Inside Scoop Home Seller London Ontario
When thinking about selling your home in London Ontario, or the area, be it a house, condo apartment, townhouse or townhome, where do you start? After helping hundreds of homeowners in London Ontario, we understand the fear of the unknown, the anxieties, and the “what-ifs”! In a nutshell, the most asked question is:
How Do I Sell My London Ontario Home For The Price I Want?
You have heard about preparation, planning & execution. 37% of home sellers surveyed by the National Association of Realtors (NAR) believed they did not plan or prepare because they did not know what to expect!
My experience tells me that 37% is low; I would say more like 50%! Over the years, we designed checklists, pricing strategies, processes and what to expect, from start to finish, the good and the bad. Our clients love it!
There are subtle things that start to add up and, if not checked in time, can mean the difference between your asking price & actual sale price and how much longer it will take your home to sell, not sell or unnecessary problems that can occur!
Where Do Buyers Look When Thinking About Buying a House or a Condo in London Ontario & Area?
96.7% of homes sold have been previewed by buyers on websites, either through Realtor’s sites, MLS or social media! That is a vast number and why it is incredibly imperative when listing your home for sale in London Ontario & the area to have a significant web presence or three!
Below is How Home Buyers First See a Home
- 59% Salesperson contact
- 27% For Sale Sign
- 8% Referred by a relocation service
- 3% Through family or a neighbour
- 1% An advertised property in a magazine or print ad
- 1% Through an open house, they saw
- 1% For Sale by Owner
Knowing the above numbers and how buyers find your home among all the other houses on the market competing with yours will enable you to make wise decisions when it comes time to put your home on the market. Making your home stand out & get noticed is very, very important.
There should be virtual tours of your home compatible with desktops, tablets or handheld devices; floor plans & 3-D are exceptional; we spare no expense to ensure your home is presented online in the best possible way. Social media, blogs and your home on more than one website and a recognized For Sale sign will expose your home to all buyers.
The pictures and other web-based presentation tools are now indeed the difference between a buyer seeing and potentially buying a home and a buyer merely deleting it from their search, never to be considered again as a viable purchasing option.
Buyers Always Determine Value!
The value of your property is determined by what a BUYER is willing to pay in today’s market based on comparing your property to others SOLD in your area.
COMMON PRICING ERRORS
Timing is critical in the real estate market. The above graph illustrates the importance of placing your property on the market at a realistic price and terms from the very beginning. A property attracts the most excitement and interest from the real estate community and potential buyers when it is first listed; therefore, it has the highest chance of sale when it is new on the market.
As the triangle graph above illustrates, more buyers purchase their properties at market value than above market value. The percentage increases even further when the price drops below market value. Therefore, if you price your property at market value, you are exposing it to a much more significant percentage of prospective buyers, and you are increasing your chances for a sale.
Which Improvements Add Value To Your Home?
The maximum time between remodelling and resale should be five years or less; otherwise, the “value-added” figures will be much less.
|Kitchen||Low: High:||$25,000 $50,000-up||80 to 110%||Cost includes new cabinets and countertops and re-wiring, structural changes, relocating the plumbing, custom cabinetry, and top-of-the-line appliances.|
|Bathroom||Low: High:||$10,500 $25,000||80 to 115%||Cost includes new fixtures and fittings, tile floors and walls, structural changes, and relocated plumbing. High-end materials and fixtures raise the cost. Note: adding a second bath can yield more than 100% resale value.|
|Room Addition||Low: High:||$30,000 $40,000||50 to 110%||It depends on room type; a family room or new master suite (don’t forget to include the ensuite cost) will add much more value to a home than a private office or fourth bedroom.|
|Converting an attic, basement or garage to living space||Low: High:||$20,000 $35,000-up||25 to 40%||Cost assumes no structural changes and no new plumbing; value-added depends on the size (smaller house, more value) and type of space created (family room or bedroom, more value than a game room or exercise area).|
|Adding a deck||Low: High:||$10,000 $30,000-up||40 to 60%||The size of the deck, complexity of design, and added amenities (spa, trelliswork) influence cost.|
|Repainted exterior||Low: High:||$5,200 $9,500-up||40 to 60%||Assumes old exterior is worn and repainting was done immediately before putting the house on the market: a new coat of paint probably adds the “best profit” to selling an older home.|
A Few Tips For Selling Your Home In London Ontario In One Week!
These are only a few tips in our arsenal on impressing buyers and making them want to buy your home. Remember that you’ll never get another chance to make a first impression. And first impressions are what count! Follow these simple tips and create the edge to sell your home for more & quickly.
- Trim trees and shrubs, clean out flower beds and invest in a few flats of seasonal flowers, paint the front door, make sure doorbell is working properly, wash the mailbox, keep the porch swept and get an attractive mat for people to wipe their feet. Winter time? When a buyer slips on ice or has to sidestep snowbanks, guess how they feel?
- Start by airing out the home. Most people are turned off by even the smallest odour. Odours must be eliminated, especially those caused by dogs and cats; soiled diapers and/or cigarettes.
- Wash all the windows in the home, inside and out.
- If it has been over a year since the carpets have been cleaned, now is the time to have them cleaned. Bare floors should also be waxed or polished.
- Put bright light bulbs in every socket made for a bulb. Buyers like bright & cheery.
- Clean out closets, cabinets and drawers. Closets should look like they have enough room to hold additional items. Get everything off the floor and don’t have the shelves piled to the ceiling.
- Make sure rooms are not overcrowded with furniture. Select pieces that look best, and store the rest.
- Keep the kitchen sparkling clean. Make sure all appliances are clean at all times. Straighten cupboards that appear cluttered and keep floors gleaming.
- Bathtubs, showers and sinks should be freshly caulked. The grout should be clean and in good condition. There should be no leaks in the faucet or traps. Toilet sets down!
A few more suggestions
- If you have limited counter space in the kitchen, keep unnecessary items put away.
- Keep children’s toys out of the front yard, sidewalks and front porch.
- Clean the ashes out of the fireplace.
- Be sure all lights are on in crawl spaces, basements, furnace rooms etc.
- If you have a pool , it needs to be sparkling and free of leaves and in the winter, a solid pool cover is impressive.
For those willing to go the extra mile
- There are some things you can do that will really add flair to your home. If your house is the least bit dated, changing out wallpaper in the entry, kitchen or bathrooms and replacing outdated light fixtures adds desirability.
- See our 50 inexpensive tips to enhance your home’s value.
- Fresh paint on interior and/or exterior where needed.
- New appliances in the kitchen can be an exciting feature that can actually make the difference in a buyer choosing your home over another.
Showing your home
- When you leave the house in the morning or during the day, leave it as if you know it is going to be shown.
- Keep good scents in the house, such as potpourri or simmering pots or candles.
- Make sure all the lights are on and window treatments are open.
- Turn off the television.
- Keep pets out of the way – preferably out of the house. Many people are uncomfortable around some animals and may even be allergic to them.
- Leave your premises. Take a short break while your home is being shown. Buyers are intimidated when sellers are present and tend to hurry through the house. Let the buyer be at ease, and let the associates do their job.
Choosing a Realtor To Sell a Home In London Ontario
When selling your home in London Ontario, be it a house, apartment or townhouse condo, you have a choice of 1,900 + Realtors. Yet, we sell more homes than the average Realtor, and one of the many reasons is we have designed and implemented a 122 step process that we use every time. Getting a thorough understanding of these points will give you 100% confidence in your decision to sell your home, with whom, what to expect, how to maximize your bottom line and minimize the hiccups!
How Much Is My Home Worth in London Ontario?
We’ve all seen the boring, plain, everyday marketing that offers free valuations without even seeing your home! Or “Free Home Valuation Reports” cards in our mailboxes or the dreaded cold call “I have a buyer who is interested in buying your home.” A Comparative Market Analysis is a report supposed to provide an anticipated sales price or price range for the subject property.
How can anyone value your home accurately without physically seeing your home and doing the two to three hours of research necessary? Have you ever bought anything “at ” ballpark price’? “general price range?” “The market price?” After advising & guiding hundreds of sellers to sell their homes over the years, every house or condo sold was a price we agreed on. Semantics aside, you deserve a price that many willing, qualified buyers will pay.
A comparative market analysis (CMA) is a process Realtors use to determine the market value by comparing it to similar properties that have recently been sold and those currently listed for sale. A CMA is a crucial tool for listing Realtors as they determine the price that a seller will list their house or condo for sale, and it’s also a tool for buyers agents advising their clients to make competitive offers. Conducting accurate, consistent CMAs isn’t easy. Most Realtors are not taught this skill in their pre-license real estate classes, so many enter the business without this vital skill or lack the patience to dedicate the time to learn how to price a home correctly.
Why Our Exclusive London Ontario Home Value Analysis Is Effective
It’s a complete top-to-bottom room-by-room analysis not just of the value but every aspect of your home to identify items that may affect your sales price. Our analysis enables us to identify the selling features or what you can do to help sell quicker or receive a higher price.
Our Process For Selling Your Home In London Ontario
- You let us know that you would like a no obligation, no cost valuation of your house or condo.
- Arrange a mutual time to meet.
- We will prepare for our meeting with research of prices, demographics and current market conditions.
- You will not have to sign anything or listen to blah blah blah stuff , malarky, posturing, showcasing or bs.
- When we get to your home,a quick introduction and a tour of your home where we will perform a room by room review.
- When completed, sit down with you and adress your concerns, fears or the anxiety you may have about moving.
- Have a conversation about:
- If Necessary, a few minor things you can do a minimal expense to show your home in the best light.
- Why pricing your home correctly the first time will 9 out of 10 times give you a better returm.
- Why, when and where to market your home asserively to attract qualified buyers who are excited to buy your home!
- Understanding that there are four types of buyers in this market and why three of them you want to avoid!
- Understand the difference between Market Value ,Perceived Value & Appraised Value and what effects those 3 will have on your asking price.
- What are your legal obligations? To your lender? To the buyer?
- How being in a Sellers Market in London Ontario affects your asking price & do negotiating skills matter?
- How to handle showings & offers to yield the best results.( My last listing I had 119 showings and 37 offers!)
- Leave with you our research and market reports and best practises to sell a home.
- Within 24 hours get back to you with “The Price”. And why!
- You then decide to allow us to sell your home or not.
We find selling a house or a condo the easiest part of the selling process, it is after the offer is signed by both parties that we truly earn our money!
- Ensuring the lawyers on both sides of the transaction are informed and followed up with during the process.
- Cooperating with appraisers, inspections, mortgage lenders
- In some cases, keeping the transaction on pace and solving challenges.
- Ensuring our 81 point checklist for closing a sale is completed sequentially.