9 Common Mistakes When Selling Your Edmonton Home

Mistake #1 -- Placing the Wrong Price on Your Property
Big mistake! Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price. You get the most showings within the first 3 weeks so don't lose this opportunity.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your REALTOR® for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value. This is called a Comparable Market Analysis (CMA).

Mistake #3 -- Failing to "Showcase"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers. Check some of our "Fit to Sell" videos for ideas how to get this done.

Mistake #4 - Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions. The best bet is to "Get Lost".

Mistake #5 - Trying to Sell to Lookers
A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a REALTOR® are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate.

Your REALTOR® should be able to distinguish realistic potential buyers from mere lookers. REALTORS® should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your REALTOR® fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new REALTOR®. Audrey & Mike have their Accredited Buyer’s Representative (ABR®) which benefits the seller as we weed out the lookers from the buyers.

Mistake #6 -- Being Ignorant of Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what your are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money. We have many options & can explain them to you.

Mistake #7 - Signing a Contract with No Escape
Hopefully you will have taken the time to choose the best REALTOR® for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your REALTOR®, or perhaps the REALTOR® has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.

Mistake #8 - Limiting the Marketing and Advertising of the Property
There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, REALTORS® often use open houses to attract future prospects, not to sell the house.

Your REALTOR® should employ a wide variety of marketing techniques. Your REALTOR® should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your REALTOR® is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch will many potential buyers.

Mistake #9 - Choosing the Wrong REALTOR®
Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the REALTOR® that is best for you. Experienced real estate agents often cost as much as brand new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles.

Take your time when selecting a real estate agent. Interview several REALTORS®; ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

If you have further questions to these 9 Common Selling Mistakes, please contact us. We would be more than happy to help!

Just How Much Traffic Does REALTOR.ca Get?

Ever wonder how effective organized Real Estate is compared to the online sell-it-yourself website marketing companies? This is eye opener and very powerful. This is the reason so many people want to be on Realtor.ca including these sell-it-yourself companies.

Check out this infographic image for 2011 Realtor.ca website traffic statistics then download the .pdf for your own use.    

Interesting, just because you are on the public Realtor.ca website doesn't mean your property will get sold. In fact, the absorption rate in Edmonton is less than 20%. What is the absorption rate? That's when you combine active listings with new listings divided by sold listings equals the Absorption Rate. Being full time REALTORS®, we keep our finger on the pulse of Edmonton's Real Estate market. If you have detailed questions about this information, please give us a call & we'll be glad to sit down with you over a cup of coffee and explain it.

10 Reasons You Need to Work With a Buyer’s Agent (Plus 1 Bonus)

Due to the age of the internet, you may think you’re able to find your dream home without the help of a REALTOR®. However, here are ten reasons why you still need a buyer’s agent:

1. Convenient: Researching and scheduling showings can consume a lot of your time. Why not let someone who does it for their job do it?
2. Market Knowledge: REALTORS® understand the market, making it easier for them to find the best home at the right price for you.
3. Insider Knowledge: Not only do they know the market, they also have access to know what homes aren’t on the market (pocket listings), but looking for buyers.
4. Identify Your Needs: You probably have a ton of things you’re looking for in a home. REALTORS® are able to rein you in and prioritize your needs so it’s not impossible to find your dream home!
5. Access to Comps and Recent Sales Info: Knowing what other houses similar to yours sold for will come in useful when you start submitting offers to purchase.
6. Professional Negotiation: Speaking of making offers, it can be a very scary and daunting experience! REALTORS® have done this many times and will help make it easier on you. Let us handing the haggling
7. Mitigater of Emotions: Buying a house is super emotional. A REALTOR® will remove any emotions associated with the sale and get you your home at a great price!
8. Professional Connections: to get to the closing table, you have to go through a lot of professionals. A REALTOR® already knows and has worked with these professionals, so you won’t have to take extra time to find your own. Some these are lawyers, home inspectors, lenders & other professionals.
9. Knowledge of Industry Standards, Legalities and Writing a Contract: Do you know the rules to all of these in Alberta? Enuff said.
10. And if the top nine reasons didn’t convince you yet, then this one definitely will: A buyer’s agent is generally free! The agent is usually paid by the seller through commission. So you really have no reason NOT to use a buyer agent.

A bonus is both Audrey & Mike are Accredited Buyer’s Representative (ABR®) which gives you the edge in using them as your buyer's agents. Before you even start to look for an Edmonton property, give them a call. You won't be disappointed with their ultimate team results!

What is the best thing you can do during showings of your house?

Make yourself scarce.

Ever shopped in a store where the employees clearly work on commission and almost seem to lurk in the background, watching your every move, while you shop?

This scenario doesn't really put you in the buying mood, does it?

It can be uncomfortable exploring a home when you also feel like you’re being watched by the sellers. Making buyers feel comfortable when looking for a home is absolutely essential. Buyers tend to have little interest in asking sellers questions about the property because the answers sellers provide will certainly be biased in some way. This is why you have hired a real estate agent to represent you and your home. Who better than a qualified professional to be the spokesperson. That is why we ask the sellers to leave for all showings of the home.

You carefully selected and hired a REALTOR® team to sell your house – now is the time to step back and let Audrey and Mike do just that!

It's the most wonderful time of the year… to sell a house? There’s always that question whether or not you should keep your house on the market for the holidays. You figure that potential home buyers will be preoccupied with buying gifts, planning parties, cooking meals, and visiting relatives; the last thing on their mind is searching for and purchasing a new home, right? For this reason, many home sellers choose to temporarily remove their home from listing, then wait until the new year to relist.

Before you hold off on listing your Edmonton home until the new year, consider the excellent benefits of listing your home with Audrey & Mike for sale during the holidays, such as:

• 1. Many home sellers either hold off from selling or take a break from selling during the holidays. Inevitably, the amount of listings on the market drop down, which means less competition for your home. With less competition, you could potentially sell your home faster, for more money. Once the market comes back up in the spring time, a lot of sellers will list their homes all at once for lower prices, which may drive the whole market down.

• 2. Home buyers are generally the most motivated during the holiday season, greatly aiding sellers. Although there will be less buyers looking at homes this time of year, the buyers who do look are more serious about closing. While the traffic is down, the buyers who are out there — when it’s snowing and dark at 4:45 p.m. — they’re not just poking around for the fun of it as they’re wanting to buy a house.

• 3. Looking back on statistics, interest rates tend to drop the most at the end of the year. If we look historically at interest rates, cyclically we’ve seen drops every December through January. While rates are now at all-time lows, we could dip even lower. Interest rates have to come up sometime but it won’t be during the holidays.

• 4. Many people purposely choose to purchase a home before the new year to receive a tax write off. Home buyers who close before the end of the year could be eligible for tax credits, such as deductions for home mortgage interest & real estate taxes.

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• 5. Large companies normally transfer employees in January. Those relocating usually need to buy a house right away and simply cannot wait.

• 6. In the winter months, homes typically show better. The decorations, smell of cookies baking, and a roaring fireplace all give your home a “warm and cozy” feeling. Just make sure you don’t cover up your homes best features with too much holiday decor. Stick to tasteful and simple decorations and learn properstaging techniques for the holidays.

• 7. A lot of companies give their employees time off work for the holiday season, which means potential buyers have more time for showings.

• 8. While all the malls and retail stores may be packed, Lenders and lawyers aren’t as busy and can process loans faster. November and December are historically slower months in the mortgage business, so things get done faster.

• 9. Most become so consumed in buying gifts for their friends and family, that they completely overlook all the holiday sales and specials on home appliances and hardware. Remodeling, decorating, appliance installation and other home services become more available and at less of a premium.

• 10. Late spring and summer are usually thought of as the best times to put a home on the market because buyer demand builds steadily through spring. If you sell your home in the winter,  you’ll have your pick of tons of houses for sale in the spring time.

Just because it’s cold outside doesn’t mean the whole housing market comes to a freeze during the holidays! Buyers.. start a new year in a new home!

If you are thinking about selling your home during the holidays, please call Audrey 780-910-5179 or Mike 780-242-5229, fill out our contact form or email us direct. Ask & we'll even bring over the eggnog!

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!

4. Houses show better when decorated for the Holidays!

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!

6. Buyers have more time to look for a home during the Holidays than they do during a working week!

7. Some people must buy before the end of the year for tax reasons!

8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!

9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!