Advice for Selling
Real Estate in Kelowna
Finding the perfect home doesn’t happen in one day. It takes careful planning and lots of work. Fortunately, there are a number of things you can do to simplify the process. There are some things to consider before you start your search:
1. Determine Optimal Listing Price
When considering selling your property the first place to start is determining your asking price. How much should you ask for? Although you may have an idea of how much your house is worth, it’s important to have your home valued on its own merits by a professional. Be careful not to price your property too high or too low. If it’s too high, there’s no sale; too low and you lose on your investment.
A REALTOR® has the information and expertise to assess at what prices similar properties in your area have sold, and may be able to help you in this regard. She can also provide valuable information on market history, such as the number of properties sold in your community the previous year or month.
CLICK HERE to request a free market evaluation of your home with Katherine
2. Marketing Strategy
Once you’ve decided to list your property then we put together an action plan in order to present your listing in the best possible light to the market:
- Sign the listing agreement
- Book a professional photographer
- Book a time to take proper measurements
- Book an agents open house
- Prepare marketing material for potential buyers
- Prepare on-line marketing exposure for your listing
- Put your home on the local MLS® system so all other REALTORS® that are members of the board can find and view information about your property and have an opportunity to promote it to their buyers.
3. Then you are waiting for the right opportunity!
Sometimes a home doesn’t sell right away. Avoid the urge to pull your home off the market. Be persistent! Generally, there are three reasons why a home may not sell as fast as others: location, condition and asking price.
Obviously, you can’t change your homes location. However, you can improve the condition of your home and you can of course, make a price adjustment. Throughout the listing process, you need to be constantly comparing your asking price against those of similar properties in your area. Review your selling strategy regularly with your listing agent and review the following questions:
- Is your home being shown regularly?
- Are you receiving the feedback from prospective buyers?
- Are you in touch with the marketplace?
- Is your property competing well? If not, what else can you do
4. Accepting an Offer
Once a buyer is found, you’ll receive an offer that will:
- Detail the buyer’s price
- Specify any conditions that may apply or be attached
- State desired date of possession
- The date the offer expires
You don’t have to accept the offer as is and you are able to make a counter offer. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.
The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. Before signing, you may want your lawyer or accountant to review it. Your lawyer should also ensure that you receive compensation for prepaid expenses such as: property taxes, electrical or gas bills and city utility bills.
5. Searching for a home
- A REALTOR® will use various tools to try and find properties that meet your specifications. The most important is the local MLS® System. Your REALTOR® can set up a search with your specific criteria to help filter the best possible choices for you. You can also view listings that are advertised on the national REALTOR.ca website
6. Viewing Houses
- When you select a property and decide to visit a home, there are many things to consider. Does it have all the features you want? Is the neighbourhood what you expected? Remember all of the technical considerations, including:
- What type of wiring is in the home?
- What type of heating system does it use? Heating costs can vary drastically.
- Have the roof and foundation been well maintained?
- What type of windows are in?
- What type of plumbing?
- There are numerous other items to consider as well which is why I always advise having a home inspection done by a certified home inspector for a reasonable fee. This is done once you have an offer accepted on a home.
7. Making an Offer
- Once you find a home you’d like to make your own, I will help you develop an offer. In the offer you’ll specify how much you’re willing to pay, state when the offer expires and suggest a closing date that works for you. You can also add other conditions to your offer. Some common types of conditions are:
- Getting suitable financing
- Selling your current home
- The seller providing a current survey certificate
- The seller providing the title to the property along with all items that are registered against it.
- If there is a septic system or well you’ll want to ensure you have the opportunity for proper inspections and confirmation of certification.
- An inspection by a qualified engineer, should you have any doubts about the home’s safety or construction; and,
- Any inclusions of appliances that you’d like to stay.
You’ll also need to present a deposit; which is typically between 5 – 10% of the purchase price. This is held in our Trust Account and is put towards your purchase price
8. If Your Offer is Accepted
- After your offer is accepted and all conditions met, the offer becomes binding on both sides. If you later refuse to honour the agreement, you may lose your deposit or might be sued for damages. Before signing, make sure you understand and agree with all terms of the offer.
- Before the property can formally change hands, there are still a few things to do. Be prepared to furnish proof to your lender that you’ve insured your new home. On or before closing day, both side’s lawyer will arrange to transfer title of the property from the seller to you. The mortgage money will be transferred to your lawyer’s trust account, and then to the seller, and your lawyer will bill you all additional expenses such as land transfer taxes or outstanding legal fees.
- At this time, be sure to check with your lawyer that everything is as stated in the offer to purchase.
- You then receive the keys to the front door and there’s nothing else to say except Welcome Home!