SELLING

"In Life we don't get what we deserve, we get what we negotiate for" - John Ruskin

CanadaFall2 

Uncovering the Truth Wherever It Lies

This page contains:  

  • Article 1 - General Information
  • Article 2 - Five Factors Immensely Affect The Value of Your Home
  • Article 3 - Today's Home Buyers and Sellers - Stats from Survey by NAR
  • Article 4 - For Sale By Owner

The buyers for this home came from overseas with limited time, and, many challenging restrictions. I helped them with my 20 years' experience in:

  • Selecting the right location ( focusing on their very unique needs)

  • The right type, size, no. of bedrooms, upgrades and improvements, etc., to suite their wishes and special requirements

  • Arranging their lawyer and some other legal documents

  • Arranging their mortgage, home inspection, home security, maintenance contractor, waiver of all conditions, and a myriad of other items.

    Now they are absolutely delighted that they bought a home (worth over half-a-million dollars) in three weeks time, that fits their WISH-LIST like HAND-IN-GLOVE.

    Article 1 - GENERAL INFORMATION

    Selling of  your home is an important challenge in home ownership.

    For your convenience, I have arranged links to  pertinent articles, calculators, etc., and have included my own simplified guidance that will help you avoid unnecessary costs and other situations.

    Click on "Sellers Info" for a step-by-step guide to all aspects of selling your home.

    Call me at 416-509-8746 (=41N-J0Y-TRIM) any time and I will make selling your home a J0Y and TRIM your expense. Your home will be featured in my home page, and published in the websites of Royal Lepage Real Estate Services, MLS Canada and Toronto Real Estate Boards!

    There are many myths that can cost you thousands of dollars. Organised Real Estate brokerage business in North America is over 100 years old!  Royal LePage is a Canadian company which is over 90 years old. Data and experience of over 100 years are available to me to help you separate facts from myths and get the best value.

    When It comes To Selling Your Home . .

     

     

    TGCirBlossom


     


    May I respectfully list some of the items I do     to get your home sold  

  • For the MOST money in your pocket

  • In the shortest time, and,
  • With least inconvenience

       

      Here’s just a few . . .

       

       

      ü  List the features of your home from buyers’ point of view.

      ü  Prepare a list of lot survey, easements, and other details.

      ü  List those chattels, fixtures, appliances, drapes, etc., which are included in the sale. Rented equipment will also be noted (i.e., hot water tank).

      ü  Price the property at approximately 3-5% above current fair market value using rational comparisons with similar homes in the immediate neighbourhood.

      ü  Be prepared to promote the price based on today’s sophisticated home seekers who carefully compare relative values. I show Buyers other homes that may be comparable, to promote yours.

      ü  Be conscious of the security factor, or your family members’ special needs, i.e., elderly relatives or very young children, or a late shift worker, at all showings. If in doubt, refuse/ reschedule.

      ü  I have first-hand knowledge of competitive current home values. Every year I visit hundreds of homes.

      ü  Save everyone's time by pre-screening prospect’s based on their ability to purchase your home. Do they have to sell their own house first?

      ü  Adopt a low-key attitude at all showings. Not appear over anxious or over-eager, since this encourages bargain-hunters or creates reactions or suspicion.

      ü  An Agreement of Purchase and Sale is essentially a legal and binding contract. The time factors of acceptance, possession and any conditions imposed are all critical.

      ü  I am trained and experienced in writing a contract that is certain to be valid and binding and protect your interests.

      ü  Hold deposits “in trust” so that your interests are fully protected.

      ü  When advertising be factual, avoid over statements/ exaggerations.

      ü  Selling a home requires patience and tact. Listen to objections or criticism with an open mind … and offer buyers peace of mind.

      ü  You don’t have to stay at home for showings. I arrange everything.

      ü  I help the Buyer with his financing if necessary.

      ü   I am expert on the current home loan market.

      ü  I am able to negotiate price with a Buyer (without losing my cool).

      ü  I am in a position to follow-up tactfully a would-be Purchaser if he shows interest.

      ü  Many homeowners make needless outlays to improve the property for selling. I will suggest only those that will improve the salability.

      ü  I am able to separate genuine, qualified and eager buyers from lookers and tire-kickers.

      ü  I don’t have to show your home to a large number of would-be Buyers.

      ü  I am knowledgeable enough to not accept an insincere offer, thus avoiding weeks or months in litigation. In the 21+ years that I have been a realtor, I had zero court case.

      ü  Most Buyers seek the services of a reputable real estate firm. I keep in contact with the reputable agents active in the area through associations and other promotions.

      ü  We have the people, the systems, the technology, and the name and reputation available to market your home to a huge global base of purchasers. www.royallepage.ca is Canada’s leading real estate website. And I have my own website. We receive 1-3 million hits per month with an average visit time of 23 minutes.

      ü  We also have a well established kiosk in a very high traffic area of Square One shopping centre, where we display in glass show cases full-colour pictures and brief descriptions of your home. Thousands of viewers view the properties and ask us questions about those that interest them.

      ü  I draw on a network of 12,000 of our own agents coast to coast, and the huge number of agents that have known me over the past 20 years as a caring and ethical agent.

      ü  I know this business. I have full knowledge of the actual selling prices of comparable homes (your competition).

      ü  I have Buyers! At any time I have many buyers in the database, whom I have met or communicated with through my marketing activities.

      ü  I am an expert negotiator. I am familiar with all aspects of Real Estate. I am best qualified in negotiating a contract and acting as a mediator in bringing maximum value to my client.

      ü  I know how to expedite. My knowledge of mortgage and mortgage lenders enables me to speed up financing process. We have several in-house as well as external financing connections.

      ü  I work full time. When you employ me to sell your house, I am on the job diligently to get your home sold in the shortest time and with least inconvenience.

      ü  I guarantee my work in writing. When your house gets sold for the right price and terms and conditions agreed upon by you and your lawyer has received the monies from the sale, then, and only then, do I get paid.

       

      There’s far more to selling your home than just a sign on the lawn and waiting for the phone to ring or tire kickers and nosey neighbours marauding in . . . CALL ME for more details

       

       

      “CUMMER” Chowdhury, m.sc.geo, REALTOR®, Salesperson,

      Royal LePage Real Estate Services, Ltd., Brokerage,

      905-275-9400; direct 416-509-8746

      Here are some of the commonest myths . .

    • MYTH - I will price my home high so I have more room for bargaining.

      • FACT   - Overpriced homes fetch less money (if they ever get sold) than the realistically priced homes.
      • FACT   - Overpriced homes stay substantially longer in the market.
      • FACT   - Overpriced homes do not even get looked at by serious Buyers or their Agents.
      • FACT   - Overpriced homes deals can fall through even at the last moment because the lender may revise the appraised value/ or the buyer got cold feet.

      The truth is - homes that are priced just right will sell quickly, will probably attract multiple offers and probably will sell for .8% higher than the going price. 

      There are many more myths related to overpricing and other issues.

       

      		 My House
       
      RENOVATIONS - Facts and Myths
       
      Renovations don't have to be expensive or extensive to offer you a good rate of return. In fact, a quick coat of paint can go a long way to boosting your selling price. Just make sure your new décor is tasteful, with shades of white and tame versions of popular colours.

      The kitchen and bathroom are your best bets for renovation with the highest payback. Take a look at these average rates of return for home upgrades:
      • New lighting - 84%
      • Interior painting and decor - 73%
      • Kitchen renovation - 72%
      • Bathroom renovation - 68%
      • Exterior paint - 65%
      • Flooring upgrades - 62%
      • Window/door replacement - 57%
      • Main floor family room addition - 51%
      • Fireplace addition - 50%
      • Basement renovation - 49%
      • Furnace/heating system replacement - 48%
      As an expert on home sales trends in your neighbourhood, I will suggest which areas of your home could benefit from renovation and increase its saleability.

      "CUMMER" Chowdhury
      Salesperson, REALTOR® 
      Designations:  e-agent, Independent Contractor, M.Sc.
       


      Article 2       - Five Most Important Factors That Affect The Selling Price OF Your Home. (You have control over most of them!)
       
      1. Location: Location is the single most important factor that affects the value of a home. Area, neighbourhood, proximity to amenities, buildings and structures in the vicinity, past negative history, even the direction the home is facing - all constitute location. The Seller has no control over Location.
      2. PRICING: This is THE most misunderstood factor. Pricing high DOES NOT bring high selling price. In fact over pricing doesn’t even attract serious buyers. Statistics show that over-priced homes actually get fewer dollars (if they ever get sold)! The Seller definitely has control over Pricing.
      3. Timing: Experienced Realtors have hundred years of Real Estate data for suggesting the best time for putting the home in the market. The Seller has control over Timing.
      4. Presentation: A warm, friendly, uncluttered home will catch the eye of the prospective buyers. One that has unpleasant odours, presence of pets, too many people, uncared for inside and outside does not coax the serious buyers to put an offer. The Seller usually has control over Presentation. The only exceptions are tenanted homes and repossessed homes.
      5. Marketing AGENT: Good Realtors make hundreds of promotions through personal phone calls, media, open houses, seminars, etc. Unfortunately, many sellers don’t see the value of the good Realtors, or the extent of the work the good Realtors do. The Seller definitely has full control in selecting the right Agent, one who nets most money for the Seller.

       Your best agent is one who has the finesse, training and experience, and the GUTS  to negotiate the best deal for YOU, the Seller. Just think -  weak Agents quickly accept a low offer as an easy way out. In Canada 7000 Agents drop out every year because they can not even manage their own earnings!! ("In life, you don’t get what you deserve, you get what you negotiate for"- John Ruskin). Weak agents often not do what's required for getting the most money.

      (for full screen press F11 on your keyboard) 
       
      Click here for excellent hints on   Sellers' Info   <<--Click Here
      (press F11 on your keyboard for full screen)
       
       
      REALITY CHECK for Buyers/Sellers 
      Article - 3:  Today's Home Buyers and Sellers
      The home buyers and sellers use information sources such as the Internet and real estate professionals. The 2004 National Association of Realtors' report provides some insight on consumer behavior and the interaction between consumers and real estate professionals. Though the consumers are now collecting information from many sources, they continue to rely on professionals to assist with majority of the tasks.
      BUYERS
      • 40% of homebuyers were purchasing for the first time.
      • Average age of the buyers was 39 years.
      • 21% of buyers purchased a new home.
      • Median price of homes was $175,000

       SEARCHING

      • First-time buyers searched for 9 weeks and saw 9 homes.
      • Repeat buyer searched for 7 weeks and walked through 10 homes before finding the right home.
      • 90% of buyers used a real estate agent during their search.
      • 53% of buyers used the Internet frequently as part of the home search.
      • Internet searchers were more likely to use a real estate agent than those who did not use the internet.
      • 38% of homebuyers first found out about the home they purchased through an agent.

      HOME BUYERS AND REAL ESTATE PROFESSIONALS

      • 77% found their home with the assistance of an agent.
      • 84% of buyers would probably or definitely use their real estate agent again or recommend the agent.

      HOME SELLERS

      • 82 % of home sellers sold a detached, single-family home The typical home seller owned their home for 6 years.
      • 83 % of sellers sold their homes with the assistance of an agent.
      • More than 80 % of sellers reported that real estate professionals performed their tasks well.

      HOME SELLERS AND REAL ESTATE PROFESSIONALS

      • 73%contacted only one agent before listing their home.
      • 54% thought an agent’s reputation was the most important factor
      • 63% of home sellers reported that they would definitely use the same agent again or would recommend.
      • 24% for-sale-by-owner (FSBO) sellers thought that getting the price right was the most difficult task when selling their home.
      • 24% indicated that fixing up the home for sale was the most difficult task.
         

      Selling for 16% Less - Is it really smart?

      Adapted from National Association of Realtors.

      Tom Stevens, President of National Association of Realtors, recently wrote (Jan 2006) to New York Times, "using a real estate professional (for selling your home) more than makes up for the cost (as against 'for sale by owner'), not to mention the savings in time, effort and hassle." He adds that homes sold by an owner himself or herself sold for an average 16% less than those sold with the help of a professional. "It’s no wonder that the percentage of homes sold by owners actually declined last year despite the real estate boom in most areas of the country," he concludes.

      Here are some hints  to 'For Sale By Owners'

    • Pay close attention to the first four of the Five Factors (Article-2) listed above.
    • If you price your home above the similar homes listed through Real Estate Agents - or even at the same price - is there any incentive for the buyers to go to your private sale (other than heggling you down)? Just think - they can use the services of an experienced and trained Realtor without paying extra, and with accountability! So, price your home significantly lower than the comparable homes in your area.
    • Most buyers are very uncomfortable in dealing with or negotiating with the sellers directly. So, have a third party who is experienced and fully trained in legal aspects of Offers, Agreements, Conditions, Waivers, Disclosures, Mortgage Qualification, etc.
    • Most buyers don't have any idea about mortgage or how much they would qualify for, or what a 'mortgage comitment' really covers, and so on. So, have someone who is a fully qualified mortgage professional available to help a buyer to prequalify them, before you even start any conversation with an interested buyer. An overwhelming majority of 'private' buyers have an exaggerated mortgage figure in their mind, (and an underrated value of your homes worth)

        

       

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