Whether you find yourself in a buyers’ or sellers’ real estate market, getting the best price for your home requires considerable preparation. Ultimately, marketing your home effectively starts with a few simple tasks that you should tackle before you put it up for sale. The following tips on how to prepare your home for sale will help you get top dollar.
From cleaning and landscaping to making repairs, getting your home in order is the first step to a good sale. Even though we’ve been taught never to judge a book by its cover, this adage does not ring true for real estate transactions. Curb appeal is likely one of the first things your real estate agent will mention because they know you need to make a good impression on potential buyers. This means your yard must look immaculate – cut your lawn, trim your hedges, and weed your garden.
You’ll also want the exterior of your home to look clean and tidy. Obviously, you need to remove unnecessary clutter and garbage, but you’ll also want to consider power washing exterior surfaces such as siding, decks, and driveways. Any noticeable repairs must also be accounted for – this means no broken windows, shabby shingles, or other signs your home isn’t in tip top condition.
An inviting home is a home that sells quickly and for a good price. Just as you would remove clutter from your yard, you should de-clutter the interior of your home. A fresh coat of paint in neutral colours is also advisable as it gives your home not only a “new” appearance, but also enables potential buyers to visualize their own sense of décor. Personal items should be neatly organized and out of sight – remove family photographs, keep bathrooms free of cosmetics and personal hygiene items, and remove appliances from kitchen surfaces. This will help to create the sense of space and will ensure potential buyers aren’t distracted from seeing themselves living in the home.
Finally, it can’t be stressed enough that your home must be cleaner than ever. All surfaces must be polished and sparkling, closets and drawers should be highly organized, and anything that emits bad odors must be neutralized. You want to create the most positive possible atmosphere for potential buyers and make sure not to give the impression that your home is uncomfortable, disorganized, or requiring major work to get it up to snuff.
Often times, homeowners are surprised at the impact that a little preparation can make not only in the speed of a sale but also in the final price fetched; but when you speak to real estate experts, they’ll almost always offer the same advice. Create a clean slate in your home and buyers will be attracted.
Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.
Last month’s sales were 19.6 per cent above the 10-year August sales average.
“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”
There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent decrease compared to July 2017 when 5,256 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017 (9,194).
For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and 76.3 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets," Oudil said. "Detached homes have entered a balanced market. This means there's less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions."
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 per cent increase over August 2016 and a one per cent increase compared to July 2017.
Sales of detached properties in August 2017 reached 901, a 26 per cent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 per cent increase from August 2016 and a 0.2 per cent increase compared to July 2017.
Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 per cent increase from August 2016 and a 1.7 per cent increase compared to July 2017.
Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.