Information For Sellers

Useful Information And Tips For Real Estate Sellers

Kamloops Realtor Kirsten MasonIn a highly competitive real estate market it can be difficult to determine who the best Real Estate Professional would be for your needs. Currently the Kamloops and District Real Estate Association reports that there are just under 300 member Realtors. I have included some pointers below to help you figure out how to find the right professional for you.

1. Interview 2 to 3 Realtors: Analyze their differences and pick the one that you feel most comfortable working with and whom you feel will best represent your interests or needs based on their skill level and experience.

  • For Buyers, you want to ensure that the Realtor will take the time to show you properties when it is convenient for you and will make your search a priority. Go to open houses to informally meet Realtors and strike up a conversation, you will know who you feel comfortable working with after meeting a few professionals.
  • For Sellers, you want a Realtor that has a comprehensive, dynamic and aggressive marketing plan to get your home sold. Communication is paramount and it is important that your listing Realtor maintain open and continual feedback. The most common criticism is “the Realtor posted a sign and I didn’t hear from him/her for 3 months”.

2. Choose a Full Time Realtor: Some Realtors only work part time.  Your largest financial and emotional decision may only be a second career for that part time Realtor. Choose a professional who’s business it is to sell real estate. You wouldn’t choose a part time surgeon to operate on you. A full time Realtor means better market knowledge, better service, better marketing and better negotiating skills which means a better price for you, whether buying or selling.  Ask your potential Realtor:  How often will you hear from them?  Do they have support staff or a team to help them and help you? Are there any days or times during the week that they don’t work? Do they have a part time or other job?

3. Chose a knowledgeable Realtor:  The Realtor you choose should be able to explain the market as it relates to your sale or purchase. Questions you should ask are: Have they sold or listed homes in your area? Are they knowledgeable about the statistics and the direction the market is moving in (buyers or sellers market)?  They should take the time to educate you as to the present market conditions and show you the best way to sell or buy given those conditions and the competition.  They should back up their explanations with current market data and be honest with you in interpreting that data.

4. When listing, Do Not choose a Realtor based on price: When Realtors are competing for a listing, some will give an inflated price just to try to get the listing, only to ask you for a price reduction a few weeks later. Realtors don’t determine the price for your home, the market does that! Often, Realtor’s that don’t have much to offer in terms of experience tend to compete on price.  In other words, what you may gain on perceived higher valuation on your home, you will likely lose in overall sale price due to poor marketing and weak negotiating.  Part of a Realtor’s job is to interpret hundreds of sales as well as active listings. Therefore your prospective Realtor should be able to explain to you what your specific market range is for buying or selling. A good real estate professional knows that every house has a price range which is determined by the seller’s motivation to sell and the buyer’s need to buy. Did you know that 70% of whether or not a property will sell is decided when the price is established. The other 30% is based on the Realtor’s level of competence and negotiating skill.

5. Choose a Realtor based on their success rate:  All Real estate companies have good and bad Realtors. Don’t be afraid to ask a potential Realtor what their sales record was for the past year or two. The Realtor you hire should know how to successfully sell homes and the numbers never lie. You can ask: How many homes did they help their clients to buy and sell? How many days did the average home that they have listed spend on the market? Do they sell in your area or all over? What special awards or recognition have they earned? Do they have any testimonial statements from past clients? Each Realtor’s willingness to share this information with you will help with your overall decision.

6. When Listing, Choose a Realtor based on their marketing strategy:  How much time, how much money and what kind of marketing is your Realtor suggesting for your property?  Every property is different and needs a tailored marketing program to sell it and attract the best buyer willing to pay the highest price.  People don’t buy bricks and mortar, they buy a lifestyle, an environment where they can raise their kids or a location where they can retire in style, with amenities they can use and enjoy. Ensure your Realtor has a comprehensive marketing strategy that targets different medias such as internet, print, local advertising etc.

7. Choose a Realtor that has been recommended by family or friends: Family or friends who’ve had a good experience with a Realtor are your best referral source. A good Realtor will keep in contact with their past clients and ask them for referrals. This is a great place to start when choosing a Real Estate Professional.

8. For Buyers, Pick one Realtor to work with: It is in your best interest to choose one professional to work with. You will develop a relationship with your Realtor and that person will really understand what you want in a property.   You can’t expect a Realtor to give you 100% if you are not willing to commit to them. Realtors only get paid if you buy or sell a property with them, so if you are working with other Realtors all at one time you can’t expect outstanding service based on your lack of loyalty. Find someone that is honest and trustworthy, this will eliminate the need to want to work with other Realtors at one time.

Click here for a free, no obligation home evaluation.

To view all homes for sale in Kamloops click here.

home for sale kamlooops sign real estate home sale mls listingWhen you are selling your Kamloops home, you as the homeowner can play an important part in the timely sale of your property. When you take the following steps, you’ll make your sale a profitable one.

1. Make the Most of that First Impression
A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted – or at least freshly scrubbed – front door. If it’s autumn, rake the leaves. If it’s winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.

2. Invest a Few Hours for Future Dividends
Here’s your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh paint adds charm and value to your property. If you’re worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look “with a little work.”

3. Check Faucets and Bulbs
Dripping water rattles the nerves, discolors sinks, and suggests faulty or worn-out plumbing. Burned out bulbs or faulty wiring leave prospects in the dark. Don’t let little problems detract from what’s right with your home.

4. Don’t Shut Out a Sale
If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect’s mind. Don’t try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.

5. Think Safety
Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.

6. Make Room for Space
Remember, potential buyers are looking for more than just comfortable living space. They’re looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.

7. Consider Your Closets
The better organized a closet, the larger it appears. Now is the time to box up those unwanted clothes and donate them to charity.

8. Make Your Bathroom Sparkle
Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.

9. Create Dream Bedrooms
Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.

10. Open up in the Daytime
Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.

11. Lighten up at Night
Turn on the excitement by turning on all your lights – both inside and outside – when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.

12. Avoid Crowd Scenes
Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they’re likely to hurry through. Ideally ensure that you vacate your home for any home showings. Buyers will feel more at home in an empty home.

13. Watch Your Pets
Dogs and cats are great companions, but not when you’re showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.

14. Think Volume
Rock-and-roll will never die. But it might kill a real estate transaction. When it’s time to show your home, it’s time to turn down the stereo or TV.

15. Keep a Low Profile
Nobody knows your home as well as you do but the Real Estate Professional accompanying the buyers know what they need and what they want. If you absolutely need to stay home for a showing, do your best to stay in the background.

16. Don’t Turn Your Home into a Second-Hand Store
When prospects come to view your home, don’t distract them with offers to sell those furnishings you no longer need. Whether it’s the kitchen table, bar stools or a lamp.

16. Adjust the price of your home to the market conditions
When you initially list your home for sale you decide on a reasonable list price with your Realtor. If you do not get any offers in 30 days and there are few showings you have to look at your price. You can do all the above mentioned things but if your price is too high no one will buy your home. Look at recent sales that compare to your home, as comparing your home to other homes currently for sale poses a very simple problem; the other homes also are not selling. Ultimately price will sell your home.

If you’ve covered these 17 points in the sale of your home, you may have to ask yourself “what is our Realtor doing?” We suggest the following questions:
1. Where are you advertising my home?
2. What has been the feedback on the showings?
3. How many hits are we getting on line?
4. How do you feel our price is compared to other homes like ours?
5. What do you have planned for marketing our home in the next 30 days?

There are many important things that have to be done by both the listing Realtor and the home seller when selling a home. Ensure that you and your Realtor have the same expectations.

Click here for a free, no-obligation online home evaluation.

Many consumers are unclear as to how the HST affects their home purchase or sale. Here is a short guide on how HST will affect you when purchasing or selling your Kamloops home.

The Home Seller:
• You will have to pay HST on any of the goods and services that you would have had to pay GST on before like legal fees and commissions.
•  For all resale homes, the buyer will not pay HST when purchasing your home. Buyers may find it more appealing to purchase previously owned homes to avoid paying the HST.

The Home Buyer:
• Like the home seller, you will have to pay HST on any goods and services like your legal fees, home inspections, etc.
• When purchasing a previously owned home, you will not pay HST on the sale price.
•If you are are purchasing a brand new home the HST will affect your sale price, with that said, you are eligible for rebates depending on the value of the home.

See the table below for the rebate rates (rebates are for homes that are intended for use as a primary residence):

HST Rebates for new homes kamloops real estate

For further information about HST click here.

To view the Ministry of Finance Tax Information Notice Click Here.

Are you are planning to remodel your Kamloops home? Do you know what renovations will be most beneficial to you when you sell your home? Some renovations add more value to your home than others. This will be factored into the value of your home when it comes time to sell. Here is a guide to help you decide what to remodel:

Kitchen renovation Kamloops Real Estate Home ValuesKitchen: It is important to have a functional kitchen with an ample amount of work space and efficient storage space. There are never enough electrical outlets in a kitchen, so the more the better. Consider a dual sink instead of a single basin sink. Use good quality products that will withstand time, stone and wood products have always been considered the best way to go in a kitchen. Pick appliances that are of the same style, color and make, a mish mash of appliances will take away from a beautiful kitchen upgrade.

 

Bathroom Renovation Kamloops Real EstateBathroom: Bring in the light with glass blocks. Add more storage space with efficient cabinet systems and recessed medicine cabinets. Counter space is always important so plan the renovation effectively, if there is not enough space for dual sinks stick to one. Much like the kitchen, high quality products will always withstand time, ceramic tile or stone flooring as well as a deep bath tub and large sink all add to a high quality bathroom renovation.

 

Siding Renovation Kamloops Real EstateSiding: It is easy to fix the outside of a home to make your home more appealing from the street. Vinyl siding looks fresh and needs minimal upkeep while stucco can be re-painted to get a fresh new look.

 

 

Window renovationWindows:  New windows don’t only make your home more appealing from the street but they also save you money. The energy savings for monthly utility bills can be significant depending on the age and shape of your old windows.

 

 

According to the Appraisal Institute of Canada, your remodel investment dollars pay back at different rates when you sell your home depending on the type of remodel you choose. In an ideal situation you will regain the money you put into a remodel but some projects will return more than others.  Here is an example of the potential return you can receive from a renovation.

Remodel Project Job Cost Expected Return Average Payback
Minor Kitchen remodel       $3,000         $2,300-$3,000              75%-100%
Major Kitchen remodel     $25,000      $18,800-$25,000           75%-100%
Bathroom Remodel           $8,500         $6,400-$8,500               75%-100%
Basement Remodel            $7,000         $3,500-5,300                 50%-75%
Fireplace Addition              $3,000         $1,500-$2,300               50%-75%
Deck Addition                    $6,000        $3,000-$4,500               50%-75%
Repl. Heating System        $4,000        $2,000-$3,200               50%-80%
Window Replacement      $6,000          $3,000-$4,500               50%-75%
Major Landscaping          $10,000        $2,500-$5000                25%-50%
 

Always consider the following when considering a renovation: The location of your property in Kamloops and the condition of the surrounding properties. What homes are selling for in your specific area and how they are comparable to your property. The condition of your property overall inside and out. Avoid doing too many high end renovations to your home unless the area you live in can support that level of renovations. Many homeowners renovate their home too much in comparison to other neighbouring homes and are unable to recoup the renovation costs. Over the past few years many people have tried to “flip” homes and fix an older outdated home and modernize them. Amateur home flippers have made the mistake of buying the nicest home on the worst street, location is always very important, so keep this top of mind whether it is for your primary residence or an investment project.

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