There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer.

Concentrate on the following areas to help you determine an offer price:

Comparable Sales

• Compare prices of homes that are similar to the property you’re considering in the following areas: number of bedrooms and bathrooms, square footage, lot size, type of construction, and garage space.
• The most comprehensive and in-depth information can be accessed through the Multiple Listing Service (MLS). Your Realtor, who will be working closely with you to set your offer price, can help you navigate this service.

Property Condition

• Observe how the property compares to the rest of the neighbourhood. Is it average, above average, or below average?
• Look at structural condition: walls, ceilings, windows, floors, doors.
• Pay close attention to: bathrooms, bedrooms, condition of plumbing and electricity.
• Also check the fixtures: light switches, doorknobs, drawer handles, etc.
• What is the condition of the front and back yards?

Home Improvements

• Cosmetic changes can be largely ignored, but any major improvements should be taken into account.
• Take special note of: room additions (especially bedrooms and bathrooms).
• Items such as swimming pools may be taken into account, but usually won’t affect your offer. Your Realtor can offer your guidance in these matters.

Market Conditions

• Seller’s Market:
A seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very
quickly, and there are often multiple offers. Many homes will sell above the asking price.

• Buyer’s Market:
A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.

• Balanced Market:
In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.

Comparable sales information helps you establish a price range for the home you’re interested in. Adding in the additional factors mentioned above will guide your decision of whether you consider a “fair” price to be near the upper or lower limit—or the middle—of that range. Keep in mind, this price should be the one you’d be happy with once all negotiations are said and done. The price you decide to begin with depends on your particular style of negotiation. Most Buyers begin the negotiation process with a number lower than the “fair” price they’ve come up with.

Outdoor living spaces have become the new heartbeat of homes — even in the winter. They now serve as an extension of the indoors, a place where homeowners can dine, entertain, and relax. So, it’s smart to emphasize the outdoor living potential of your home when you list.

Your garden is the first outdoor element potential buyers see. Well-maintained, colourful plants can make a fantastic first impression, so keep the garden lush and appealing. Include a variety of perennial and annual plants that bloom at different times in the season. Consider planting in containers or raised beds for easy maintenance, and use garden ornaments sparingly to keep the focus on the natural beauty of the space.

Next, your patio or deck can act as an outdoor living room. Consider staging it to make it look that way. Highlight any attractive, weather-resistant furniture you have. String lights or solar lanterns add a touch of warmth and make the space usable even after the sun sets.

And don’t forget about your barbecue or outdoor kitchen. A well-equipped, clean, and functional outdoor cooking area can be a big draw. Ensure grills, burners, and other cooking appliances are in good condition.

Finally, remember that not all outdoor spaces need to be elaborate. Sometimes, simple lawn chairs or a modest patio set can add to the appeal. The key is to make the outdoor space inviting, no matter how small it is.

Painting your home, especially the main floor, is the most affordable way to make your listing look great to buyers. But what paint colours should you choose?

Here are a few tips.

When it comes to selecting a palette, neutrality reigns supreme. Bright, eccentric colours may reflect your personality, but remember, you're trying to appeal to a wide array of potential buyers. Neutral colours like whites, greys, and beiges are not only safe but also allow buyers to envision their own furniture and decor in the space.

However, don't think of neutral as boring. Many subtle shades can add depth and character to a room. For example, a soft grey with a hint of blue can make a space feel serene and relaxing, and is ideal for bathrooms or bedrooms.

The living room and kitchen are often social hubs of a home, and warmer neutrals can make these spaces feel welcoming. Shades like taupe or a creamy off-white can make these areas inviting yet versatile.

Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home-buying process; your choice of environment will affect the way you experience your new home. This is a very personal decision, influenced by countless unique factors colouring your own lives, but you should always keep the following in mind:

1. If you’re considering buying a home in a community that is unfamiliar to you, get to know its lay-out, offerings, and ambiance. Take some time to walk or drive through the neighbourhood, both during the day and at night, familiarizing yourself with the sights, sounds, and smells.

2. What amenities does the neighbourhood have to offer? Is public transportation readily accessible? Are there schools, churches, parks, or grocery stores within reach? Consider visiting schools in the area if you have children.

3. What is the nature of the job market in the area? Keep in mind that if area employers are producing more jobs, you can expect property values to increase, especially if the jobs offered fall within a higher salary bracket.

4. Speak with the neighbours. Ask questions. They can offer you a wealth of information, from an inside perspective.

5. How will you be affected by a new commute to work? Drive the route between the new neighbourhood and your office during the appropriate times to gauge the volume of traffic you could expect to encounter, and the amount of time you’d need to put aside for daily travel.

6. Contact local land-use and zoning officials to determine existing development plans or potential for development in the area. A strong agenda for neighbourhood planning and local zoning will increase the value and draw of a neighbourhood. Keep in mind that any large, tree-covered area may be a target for future development in popular communities.

7. Determine whether financial resources have been put in place to support infrastructure projects in the area. These construction projects might include building, replacing, or improving anything from schools to roads, and are usually part of a city or town’s long-term plan. While disruptive, construction could also be a benefit to your experience of a community, influencing the long-term value of the area.

By all accounts, remote working is here to stay. In fact, according to a survey by McKinsey & Co (a research institute), 58% of workers say they can work at home at least part of the time. So, highlighting the remote working potential of your listing can be a major selling point.

One thing you can do is stage your home by creating a home office space of some kind. It doesn’t have to take up an entire room. It could simply be a nook with a desk and chair. Just be sure the space looks comfortable and functional. If possible, add shelves. And make sure the lighting is adequate for working.

A buyer will see the space and imagine themselves spending hours working there. So, the more pleasant and attractive you make the area, the better. Consider adding a couple of plants and other attractive decor.

If you have an existing home office, declutter it as much as possible and remove personal items. The desk should be clear of papers, files and other items. Also, take down any diplomas and certificates hanging on the wall. You want buyers to picture themselves working there, not you!

Landscaping may not be the first thing that comes to mind when selling your home in autumn. However, the outside of your home is still the first thing buyers see, so it’s worth exploring ways to update your landscaping to create a cozy and welcoming feel.

Here are just a few ideas:

1. Add potted plants: Potted plants are an easy way to make your outdoors more attractive, especially along walkways and around your front door. And, because they’re potted, they can quickly be removed should the weather turn inclement.
2. Keep it Tidy: As leaves begin to fall, make sure to rake them up and keep your lawn and landscaping looking neat and tidy. This will help potential buyers see the full potential of your outdoor space without being distracted by clutter.
3. Light it Up: As the days get shorter, outdoor lighting can be a great way to showcase your home's exterior. Consider adding some string lights to your patio or walkway, or installing some spotlights to highlight your landscaping.
4. Emphasize Outdoor Living: There is a growing trend for enjoying outdoor living well into the fall. So, emphasize your outdoor living spaces by adding comfortable seating or updating your patio furniture to make it suitable for cooler days and evenings.
5. Add Seasonal Accents: Adding some seasonal accents to your landscaping can help create a cohesive look. Consider adding some pumpkins or gourds to your front porch, or incorporating some autumn-themed decor into your outdoor spaces.

By following these autumn landscaping tips, you can help make your home more attractive to potential buyers. So, embrace the changing seasons and use your landscaping to create a warm and inviting atmosphere that buyers will love.

Want more tips on how to make your home more attractive to buyers?

Call today.

When you read or watch the news about the real estate market, it may seem reasonable to make the assumption that the information applies equally to your street or community.

But, that isn’t always true.

In fact, the characteristics of your local real estate market can differ in many respects from the regional or national market.

Say the regional real estate market is most active during certain months of the year. That might be true of your neighbourhood, too. But, there may also be some caveats. If, for example, buyers are eagerly awaiting listings to come up in your community, then that micro market might heat up faster than other areas in the region.

Knowing how your local market works and how it differs from the larger regional market is crucial when selling. It helps you decide when it’s best to list and helps to ensure your home sells quickly and for a good price. That’s a strategic advantage.

Understanding the local market also helps when buying. Imagine acting only on regional or national market statistics without knowing the unique market characteristics of a neighbourhood you’re hoping to buy into. You could end up missing opportunities. You don’t want that!

Imagine you have a growing family, and you want to trade in the small sedan for something larger. So, you visit the dealership and come back with a bus.

Well, that would be upsizing a bit too much – unless you have a really huge family!

That’s the challenge of upsizing or downsizing. You need to be careful not to take it too far and end up with something that isn’t suitable.

This often occurs in the real estate world. For example, homeowners might decide to sell their home and find a smaller one. But, if they go too far, they end up with a property so small they feel claustrophobic.

How do you avoid a similar scenario happening to you?

If you’re thinking of upsizing or downsizing, the best place to start is in your own home. Think about how you use the space. Do you and your family spend a lot of time in certain areas? Are there rooms and other spaces that are rarely used? Or, conversely, do you wish you had more room — such as an extra bedroom, wider driveway, separate living and family rooms, etc.?

Do a thoughtful analysis of how you’re using your current property in order to reveal clues about what you’ll want in your next home. If you’re upsizing, you might find that all you need is an extra bedroom. If you’re downsizing, you might realize that one family room, rather than separate living and family rooms, would work better for you.

When you’re selling your property, hosting an Open House will provide an excellent opportunity to attract buyers. Ideally, people will see your property that day and decide to make an offer. 

That would be exciting!

So, what can you do to prepare for the day? Here are a few suggestions:

1. Make sure the entire house is clean and tidy. Think of making it “guest ready.”
2. Plan to leave early and come back late. Recognize that people may not arrive nor leave precisely on time.
3. If possible, remove pets. Take them to a friend’s house or pet daycare.
4. If you’re concerned about valuables (such as jewelry), lock them somewhere safe. For example, you can hide them in the trunk of your car. 
5. Avoid cooking the morning of an Open House. The odours may linger.
6. Provide ample space by the front entrance for shoes and boots.
7. If possible, avoid having any deliveries that day. 
8. Make sure interior doors are unlocked, including the door to the garage.

Finally, resist the urge to “drop by” and see how things are going. Instead, take the time to do something enjoyable, such as an outing to the park or mall.

Want more ideas for selling your home quickly and for top dollar? Call today.