Sellers' F.A.Q.
Q: What are the standard ways of finding out my property's value?
The two standard ways to determine a property's value are C.M.A. (comparative market analysis) estimates and appraisals. C.M.A. discovers your property value by comparing a recently sold house in the same or similar neighbourhood. This type of estimate is usually performed by your real estate agent. An appraisal is similar to the C.M.A. but instead it is done by a certified appraiser for a fee. Appraisers also use comparative techniques to analyze a property but they include a set of guidelines that affect a property's value such as a certain value for every square-foot and added values for certain types of upgrades.
Q: What determines how much a home is worth?
A home is ultimately worth the price that is paid for it. Aside from that amount, all other values are really just an estimate. Depending on the conditions of the market such as the supply and demand, the amount buyers are willing to pay for a property varies. Given the market conditions, when a buyer and seller can agree on a price for the property, that price would represent the property's worth. An estimated value can be attained through an appraisal or a comparative market analysis. A hired professional makes an appraisal based on comparable sales, the condition of the property, and several other factors. A comparative market analysis is pretty much less formal appraisal your agent can do for you by comparing to recently sold properties in the same and nearby neighborhoods and checking the prices of recently listed properties.
Q: What are the most important factors when selling a house?
Three factors that are crucial to selling a house are price, condition, and exposure. The first step is to price your property correctly. In order to set a fair market price, you'll want to use comparative sales information and discuss with your agent the conditions of the market. After you've decided on a price that can attract buyers, you'll want to make sure your property is in selling condition. It is important to repair any obvious cosmetic defects that could turn away buyers. When that is done, make sure your property is given an adequate amount of exposure. Even if you have a fair asking price and a nice looking property, you won't attract any buyers if your property is not exposed. Your agent should have various methods of advertising your home (flyers, newspapers, magazines, etc.). To check out what I do to increase the exposure of your house, please read the My Service page.
Q: Why would I need an agent to help me sell a home?
It is always possible to put your home up for sale by owner. The problem with doing so is that most people do not have the required time, expertise, and professionalism in dealing with various unanticipated problems during the transaction process. A large portion of collapsed deals result from sellers who are unable to close the deal because they cannot handle the problems that occurred. An agent can maximize your chances of closing a deal by helping you perform all the necessary paperwork correctly and anticipating any problems that might arise. In addition, an experienced agent has connections to resources you normally wouldn't have and they will already have a standardized form of advertisement techniques which increases your properties' degree of exposure.
Q: Do I have to disclose information about my home?
Disclosure could protect you from facing a lawsuit. It is required in B.C for sellers to fill out a form disclosing material facts about their homes. Material facts are details about a property's condition, legal status, and various other components. A few examples of material facts are mold or mildew in the home, damages in the wood from insects such as termites, leaks in the roof, etc. If the necessary material facts are not disclosed, an agent can also be held accountable especially if they had prior knowledge of it.
Q: What is an agent's planner?
The agent's planner is a schedule of all the steps I take to help market your property. The planner includes details and dates of all the advertising methods I have planned for your property such as newspapers, website listings, magazines, open house, virtual tours, etc. The purpose of the agent's planner is to not only inform my clients of what they can expect from me as their agent but also to show them that I am a professional and very serious about representing them. I want my clients to know that I have a systematic approach to selling their property that involves many tasks and that I know exactly when I will complete each task.
*Please note that the comments contained on this page are for information purposes only and do not constitute legal advice.