I'm selling my home - what are the most important questions to ask myself?
1. Is this the right time for me to move?
a) Trading up?
Take a look in the buyer's guide for an answer on this one.
b) Trading down or leaving the market completely?
If you can find a more reliable and rewarding investment vehicle anywhere else, go for it! They are few and far between.
If you have another purpose for the capital or the income, it may just be necessary for you personally and you cannot put a price on that.
If you are thinking of jumping out of the market then jumping back in when the prices are bottoming out - good luck! It is a high risk proposal especially without a crystal ball.
2. How much is my home worth?
Statistical information is more accessible now than ever before, but without an honest and experienced guide, you may, almost unknowingly, interpret it to suit your needs. This is dangerous. An uninformed overly optimistic sense of value could end up leading to the wrong listing price and may eventually cost you dearly. Carefully select three of the most qualified Realtors in your market place to give you market evaluations and then make the pricing decision based on the information presented to you.
3. What is the best way of achieving the maximum net price for my home?
Marketing works, more now than ever. More money is spent on commercial advertising, political campaigning, branding, imaging etc than ever before, because it works! That is the nature of our consumer society. However, starting from scratch is hard work. Creating a brand, an image and a significant market presence for your one home would be a huge financial undertaking, especially if you are trying to compete with the likes of new construction and project marketing budgets. Instead, hire someone - a realtor who already has the specific market presence, exposure, credibility and image that will draw the right type of buyers to him/her and in turn to your home.
Please DO NOT choose your realtor based on the pricing they provide you with in the market evaluations above - anyone can "buy" a listing. A realtor who has spent thousands of targeted dollars year in year out building professional relationships and creating a market presence has been spending money that you can now benefit from. If there is a difference in commission structure, it will pale in comparision to the value of this extra exposure.
Finally, go with your gut. The realtor you can work with, who has the right professional approach, knowledge and experience to promote and protect your interests in a negotiation, will probably stand out from the rest. The dollar figure on this... priceless.
Over the years, Duncan has published newsletters including Market Updates and predictions. For your convenience, excerpts from Duncan's newsletters are now available online. Please take a moment to review Duncan's commentary on current events and trends impacting the Vancouver real estate market. You may be surprised just how accurate his predictions have been.
If you would like to receive future issues of his newsletter, please contact Duncan specifying your preference for hard copy or electronic copy via email. Don't forget to include your contact information!
To find out more about Duncan and to see if he could be the right fit for your needs, take a more detailed look through the neighbourhood sections of this site or contact Duncan directly to arrange a private appointment. In the meantime, good luck out there!
I'm ready to list my condo!