Answering The Top 10 Questions About Selling Your Home
Selling isn’t as simple as putting up a for sale sign. It takes more than just looking at other Edmonton homes for sale to know what’s going on. For instance, the Edmonton housing market has seen a 1.6% increase in pricing this year. The market has also shifted in the latter half of 2022, so you definitely need to know how to interpret stats, trends, and historical data.
An experienced REALTORS® can help you navigate the current market and ensure you’re listing your home at the best price possible.
If it’s your first time buying a home or even if you’ve gone through the process before, the market and what’s considered standard in the industry constantly change.
When selling your home, there’s plenty of misinformation surrounding the complicated process to contend with - plus the added stress of dealing with practical realities like packing, moving utilities, and family matters.
Selling your home and working with a REALTORS® will look different for each person and home. I get tons of questions about selling homes in Edmonton, so I wanted to share some answers to the top ten most frequent questions I get! Let’s get into it:
1. When is the best time to sell my home?
The real estate market is most active in the spring (the start of the selling season) and at the end of summer after school starts. However, there are always buyers at any time of the year, and each market differs! I always say that the best time to sell your home is when you are ready. The busier the market is with buyers, the busier it is with sellers (and vice versa)...it’s a numbers game.
3. What do I need to do to prepare my home before selling?
Ideally, you want to talk to a REALTORS® as soon as possible to help determine what would make your home sellable, as it depends on the state of your house and current market conditions.
However, it’s always a good idea to begin decluttering, storing items out of sight, painting, and performing other minor repairs throughout the house.
5. How much is my home worth?
Market value is what buyers are willing to pay for your home based on current market conditions and your home’s location and features. A REALTORS®can help you list your home accurately based on other area homes for sale, and those that have recently sold. They will get you the best price buyers are willing to pay.
7. How soon should I consult a REALTORS®?
As soon as you’re thinking about selling, consult with a REALTORS®. They can give you customized suggestions on what to do before selling and will help you determine the best time to list your home based on your needs.
8. How long does it take to sell my home?
It can take 1-2 weeks to prepare your house to properly list the home, including staging, photographing, marketing, and completing listing paperwork.
After this, the current market determines how long it takes. For example, in Edmonton during September, homes stayed on the market for an average of 43 days. However, you could receive offers as soon as it’s listed!
2. Should my home be vacant or furnished?
Properly staged houses can sell better and faster than empty homes. This is because they look more appealing in photos and allow prospective buyers to visualize themselves living in the home. Virtual staging is an option which allows for both vacant photos,for those who like to envision their own items in a property, and staged with virtual furniture to see what the layout potential is.
4. How much are REALTORS® commissions?
Every REALTORS® determines their fees. As a seller, you would be responsible for paying both the listing agent and the buyer’s agent fees. The selling agent gets the total commission through sales proceeds and splits them with the buyer’s agent.
For both combined, the average hangs somewhere around 4% and can be displayed as 7% on the first $100,000 and 3% on the balance for example. Commissions are negotiable and something you want to discuss with your agent.
6. Should I sell before buying my next home?
This is completely up to your preference and affordability. While purchasing a home first ensures you have enough time and saves stress, you can potentially be carrying two mortgages at the same time while your house sells.
If your house is likely to sell quickly due to market conditions, buying a home first ensures you’re ready for your next step. I always suggest that a seller gets pre-approved for their next mortgage first to know what their future mortgage is and what price point they can shop at. There are further logistics to either buying or selling first, so it is best to have a discussion with your REALTORS® first.
9. Do I need a real estate agent?
Alberta has no legal obligation to use a real estate agent to sell your home.
However, a licensed real estate agent can help you prepare, price, and market the house. Their experience will allow you to get the highest sale price possible and navigate the complicated process of marketing, negotiating, and transferring ownership. They’re a must-have time, stress, and (surprisingly) money saver!
10. What’s the next step?
Even if you’re not sure about selling your home, it’s a good idea to reach out to an agent. They can guide you on the best steps for you and your family, whether it be listing now or suggesting minor repairs on the house before selling it down the road.
If you’re thinking about selling or have begun looking at other Edmonton homes for sale, I’m here to make the process as smooth as possible! As one of Edmonton’s top REALTORS®, I want to help you find your new dream property.
Contact Jeneen by phone at (780) 904-4240 or via email at jeneens@remax.net.