Seller’s Checklist: A Timeline to Prep Your Home for Sale

Seller’s Checklist: A Timeline to Prep Your Home for Sale

buying and selling, Selling, tips

Seller’s Checklist: A Timeline to Prep Your Home for Sale

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    Even a strong seller’s market doesn’t mean your home is guaranteed to easily sell. If you want to maximize your sale price, it’s still important to prepare your home before putting it on the market.

     

    Start by connecting with a real estate agent as soon as possible. Having the eyes and ears of an insightful real estate professional on your side can help you boost your home’s appeal to buyers. What’s more, beginning the preparation process early allows you to tackle repairs and upgrades that can increase your property’s value.

     

    Use this checklist to figure out what other tasks you should complete in the months leading up to listing your home. While everyone’s situation is unique, these guidelines will help you make sure you’re ready to sell when the time is right. Of course, you can always call us if you’re not sure where to start or what to tackle first. We can help customize a plan that works for you.

     

    AS SOON AS YOU THINK OF SELLING

    Whether you have months or weeks to plan your move, these first steps will help you get ahead.

    • Contact Your Real Estate Agent: We go the extra mile when it comes to servicing our clients, and that includes a series of complimentary, pre-listing consultations to help you prepare your home for the market.
    • Address Major Issues and Upgrades: Give yourself ample time to address any significant structural, systems, or cosmetic issues that could limit your home’s sales potential. We can guide you on the renovations that are worth your time and investment.

     

    1 MONTH (OR MORE) BEFORE YOU LIST

    Turn your attention to the minor updates that play a major role in how buyers perceive your home.

    • Make Minor Repairs: Tackle the ones you can and be sure to call a professional for any repairs you’re not comfortable doing yourself. We can refer you to local service providers who can help.
    • Refresh Your Design: A recent survey found that staged homes often sell faster and for more than their list price.[1] We can connect you with a local stager or offer our suggestions if you prefer the DIY route.
    • Declutter and Depersonalize: Start by donating or discarding possessions you no longer want or need. Then pack up any seasonal items, family photos, and personal collections you can live without for the next few weeks. Bonus: This will give you a head start on packing for your move!

     

    1 WEEK BEFORE YOU GO TO MARKET

    Now it’s time to focus on the small details that will really make your home shine.

    • Check-In With Your Agent: We’ll connect again to make sure we’re aligned on the listing price, marketing plan, and any remaining prep.
    • Tidy Your Exterior: Make sure your lawn is freshly mowed, hedges are trimmed, and flower beds are weeded. If you haven’t already, empty gutters and wash siding and windows.
    • Deep Clean Your Interior: Your house should be deep cleaned before hitting the market, including steam cleaning for all carpets. Also take some time to tidy up the inside of closets, pantries, and cabinets.

     

    DAY OF SHOWING

    Take care of these finishing touches to give buyers the best possible impression.

    • Pre-Showing Prep: Tidy up by vacuuming and sweeping floors, emptying trash cans, and wiping down countertops. Open blinds to let in as much light as possible. Don’t forget to secure firearms, prescription medications, and items of value in a safe or off-site. Finally, it’s best to have pets out of the house during showings.

     

    DON’T WAIT TO PREP YOUR HOME FOR SELLING

    If you want to get top dollar for your home, don’t put it on the market before it’s ready. The right preparation can make all the difference when it comes to maximizing the offers you get. Call our team if you’re thinking about selling your home, even if you’re not sure when. It’s never too early to seek the guidance of your real estate agent and start preparing your home to sell.

     

     

    Source:

    1. International Association of Staging Professionals

     

     

     

    Add Value To Your Home With These 9 DIY Improvements

    Add Value To Your Home With These 9 DIY Improvements

    DIY, home maintenance, Selling

    Add Value To Your Home With These 9 DIY Improvements

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      Add Value To Your Home With These 9 DIY Improvements

      Whether you’re prepping your house to go on the market or looking for ways to maximize its long-term appreciation, these nine home improvement projects are great ways to add function, beauty, and real value to your home.

       The best part is, once you’ve secured the materials, most of these renovations can be completed over the course of a weekend. And they don’t require a lot of specialized skills or experience. So grab your toolbox, then get ready to boost your home’s appeal AND investment potential!

       

      1. Spruce Up Your Landscaping

       

      Landscaping improvements can increase a home’s value by 10-12%.1 But which outdoor features do buyers care about most? According to a survey of Realtors, a healthy lawn is at the top of their list. If your lawn is lacking, overseeding or laying new sod can be a worthwhile investment—with an expected return of 417% and 143% respectively.1 

      Planting flowers is another great way to enhance your home’s curb appeal. And if you choose a perennial variety, your blooms should return year after year. For an even longer-term impact, consider planting a tree. According to the Council of Tree and Landscape Appraisers, a mature tree can add up to $10,000 to the value of your home.2

       

       Clean The Exterior

       

      When it comes to making your house shine, a sparkling facade can be just as important as a clean interior. Real estate professionals estimate that washing the outside of a house can add as much as $15,000 to its sales price.3 

      A rented pressure washer from your local home improvement store can help you remove built-up dirt and grime from your home’s exterior, walkway, and driveway. Just be sure to read the instructions carefully—and only use it on surfaces that can withstand the intensity. When in doubt, a scrub brush and bucket of sudsy water will often do the trick. 

       

      1. Add A Fresh Coat Of Paint

       

      New paint can have a big impact on both the appearance and value of a property. In fact, it’s one of the most effective ways to revitalize a home’s exterior, update its interior, and make it appear larger and brighter. The best part? Painting is relatively easy and inexpensive! 

      To get the maximum return at resale, stick with a modern but neutral color palette that will appeal to a broad range of buyers. According to a recent survey of home design experts, cool neutrals are a safe bet when it comes to interior paint. And respondents chose white and gray as the best exterior paint colors to use when selling a home.4 However, it’s important to consider a property’s architecture, existing fixtures, and regional design preferences, as well.  

       

       

      1. Install Smart Home Technology

      In a recent survey, 78% of real estate professionals said their buyer clients were willing to pay more for a home with smart technology features.5 The most requested smart devices? Thermostats (77%), smoke detectors (75%), home security cameras (66%), and locks (63%).6

       The good news is, many of these gadgets are fairly easy to install. And some of them, including smart thermostats and light bulbs, will pay for themselves over time by making your home more energy efficient. In fact, many manufacturers report that smart thermostats can cut back on heating and cooling costs by 10-20%.7  

       If you already own a smart speaker, like Amazon Alexa or Google Home, choose devices that will pair with your existing technology. This will enable you to create a truly integrated (and in many cases voice-activated) smart home experience.

       

      1. Modernize Your Window Treatments

       Smart—or motorized—blinds are also growing in popularity, and several manufacturers make models you can order and install on your own. But they’re not the only way to modernize your window treatments.

       

      If you have old aluminum blinds, consider replacing them with plantation shutters, which are energy efficient, durable, and have strong buyer appeal.8 Roman and roller shades are another stylish alternative, and they come in a variety of colors and fabrics, which you can personalize to meet your design and privacy preferences.

       Fortunately, upgrading your blinds has gotten easier and less expensive in recent years. There are a number of retailers that specialize in affordable window coverings that are simple to measure and hang yourself.

       

      1. Replace Outdated Fixtures

       Drastically transform the look and feel of your home by swapping out dingy and dated fixtures for contemporary alternatives. Start by assessing your current light fixtures, faucets, cabinet hardware, door knobs, and even switch plates. Then prioritize replacing those that are particularly outdated or in highly-visible areas, such as your entryway or kitchen.

       Even if your home is fairly new, consider trading your builder-grade fixtures for higher-end options to give it a more upscale appearance. And forget the old rule about sticking to one metal tone throughout your property. According to designers, mixing metal finishes can add interest and character to a space.9

       For more designer insights and decor trends, contact us for a free copy of our recent report: “Top 5 Home Design Trends for a New Decade.”

       

      1. Upgrade Your Bathroom Mirror

       A minor bathroom remodel offers one of the best returns on investment, with a $1.71 increase in home value for every $1 you spend.10 We’ve already explored several improvements you can make to your bathroom: new paint, fixtures, and hardware. Now complete the look by upgrading your vanity’s mirror. 

      Before you purchase a new mirror, examine your existing one to see how it is attached to the wall. Some vanity mirrors are glued to the wall and difficult to remove without shattering the glass or damaging the sheetrock behind it.11

       If you prefer to keep your existing mirror, you can paint the frame—or add one if it’s currently frameless. There are several online retailers that will send you the frame components cut to your specifications, which you can assemble and mount yourself. Much like a work of art, your vanity mirror serves as a focal point for your bathroom, so let your creativity shine through!

       

      1. Shampoo Your Carpet

       Carpet is notorious for trapping dust, dirt, and allergens. It’s one of the reasons that most buyers prefer hard surface flooring.12 But if you love your carpet, or you’re not ready to invest in an alternative, make an effort to keep it clean and odor-free.

       To properly maintain your carpet, you should vacuum it weekly. Experts also recommend a deep shampoo at least every two years.13 Fortunately, this is a cheap and easy DIY project you can knock out in about 20 minutes per room. According to Consumer Reports, you can rent a machine and purchase cleaning fluid and supplies for around $90. With an average return on your investment of 169%, it’s well worth the effort and expense.14

       

      1. Customize Your Closet

       Real estate professionals estimate that a closet remodel can add $2500 to a home’s selling price. And while a professional renovation can cost upwards of $6000, there are many high-quality DIY closet systems you can customize and install yourself.15

       Experts recommend taking a thorough inventory of your wardrobe and accessories before you get started. Make sure frequently-worn pieces are easy to reach, and store seasonal and seldom-used items on high shelves. Place shoe racks near the closet entrance so they are easy to access.16 A little planning can go a long way toward building a closet that you (and your future buyers!) will love.

       

      GET A COMPLIMENTARY ANALYSIS OF YOUR PROJECT

       

      We’ve been talking averages. But the truth is, the actual impact of a home improvement project will vary depending on your particular home and neighborhood. Before you get started, contact us to schedule a free virtual consultation. We can help you determine which upgrades will offer the greatest return on your effort and investment.

       

       Sources:

      1. HomeLight –
        https://www.homelight.com/blog/improve-curb-appeal-landscaping/
      2. National Association of Realtors –
        https://www.realtor.com/advice/home-improvement/landscape-renovations-that-pay-off/
      3. com – https://www.houselogic.com/save-money-add-value/add-value-to-your-home/adding-curb-appeal-value-to-home/
      4. Fixr –
        https://www.fixr.com/blog/2020/01/14/paint-color-trends-in-2020/
      5. T3 Sixty –
        https://blog.coldwellbanker.com/wp-content/uploads/2018/01/CES2018-Smart-Homes-An-Emerging-Real-Estate-Opportunity.pdf
      6. Consumer Reports –
        https://www.consumerreports.org/smart-home/smart-home-tech-upgrades-to-help-sell-your-house/
      7. American Council for Energy Efficient Economy
        https://www.aceee.org/sites/default/files/publications/researchreports/a1801.pdf
      8. Forbes – https://www.forbes.com/sites/trulia/2016/07/05/10-upgrades-under-1000-that-increase-home-values-2/#47b0d3162e60

      Is Now a Good Time to Buy or Sell Real Estate?

      Is Now a Good Time to Buy or Sell Real Estate?

      Selling

      Is Now a Good Time to Buy or Sell Real Estate?

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        Is Now a Good Time to Buy or Sell Real Estate?

        Traditionally, spring is one of the busiest times of the year for real estate. But the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, sales volume fell to its lowest level since 1984, according to the Canadian Real Estate Association.1

        However, while sales have fallen, prices have remained stable. The average home price in April was down just 1.3% from the same month last year.1 And in many metropolitan areas, prices have continued to rise. The Teranet–National Bank Composite House Price Index, which measures 11 major Canadian markets, showed home prices in April were up 5.3% from a year earlier.2

        But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?

        Before you decide, it’s important to consider where the housing market is headed, how the real estate process has changed, and your own individual needs and circumstances.

         

        WHAT’S AHEAD FOR THE HOUSING MARKET?

         In response to the economic slowdown, the Bank of Canada has slashed interest rates.3 That’s good news for homebuyers who have struggled to afford a mortgage in the past. Lower mortgage rates can bring down monthly payments or increase a buyer’s purchasing power while making it easier to qualify for a loan.

        And at a recent press conference, Bank of Canada Governor Stephen Poloz told reporters that interest rates would likely remain low for the foreseeable future. He also noted that the country is on track to meet the central bank’s “best-case scenario for recovery” as outlined in April, and he didn’t predict damage to the economy would be as “dire” as some have speculated.4

        While many buyers are eager to take advantage of low mortgage rates, some wonder if recessionary pressures could drive down home prices, too. Economists at the Canada Mortgage and Housing Corporation predict that prices will decrease over the next 12 months.5 However, many real estate industry veterans expect supply and demand fundamentals to prevent a drastic drop in home values.6

        There’s been a shortage of affordable homes on the market for years, and that inventory shortage has helped to prop up prices—even as sales have slowed. That’s because supply and demand have fallen at around the same pace.7 Of course, some market segments have fared better than others. For example, demand has softened for urban condos in some areas, which has caused prices to drop. Whereas, the supply of single-family homes in many neighbourhoods has dried up, leaving eager buyers to compete for listings.7

        There are certainly opportunities out in the marketplace for both buyers and sellers. But now more than ever, it’s crucial to have a professional real estate agent who understands your local market dynamics and can help you assess the best time to buy or list your home.

        HOW HAS THE REAL ESTATE PROCESS CHANGED?

        The safety of our clients and our team members is our top priority. That’s why we’ve developed a process for buyers and sellers that utilizes technology to minimize personal contact.

        For our listings, we’re holding online open houses, offering virtual viewings, and conducting walk-through video tours. We’re also using video chat to qualify interested buyers before we book in-person showings. This enables us to promote your property to a broad audience while limiting physical foot traffic to only serious buyers.

        Likewise, our buyer clients can view properties online and take virtual video tours to minimize the number of homes they step inside. Ready to visit a property in person? We can decrease surface contact by asking the seller to turn on all the lights and open doors and cabinets before your scheduled showing.

        The majority of our “paperwork” is also digital. In fact, many of the legal and financial documents involved in buying and selling a home went online years ago. You can safely view and eSign contracts from your smartphone or computer. 

        While these new ways of conducting business may seem strange at first, keep in mind, many military clients, international buyers, and others have utilized virtual methods to buy and sell homes for years.

        IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?

        The reality is, there’s no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:

        Why do you want or need to move?

        It’s important to consider why you want to move and if your needs may shift over the next year. For example, if you need a larger home for your growing family, your space constraints aren’t likely to go away. In fact, they could be amplified as you spend more time at home.

        However, if you’re planning a move to be closer to your office, consider whether your commute could change. Some companies are rethinking their office dynamics and may encourage their employees to work remotely on a permanent basis.

        How urgently do you need to complete your move?

        If you have a new baby on the way or want to be settled before schools open in the fall, we recommend that you begin aggressively searching as soon as possible. With fewer homes on the market, it’s taking longer than usual for clients to find and purchase a home.

        However, if your timeline is flexible, you may be well-positioned to score a deal. We’re seeing more highly-incentivized sellers who are willing to negotiate on terms and price. Talk to us about setting up a search so we can keep an eye out for any bargains that pop up. And get pre-qualified for a mortgage now so you’ll be ready to act quickly.

        If you’re eager to sell this year, now is the time to begin prepping your home for the market. Prices could fluctuate, and experts predict a second wave of infections may necessitate another lockdown.8 If you wait, you might miss your window of opportunity.

        How has your particular market segment been impacted?

        Certain segments will weather this economic downturn better than others. It’s important to understand the market dynamics of your particular area, price point, and housing type. The truth is, broad macroeconomic projections rarely paint an accurate picture of the day-to-day market realities of a given neighbourhood.

        How long do you plan to stay in your new home?

        During times of market uncertainty, your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, with decreased competition and ultra-low mortgage rates, you’ll be well-positioned to score a great deal.

        Can you meet today’s higher standards for securing a mortgage?

        Mortgage lenders are tightening their standards in response to the growing number of mortgage forbearance requests. Many have raised their minimum credit score and downpayment requirements for applicants. Even if you’ve been pre-qualified in the past, you should contact your lender to find out if you meet their new, more stringent standards.

        Is your income stable?

        If there’s a good chance you could lose your job, you may be better off waiting to buy a home. The exception would be if you’re planning to downsize. Moving to a less expensive home could allow you to tap into your home equity or cut down on your monthly expenses.

        WHEN YOU’RE READY TO MOVE—WE’RE READY TO HELP

        While uncertain market conditions may give pause to some buyers and sellers, they can actually present an opportunity for those who are willing, able, and motivated to make a move.

        Your average spring season would be flooded with real estate activity. But right now, only motivated players are out in the market. That means that if you’re looking to buy, you’re in a better position to negotiate a great price. And today’s low mortgage rates could give a big boost to your purchasing power. In fact, if you’ve been priced out of the market before, this may be the perfect time to look.

        If you’re ready to sell, you’ll have fewer listings to compete against in your neighbourhood and price range. But you’ll want to act quickly—a second wave of coronavirus cases could be coming later this year. Ask yourself how you will feel if you have to face another lockdown in your current home.

        Let’s schedule a free virtual consultation to discuss your individual needs and circumstances. We can help you assess your options and create a plan that makes you feel both comfortable and confident during these unprecedented times.

        The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs. 

        Sources:

        1. CTV News –
          https://www.ctvnews.ca/business/canadian-home-sales-fall-to-record-breaking-36-year-low-1.4940984
        2. House Price Index –
          https://housepriceindex.ca/2020/05/april2020/
        3. CBC –
          https://www.cbc.ca/news/business/bank-of-canada-interest-rate-1.5512098
        4. Financial Post –
          https://business.financialpost.com/pmn/business-pmn/bank-of-canada-governor-says-interest-rates-will-probably-stay-low
        5. Canada Mortgage and Housing Corporation –
          https://www.cmhc-schl.gc.ca/en/media-newsroom/speeches/2020/supporting-financial-stability-during-covid19-pandemic
        6. RE/MAX –
          https://blog.remax.ca/no-nosedive-ahead-for-canadian-real-estate-prices-re-max/
        7. Global News –
          https://globalnews.ca/news/6943727/coronavirus-housing-market-good-time-to-buy/
        8. CTV News –
          https://www.ctvnews.ca/health/coronavirus/the-second-wave-will-come-and-experts-say-canada-is-not-prepared-1.49487332020/04/21/coronavirus-secondwave-cdcdirector/
        When Is The Best Time Sell A House In Toronto?

        When Is The Best Time Sell A House In Toronto?

        Selling

        When Is The Best Time Sell A House In Toronto?

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          When Is The Best Time Sell A House In Toronto?

          The best time to sell is when it suits your situation. If you bought it the right way, then anytime should be the right time. However, there are times that are more advantageous than others.

          Let’s look at some scenarios:

          The majority of sellers will prepare their homes for the Spring Market because there will be more would-be buyers that will be out there looking. The thing is, everybody thinks like that, so in reality, there will be more homes in competition with your home as well so you need to put in more effort in preparing your home. Statistics show that 40-60% of these buyers are just looking to test the waters, some will be looky-lous or would-be sellers checking out the competition.

          During the winter months, there are fewer competitions in the market and more serious buyers because come to think of it — it is cold! You might have fewer visitors but these will be the more serious ones because, in reality, who wants to go out there and dress up for the weather, drive in these treacherous road and risk the chance of a slip and fall? You got the picture! Only the brave and more serious ones!

          As for the best time to sell for higher sales price? February to March are the best times to put a house in the market, just right before the spring season starts, especially if you’re also in scout to buy a home to replace this one. This way, you get the best of both worlds!

          How about you? What time of the year did you find it best to sell from experience?