For Home Sellers

Exclusive information for metro Edmonton home sellers.

There are currently 41 blog entries related to this category.



If you are going to put your home up for sale, you are likely wondering how much its worth. What you might not realize is that the price you eventually sell for will be a direct result of the choices you make in 7 areas.

Let’s discuss each of them one by one:

Your Timing

How quickly can you move out?

Based on years of experience I have noticed that the best qualified buyers are almost always in a hurry. The best buyers are ‘between’ homes and anxious. The quicker you can help deliver them from this state the more attractive your home will be.

And just in case you were worried that offering immediate possession could make you homeless please don’t worry. In most cases, it takes a few weeks to find a buyer and a few more weeks to close the

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I’m originally from the United Kingdom where real estate sales commissions have always been lower than those that we find here in Canada.

Why?

REALTORS® have historically provided higher levels of service in our Edmonton market than estate agents back in the UK and in Europe generally. However, most home buyers purchase directly through the seller’s agent. Whilst our market favors buyer agents, meaning there are 2 agents to pay, commissions will likely remain higher.

On a global level, commissions are trending down. According to one study I found by Natalya Delcoure & Norm G. Miller there are only 2 markets where commission have gone up, i.e. Hong Kong and Japan where buyer brokerage has been introduced.

Here some examples of typical

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In the metro Edmonton area lots of folks just love Halloween. Perhaps it’s a family tradition? You put up those inflatable spiders, ghouls or Frankenstein like monsters on your front lawn. You festoon your windows with witch shaped stickers and some of your tricks make a loud noise.

It’s fun, isn’t it?

What if we told you that these most of these things could hurt your chances of selling your home, particularly this year when inventory levels are high and sales values are down. See our September market report for details.

Our advice?

1. Avoid obstructing the view of the home, making it scary or associating it with death, (picture  those tombstones that some folks install). These things just give the wrong impression.

2. Avoid placing

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Before you sell your home, you should learn about the distinct kinds of home buyers available to you. Together, these different buyer groups form the ‘whole’ market.

Try to think of the home sale market like a ‘layer cake’. Each layer has particular characteristics and the quality of the buyers you meet and your outcome may be affected by which layer you sell into.

We like to think of these layers as:
- Retail layer,
- Wholesale layer and
- Sub Wholesale layer

Here is a quick overview of each layer:

Retail Layer

This is the top layer of the market, where most homes and condos are sold.

In this layer, you will be exposed to the highest quality ‘retail’ buyers.

Retail buyers are expecting to see well-prepared homes, they expect to

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Situation
After many years of loving life in Canada, family commitments back in their home country of Romania forced Iilie and Cecilia to make the choice to sell up and go back to the ‘old country’.
Recouping every dollar of equity was important to them as the move back was going to be expensive.
They saw no value in paying traditional REALTORS® expensive commissions and in 2016 they purchased the ‘sell by yourself’ program available from Comfree. After 6 months of languishing on the market, Iilie and Cecilia gave up and took the house off the market.
In mid 2017 they decided to try again. They realized that the Comfree program was not going to work for them. However, they were not keen to pay over $16,000 in commissions required by many traditional

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Situation

Eileen had reached a point in her life where she needed to downsize. Eileen was not at first comfortable with the notion of working with a REALTOR® and decided to try advertising on Kijji. It quickly became apparent to Eileen that she would find the home selling process too overwhelming, without the assistance and support of a professional home selling company. Eileen researched her options and deciding to work with Ambergate Realty Advisors was an easy choice.

Result

We created complete exposure to the market for Eileen's Cumberland two-storey. We generated many showings and identified a suitable buyer. We negotiated full market value for Eileen and saved her more than $6,000 in commissions.

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When the market slows down, we see many home and condo sellers in the Edmonton area, particularly those that have been trying to sell for a while, think about renting the home instead.

On the surface, this make lots of sense. You get to opt out of the market for a while and you receive rental income. However, for many home and condo owners this is a BIG mistake.

First, let’s consider why the home is not selling?

Fact is a well-positioned and correctly marketed home or condo, should sell in less than 60 days in ANY market. If you are not meeting with success, it’s likely because:

-          You may need more information about the market, (see the latest market report here)

-          You may need to do preparation, (see this link on

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The time has come to reap the rewards of your investment. You have spent years maintaining the property, moving tenants in and out. But now is the time to cash out.

Will this be straightforward? Perhaps you favour listing the house or condo with your tenant in place. On the surface, this makes sense. You will have income during the time that the house is on the market and hopefully someone, perhaps an investor, will just scoop it up. Right?

Unfortunately, usually only multi-family buildings with comprehensive rent rolls sell this way. You should also note that only about 50% of all houses and condos listed on the Edmonton MLS® system actually sell. This includes well prepared homes being sold by their occupants, (see this link for hints on

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Selling a home is an emotional roller coaster. If your home sells quickly, then your most likely response will be one of elation and relief. Eventually, you may question the value received for the commissions you paid out to your REALTOR®, especially if you chose to work with an expensive traditional REALTOR®.

But what happens if your home does not sell right away?

Providing you chose your REALTOR® and brokerage wisely (go here for tips on selecting a REALTOR®) you are in good hands and your selling success is just a few important decisions away.

However, you will face a series of emotions. After helping hundreds of home sellers along the way, (see our testimonials page) we have watched them go through a ladder of emotions. You may find

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The Power of More Than One Buyer

As a home seller, if you miss this miss this crucial step during the marketing process, you risk leaving thousands of dollars on the proverbial negotiating table. What is this step?

Failing to find more than one buyer for your home

The trick is to position the home in the market so that over a reasonably short period of time, perhaps only a week or 10 days, a good number of showings take place – ideally a dozen or more.

How will you position your home for success?

Read this link about the 8 Repairs to Complete Before You Sell Your Home. Did you know the first 5 seconds are crucial to how a buyer perceives your home?

You should also consider home staging.

What to do when an offer comes in?

Rather

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