Should
You Go With a Non-Exclusive or Exclusive Listing Arrangement?
If you enter into this type of arrangement with your RE/MAX
agent, you are giving him or her the exclusive right to
find a purchaser for your home. With this type of agreement,
no other agent will bring potential buyers to your home,
because only the listing agent is entitled to the commission.
You
may consider this type of arrangement in a Sellers' Market
during which time there are more people interested in purchasing
a home than there are homes available.
Understand
Market Conditions
The real estate market is in constant flux, not only as
a whole but in particular areas as well. Knowing what is
going on in the overall and local real estate markets will
help you understand how these conditions can affect the
sale of your home. We've designed the following chart to
help give you an overview of the three significant market
positions. When you meet with us, we will discuss the current
state of the market.
1.
Buyers' Market: The supply of homes on the market exceeds
demand.
Characteristics:
High inventory of homes. Few buyers compared to availability.
Homes usually stay on the market longer. Prices are stable
or perhaps dropping.
Implications:
Buyers spend more time looking for a home, and when they
negotiate, they usually have more leverage.
- 2.
Sellers' Market: The number of potential buyers exceeds
the supply of homes on the market.
- Characteristics:
There is a smaller inventory of homes with many buyers.
Homes sell quickly. Prices usually increase.
Implications:
Prices may be higher or perhaps climbing. Buying decisions
must be made quickly. Conditional offers may be rejected.
3. Balanced Market: The number of homes on the market
is roughly equal to the 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.
Do
You Have All of the Necessary Documents Handy?
Gather the documents you'll need to sell your home.
-
Mortgage documents: you may wish to meet with your loans
officer to discuss transferring, discharging or paying
out your mortgage. This is a good time to begin negotiations
on the terms of your next mortgage.
-
Property survey: be sure to inform us if there have been
any changes to your property that could affect the accuracy
of the survey.
- Your
deed or transfer of title document.
- Tax
assessment documents.
- Utility
bills.
- Other
claims relating to your home:
- separation agreement or court order
- will or probate documents
- liens
- unpaid judgments against you
- unpaid taxes
- unpaid utilities
- pending litigation
- Pertinent
condominium documents (if you live in this type of home).
Maintenance history (include repair receipts).
- Items
and information that will make your home more marketable:
- photographs or videos of your home with the garden in
bloom or your pool open and beautiful
-
conceptual ideas for upgrades or renovations that you
have considered
Determine
Your Asking Price
Before you put your home up for sale, you must set the price.
And before you can do that, you must know what the house
is worth. That doesn't mean what you paid for it, or how
you upgraded it. Determining worth is simply finding out
what someone would pay for it.
The
steps in determining worth are:
1. Understanding market conditions
2. Getting the details about recent sales in your neighbourhood
We
have access to all of this information. Plus, they can objectively
see the big picture and tell you what makes your home unique.
Once
you've determined you home's worth, you and your agent will
determine the asking price. Most often, the price of a home
is set slightly higher than its worth, to give a little
"bargaining space." Of course, if it is set too
high, it may deter prospective buyers.
If
you're in a rush to sell your home, setting the asking price
a little lower than what your home is worth will attract
a lot of attention. But beware, if the price sounds too
good to be true, buyers may be skeptical. They may even
offer less than the asking price anticipating problems with
the home down the road.
You
will have a legal relationship with your agent. When you
complete the listing agreement, you are giving your RE/MAX
agent the authority to put your house on the market for
a specified period. If your house is sold during that time,
you will pay the agreed to commission. What's more, if the
house sells shortly after the specified period because of
your agent's efforts, you are still obligated to pay the
commission.
Should
You Offer Any Additional Items?
You may choose to include your appliances in the sale, or
you may offer a redecorating allowance. You may also be
able to offer creative financing. You may also consider
purchasing a home warranty (covering major appliances and
systems) to make the home more attractive.
Document
Checklist
Mortgage
documents
Property survey
Your deed or transfer of title document
Tax assessment documents
Utility bills
Other claims relating to your home
Pertinent condominium documents (if you live in this type
of home)
Maintenance history (include repair receipts)
Additional sale enhancing items and information
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