Useful Information And Tips For Real Estate Sellers

Sell Your Home: Why You Should Pay A Good Commission To A Kamloops Buyers’ Agent

February 8, 2009 Kirsten Mason Information For Sellers

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Today’s real estate market in Kamloops is very competitive. There are a number of homes for sale that are very similar in characteristics and also in price. There are a few factors that affect the sale of homes that are similar. Simple, obvious things such as curb appeal, interior design and upkeep, clutter, scents, accessability, etc, are all issues to be aware of when selling a home. There is one underlying, very important home selling technique that is often overlooked by sellers and ultimately puts their home at a significant disadvantage. This factor is the commission a seller offers the buyers’ agent (or Realtor representing a buyer) in order to bring a qualified buyer to purchase their home.

It is a fact that Realtors work with the most qualified buyers. These buyers have often already been pre-approved for a mortgage and are ready to make an offer on a property in the near future. By offering a less competitive commission to the buyers’ agent, you are not motivating Realtors to come bring their qualified buyers to your home and sell it. The the best way to describe it is, if you went to work for a month, and at the end of the month you were told you weren’t going to make 100% of your normally expected pay how would you feel? This is the sentiment out there in the market, especially now that buyers have so many homes to choose from. We are now seeing buyers agent selling bonuses and higher commission rates than have been seen over the past few years. Sellers are beginning to understand that money motivates. Homes that offer less commission to buyers agents are often overlooked. Unfortunately I don’t make the rules, I am just passing on this information for the seller’s benefit. Please don’t make this mistake.

If you are motivated to sell your home ensure you do the basic things such as maintaining an attractive curb appeal, keep your home neat and uncluttered, etc. More importantly if you are selling in the Kamloops real estate market, offer a competitive commission to the buyers’ agent, otherwise you are just hurting yourself financially in the long run!

Listing Your Home At The Right Price Affects Your Bottom Line

February 3, 2009 Kirsten Mason Information For Sellers

What is your home worth? Click here for a free online home evaluation.

When you are selling your home, the price you set is a critical factor in the return you will receive. That is why you need a professional evaluation from an experienced Realtor that is well educated about your area of Kamloops. This person can provide you with an honest assessment of your home based on several factors including:
* Current market conditions
* Condition of your home
* Repairs or improvements
* Time frame

In real estate terms, market value is the price at which a particular house, in its current condition, will sell for within 30 to 90 days. Today, in Kamloops real estate market, we are finding that homes are taking longer to sell, on average roughly 70 days for a well priced home. This is why it is important to price your home competitively as well as ensure it is in the best condition to show to buyers as possible.

If the price of your home is too high several things could happen:
* Limits buyers: Potential buyers may not view your home only because it would be out of their buying range.
* Limits showings: Other Realtors and buyers may be less reluctant to view your home.
* Used as leverage: Other Realtors may use this home to sell against homes that are better priced.
* Extended stay on the market: When a home is on the market too long, it may be perceived as defective. Buyers may wonder, “what is wrong,” or “why has not this sold?”
* Lower price: An overpriced home, still on the market beyond the average selling time, could lead a lower selling price. To sell it, you will have to reduce the price, sometimes, several times. In the end, you will probably get less than if it had been properly priced at the start.
* Wasted time and energy: A bank appraisal is most often required to finance a home.

It is a well known fact that well-kept homes, properly priced in the beginning, always get you a quicker sale for the best price. In a buyers market, like we are experiencing currently, often you need a professional to assist you in the sale of your home.

My Opinion On The Kamloops Real Estate Market

January 29, 2009 Kirsten Mason Information For Buyers, Information For Sellers, Real Estate Information

Over the past couple days I have been through a whole variety of single family homes in Kamloops; upwards of 25 or so listings. I have found that in today’s market the pricing of these properties is all over the place. It appears that there is no consistency in the pricing of listed properties and I think this is because of either the home seller or agent confusion.

First, in my opinion, since the market has dropped some sellers are stuck at 2007 values, where homes were 10% or so higher than today’s market value. We were living in a real estate bubble where housing prices “would never go down” or “buy now or be priced out forever”. It is a fact that when we are in the midst of a housing bubble, people feel like it will never end, probably because of human nature. It is easy to get caught up in the euphoria of it all. I have to admit, that was the feeling I got from a lot of people around me, but I personally felt the change coming. We are now getting back to reality and working towards a balanced market, but are still far from it. Sellers have to price their homes competitively to sell, there are far more homes rejected from the market because of price in comparison to the number of homes that sell. To get your home sold, price your home right from the beginning. If you as a seller want to reduce, approach your agent, they should welcome the idea.

Secondly, there is this belief out there that prices will return to previous levels in the spring. This is felt by some sellers and Realtors alike. I have a very hard time believing that this could be remotely true. With the incredible uncertainty in today’s economy from job losses to a lack of confidence in the markets, there are no indicators out there that show that the market will return to previous levels anytime soon. This is my opinion of course.

The encouraging news to sellers is that over the past couple weeks I have seen an increase in the number of buyers looking to purchase a home. There are always people that have to sell their home and buy another. The Kamloops Real Estate Board has been reporting more sales lately than we saw last month. The statistics will come out in early February and I will include them here.

If you are thinking about selling your home, my suggestion would be, get it on the market sooner rather than later. There are a number of sellers wanting to go on the market in the spring. Beat the rush and get your property on the market and advertised to the public before the spring rush and increased competition.

Understanding Market Conditions

January 23, 2009 Kirsten Mason Information For Buyers, Information For Sellers, Real Estate Information

Numerous factors affect the real estate market. There may be more buyers than sellers. There could be more sellers than buyers. Interest rates, employment statistics and pricing. The supply of resale and new homes are also considerations when selling a home. Generally speaking, there are three types of markets that affect the sale of your home. Understanding each of these can make a difference to your bottom line.

Buyers’ Market
Description: There is an abundance of homes on the market. Supply exceeds demand.
Characteristics: Many homes available for sale. Fewer buyers than homes. Homes remain on the market longer. Stable prices. Prices may also drop.
Impact: Less panic in buying. Buyers shop longer for homes. Upon negotiation, they often have more leverage.

Sellers’ Market
Description: There are more buyers than homes available.
Characteristics: Few homes on the market. Many buyers. Homes are sold quickly. Prices often rise.
Impact: Home prices are higher. Homes prices often rise. Buyers purchase quickly, and tend not to shop as much. Multiple offers are common. Sellers may prefer offers with no-conditions.

Balanced Market
Description: There are roughly the same amount of buyers, sellers and number of homes on the market. Supply equals demand.
Characteristics: Demand equals supply. Sellers accept reasonable offers. Homes sell within a reasonable time period. Prices generally remain stable.
Implications: There is less tension among buyers and sellers. There is a reasonable number of homes to choose from.

We have seen exponential growth in the Kamloops real estate market over the past five plus years. Often buyers would have little time to place an offer to purchase a property because of the sense of urgency in the market. Multiple offers was commonplace at that time. This fortunately for buyers has changed recently with the economic downturn. Buyers have time on their side and an abundance of homes to chose from. Today in the Kamloops real estate market we are seeing a strong buyers market. It will not be a buyers market forever, but it is expected that it will be this way for a while. Eventually, the market will cycle into a balanced market, which we have not seen in quite a number of years.

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