tips For Renovating Your Basement To Perfection
Monday, 31 October 2016, 12:00:00 AM
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Whether you just bought a new house or are looking to sell your home you may be in need of a basement renovation. Here are 6 tips for renovating your basement to perfection. Renovating your basement may be hard work but is more than worth It once it's complete.

 

6 Tips For Renovating Your Basement To Perfection1. Make Sure There Are Exits

The most important tip of renovating your basement is to make sure that there are exit windows to get out of the basement in case of an emergency. It is required for any bedrooms you build in the basement to have escape windows in them in the event that there is an emergency. If you do not have an exit window in what you want to be a bedroom in the basement it will not count as a bedroom so it won't be counted in the overall value of your home as a bedroom. However, if you do put a bedroom in your basement and it has an escape window it counts as a bedroom and can make your home value go up when it's time to sell.

 

2. Get Rid Of Any Moisture

The second most important tips for renovating your basement is to make sure there is no moisture or water getting into your basement as this can cause damage such as moldy or soggy insulation and even wrecked floors. If there is no moisture then you are good to go but if there is you need to figure out how to stop it from coming it before renovating the basement.


3. 
Livable Ceiling Height

Some basements do not have high enough ceilings for them to be used as a living space. If this is the case in your basement you may have to figure out a way to make the ceilings higher so that you can renovate your basement to where it is able to be a living space. One option to fixing this problem is to dig the floor down in order to have more height in the basement.

 

4.Don’t Cover Anything Up

When it comes time to put the ceilings into your basement make sure that there is no wires or duct work that you may need to get at in the future. Chances are if there is something that connects to the upstairs your going to have get at it at one point or another. An option for being able to get at any wires or duct work would be by putting in a drop ceiling. Drop ceilings are tiles that can be moved if they need to be.


5. Basement Style

Once you figure out if there are any ceiling or water damage problems and get them fixed you have to decide if you want your basement to be renovated as a separate living space from the rest of your house or if you want it to match and flow with the rest of your house. Some ways that it could be similar is by using the same floors, wall colors, and even fixtures that are used in the rest of your home.


6. Building a Utility Room 

The utilities in your basement are not meant to be moved or renovated at all. So when renovating your basement you have to work around the utilities such as the hot water heater and the furnace. You can do this by putting a wall up between the utilities and living space and have a door to get to where the utilities are. By doing this you won't have to even see the utilities well you are in the living quarters part of the basement.


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Choosing Between Household Features
Saturday, 15 October 2016, 12:00:00 AM
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When you're deciding between various properties to buy, there are countless features that need to be evaluated. Every person and family will have different values placed on certain items, such as a home complete with a hot tub or master closet. Before you bid on any property, take a close look at the features that are part of the investment. The monetary and personal value will rise when you pick a property with those top, desired amenities.

 

Choosing Between Household FeaturesBedroom Quantities

The main household feature that must be considered is bedroom quantities. Ideally, choose a home that has at least one more bedroom than you currently need. A family may only count as three residents today, but another child or a returning relative might need an extra room in the near future. If the pricing is too high for an extra bedroom, look for a home that has large rooms. You can always build walls within these rooms to create small bedrooms if necessary. Growing families simply need more space as time goes by.

Exterior Features

Some buyers don't want a big yard to care for each week. Mowing, gardening and other chores may not be feasible for a busy household. You'll want to concentrate on a home with more structural space compared to exterior, square footage. In contrast, you may want a big yard in order to install a pool. Work with your real-estate agent to verify if certain properties can even have a pool installed. Exterior features may also include gazebos, fountains and patio areas. Consider your family's needs as they enjoy the great outdoors so that you can find a property that matches those desires.


Community Perks

Many properties reside in a gated community. You'll have association fees that pay for certain amenities. Explore these communities because they can have perks that everyone can enjoy. Recreational centers, gyms, pools and tennis courts are some of the common perks found in some communities. If most of the amenities don't thrill your family, paying the extra fees for their use won't be a good investment. You might find a better property down the road with no community perks but a larger, master bedroom.

 

Major Appliances

When you consider a property for sale, you're also investing in the major appliances. The electrical, HVAC and plumbing systems are all part of the home when it's transferred to your name. If any of these systems are malfunctioning, it can cost you hundreds or thousands of dollars. Allow the home inspector to give you a full report of each property's appliances. Be wary of any property that has questionable systems. There might be more problems that are hidden within the home. You want a property that has minimal issues from the moment that it's placed in your name.

 

Luxury Amenities

The family may want a room for the pool table or a freestanding guest house. These luxury amenities are possible, but you'll pay for their value. Make a list of every necessity and desire in a potential property. Because financial situations will differ for each family, you'll need to narrow down your luxury list as necessary. It's possible to find a deal on a fixer-upper property with a particular luxury item. Be aware of the home's benefits and drawbacks as you consider the investment.

If you have flexible time for your property purchase, you can wait for that perfect home. Properties enter the real-estate market every day so it's possible that a better home might be available in the near future. When you finally encounter this coveted property, bid on it as soon as possible. These opportunities may not arise very often.


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Habits of Effective Home Buyers
Posted on Tue, 15 Mar 2016, 10:00:00 AM  in Home buying tips,  Marketing strategies,  My services,  spare room
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The home buying process is always strenuous and requires a lot of patience. In some cases, buyers run out of patience and give up or decide to settle for a home they don’t really like. There are also instances where after a long hunt, the buyers take it against their agents or the seller trying to cool themselves down. Most of these ugly cases can be avoided as the buyers themselves cause them. If you are a buyer and would like to go through the home buying process without much of a hassle, consider embracing the following habits:


1. Get Pre-Approved For a Loan
Before you begin a home search, find out how much loan you qualify for, and the type of mortgage too. There have been cases of prospective buyers falling in love with a home, and when it comes to approving the loan, they realize they qualify for less. In some states, you can’t submit an offer on a property without attaching a Pre-Qualification Form. Let’s say the dealer has received multiple offers, yours will be put at the bottom if it lacks this important document.

2. State What You Must Have and What You Can’t Have
By telling your real estate agent exactly what you are looking for, you make the search a lot easier. This includes specifying the number of bedrooms, bath homes, or even the neighborhood. This will narrow down the search, and save you time for moving here and there turning down every house that does not suit peopleyour needs.

3. Be Realistic
Set a realistic amount for the purchase. Don’t expect to get a mansion for pennies. Also, depending on the neighborhood, a house in a posh area can go for triple the price of its counterpart in a community surrounded by crimes and natural disasters.

4. Be Flexible
It is crucial to be flexible in the home buying process. If you are not having the house built to your specifications, you are unlikely to encounter a house that perfectly meets your expectations. You may find the perfect home, but you realize the colors or the flooring isn’t quite what pleases you. Know what to do with the things that don’t match your specifications, but don’t walk away hoping to meet the “perfect” house.

5. Be Respectful
When you are viewing potential homes, be respectful and responsible. You may be allowed to look into the closets to see their condition, to turn on the stove, or to flip light switches. Ensure you leave the home exactly as you found it. Don’t bang the doors or leave them wide open. Some sellers may be so much attached to their homes and would wish to leave them in the hands of people who would take care of the home. If you seem irresponsible, they may consider not sealing the deal with you.

6. Have Fun 
Buying a home is a tedious process, but if you choose to have a good time during the process, you will benefit greatly. This again involves your rapport with your agent. Treat your agent with respect and don’t look at him simply as a person you have employed to help you acquire an asset. Some people are hard on their agents such that they can’t have any light moments during the transaction. The agent can go a long way to ensuring you get a great deal as most of them have connections in the real estate market.

Following the above tips strictly makes the home buying process less stressful. To add to the list, choose your team wisely and work with the right people. Be open to your real estate agent to make the house search as easy as ABC.

 


How May I Contact You?

Please ask me your question by filling out this form. You will receive an answer to your question at the first opportunity I have to reply. I appreciate the time you have taken.

 

 


Thank you for taking the time to complete this questionnaire.
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ZOI OUZAS Sales Representative
RE/MAX Garden City Realty Inc., Brokerage
64 Main Street West, Grimsby ON L3M 1R6
Office: (905)-945-0660 Office: (905)-563-8527
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