4 Ways of Selling Your Property

Property owners are often faced with the question of what method of selling property they should use. There are many ways to sell your property, but it is important to notice that each one has its own risks and rewards. Here are 4 options when selling your property:

Method 1: Using a Real Estate Agent
This is by far the most common way of selling a property and includes paying a licensed estate agent commission to sell your property. By no means is this a legal requirement when selling property but for those who are selling for the first time, this should be a serious option. Not only do real estate agents bring experience and knowledge to the table but they are also skilled in negotiating and closing deals - both things that can be very daunting for a first time seller.

Method 2: Sale by Private Tender/Set Sale
When you put your property up for sale by tender, you set the terms, conditions and the deadline while prospective buyers have the opportunity to put forward their competitive bids. The individual bids are not transparent and tenders are asked to seal their offer in an envelope and deposit it by a predetermined date and time. The seller then opens the tenders together and chooses the best one. This method of selling is a great way to get the maximum sale price but at the same time it reduces the possibility of achieving a result higher than expectations.

Method 3: Sell at an Auction
When using this method, sellers introduce a starting price and potential buyers bid against each other. The final price is decided by the highest bidder, which means that the sale price can be higher than expected in some cases. This is an expensive way to sell but it can be very beneficial especially for property that has the combination of being both unusual and sought after.

Method 4: Do It Yourself
This means that you, the seller, would be doing the job of a real estate agent and naturally means that you would need some knowledge of the process of selling property. You would be handling all tasks including marketing and advertising property, arranging viewings with potential buyers, negotiating prices and making legal and financial arrangements for the transfer of the property.

No two property sales are ever the same and different methods of selling are suitable for different circumstances. It is important to do research and find the right way to sell your property to ensure the maximum sale price.

Halifax Real Estate Market Outlook For 2009

Halifax Real Estate Market Outlook
The overall economy is Nova Scotia is expected to contract by 1 percent in 2009 and that is effecting the housing market in the Halifax area. It is expected to recover moderately in 2010 however with growth of about 1 percent but we are in a much better position economically than most other regions in Canada and the world. We have avoided the peaks and dips that these other areas have seen both economically and with our Real Estate Market. The Halifax Area has been influenced by an increasing number of people migrating to the city from rural areas and from other countries. This has reduced the stress on the recently tight labour market. We have seen a record number of employed people in the Halifax Regional Municipality. There is an average 209,000 people employed in Halifax and through the first 3 months there was an average of 213,000.

Record employment and low interest rates will continue demand for housing
Despite coming off record levels of employment in 2008, near record levels on employment in HRM coupled with really low interest rates will continue the demand for housing in the Halifax-Area. Economic uncertainty will offset this and the result will be lower demand for both resale and new construction in Halifax than in 2008.

Less expensive homes are more in demand
Consumers have shifted to less expensive homes as a result of the economic uncertainty. In the 3 months of 2008, 54 percent of new single-detached homes sales averages more than $300,000 in price. This percentage share has dropped to 47% in the first 3 months of 2009 even though the average sale price of a resale home has increased in the same period. This trend is expected to continue and will result in a negative impact on the average sale price of homes in the Halifax Regional Municipality.

Halifax New Home Construction
Existing home sales to decline further in HRM
There was an 11 percent drop in the number of MLS sales in 2008 compared to 2007. Most of this was in the 4th quarter of 2008 with seasonally adjusted sales being off by 26 percent which is equal to the amount sales dropped in the first quarter of 2009 compared to the first quarter of 2008. While the economy in Halifax is steady the bad news from other areas of the world and the uncertainty is causing reduced demand for homes, both new and resale. Therefore, the number of resale homes in the Halifax Regional Municipality are expected to decrease by another 11 percent for the remainder of 2009. They are expected to recover in 2010 by 7%.

Pricing Your Property

Your asking price for your property is one of the determining factors of how much profit you will gain from the sale and how long your house will be put up on sale. You should seek the help of your real estate agent who is well versed in this industry so that you can determine the best possible price for your home. Deciding on a reasonable and competitive price is your main target here.
The following are some guidelines in pricing your home:

1.Time

Time is not your ally in this industry. Along with other factors, time will largely determine if you are going to realize profit from your sale and by how much. Research results suggest that a house will not be sold at its original price if it is hanging on the market for a very long period. Thus, when pricing your property, think about the fair market value.

2.Value vs. Cost

You have to weigh the value of your property with the cost homebuyers are keen on purchasing it. Factoring in the cost of improvements in your home should not be stressed and prioritized when determining your asking price. Remember that your preferences may not be the same as your buyers'.

3.Simplicity

As the popular saying goes, time is gold. Accommodate your buyers' requests as much as possible. Be flexible on the time when your real estate agent can set house viewings. Furthermore, do not put any contingency on the sale as it could cause you a botched sale.

Top 7 Things to Leave in Your Home While Its For Sale

There are hundreds of ideas floating around about what you should not have in your house when you're trying to sell it but what about what you should keep? Believe it or not, stripping your house down to its bare walls will actually hurt your chances of selling. Here are seven things you shouldn't take out of your house when you're trying to sell it:

Keep all major furniture pieces. - Taking away furniture that defines a room's purpose is the worst way to sell your home. Keep the dining set in place so potential buyers don't have to think about how each room should be used.

Leave your car in the garage. - Unless you have just one car, leave your second car in the garage during showings. Sure it'll take up a lot of space in the garage but that's a good thing. Just as furniture gives buyers perspective on a home's layout, a garage with car will let buyers see how they could utilize the space.

Continue using your kitchen counters. - One misconception home sellers often make is that less is more when your home is for sale. While that is true when dealing with cluttered spaces you still need to show how capable your kitchen is. A coffee maker and a few storage pots make great kitchen eye candy when selling your home.

Fully stock each bathroom with towels and essentials. - Often forgotten when homes have been vacated for a while, basic toiletries and towels should remain even if you no longer live in the home. After a long day of showings its possible that buyers will need to use the bathroom while viewing your property. What better way to showcase the value of your home than to fulfill an urgent need of the buyers?

Before and after pictures of home renovations. - Family photos are the taboo of home selling because they can detract from a home sale but renovation photos are their good stuff counterpart. Show buyers the amazing amount of work you went through to build out that sunroom or expand the master suite and watch their eyes light up with value. This technique will also keep buyers in your home longer, increasing the chances of a second look!

Seasonal landscape photos. - Just as home renovations can prove the value of your home, landscape photos can offer a glimpse of your home's year-round beauty. If a buyer can see the stunning flowers and plants that come to life during the Spring in the middle of November then they have something to look forward to if they buy your home.

List of utilities and costs for one year. - It's not common knowledge for first time home buyers to know how much it costs to use the utilities in a home. This rings true even more so for renters who have their utilities included in their rent and aren't used to paying for utilities. You may worry that this will scare them away but just remember every home requires utilities to be lived in. Answer their questions upfront and they'll trust you more than other homes for sale.

Home buyers are looking for the best deals possible in today's market but they also want to understand what kind of home they're buying. By defining the spaces and using the tips outlined in this guide you'll be more than a few steps ahead of the competition.

Top 7 Ways to Create a Bidding War on Your House

In any market you're bound to have competition from other homeowners and builders who want or need to sell their home quickly. So in today's market where it seems to be a small miracle each time a home sells you'll need all the help you can get. Luckily there are still ways you can make your home stand out from the crowd and, if your house really stands out, maybe even create a bidding war among buyers. Here's how to do it:

Replace the appliances. - Many colors and tones have come and gone to replace the always high end stainless steel look to appliances but it's not changing anytime soon. If you have aging or heavily used appliances in your home then now is the time to replace them with commercial looking stainless steel appliances. Buyers will love you for what they see as you absorbing the cost to keep your home up to date and you'll love that their offer is much closer to asking price.

Bring in an interior designer or stager to evaluate wall colors. - Does each room in your house give a new clue about your personality? If so, your home may be a bit too personalized. Consult with a design professional to evaluate the wall colors in your home and see if there are any spots where you can improve the value of your home by making the walls more neutral.

Edit and clean up your landscape. - We've all been there. A few weeds and one busy season later, your garden has turned into the amazon. Take out dying or out of place looking plants and flowers in favor of a more cohesive flow. The strongest return on your landscaping dollar will be plantings and walkways leading up to the front door.

Get the carpets cleaned professionally. - The smell, or lack thereof, of clean carpets will keep home buyers happy as they walk through your home. Even deals on million dollar homes fall through because the new buyers simply couldn't deal with the light carpet odors or uneven wear patterns in the carpet. Get them cleaned and/or replaced and watch buyers fall head over heels for your fluffy abode.

Refinish any high traffic hardwood floor areas. - Another floor surface that often goes overlooked, hardwood floors that show heavy wear are a major headache for buyers. If you opted for hardwood in your foyer and hallways that are used frequently then you should have them sanded and refinished before going on the market.

Finish your garage space completely. - Many times the garage can be reused as a storage space or work shop. Spend the money now to cover up the rafters and beams with finished walls and you will see offer prices increase across the board.

Paint your front door red. - Oh, that red front door. Red front doors have positive meanings ranging from feng shui to religious tie-ins and as a sign of prosperity. The simple truth: Red doors make your home more appealing to a wider demographic of buyers.

It might seem like a moderately large investment into your home when you're about to sell it but just think of the thousands you'll save by not having to reduce your asking price. Buyers love move-in ready homes and can't stay away from a house that stands out as a dream home.

Home Selling Tips - Good Seller Etiquette

Potential buyers are not the only ones who can view your home listing once you put up your home for sale. Strange and dishonest vendors as well as inexperienced and unqualified buyers will be informed too. Similar to any deals, buyers, sellers, and their own agents should follow certain procedures. Notify your agent immediately if your transactions with other parties go out of hand.

The aggressive agent

As stated in all your advertisements, your real estate agent should be the one contacted by interested parties and not you. However, there will be instances when a buyer's agents will get in touch with you directly so that the seller's agent will completely be out of the picture. If this happens to you, do not tolerate it. Tell this to your agent right away.

The dishonest vendor

When you alert people that you are selling your house, you may receive many junk mails in your inbox. Putting your home for sale requires many new buying decisions and apparently, unethical vendors do not understand this. Many companies have devised ways on how to gather information to create group mailing lists even if a number of Multiple Listing Service associations have created and implemented rules on how to use posted information properly.

Inform your real estate agent if you always receive junk mails so he or she can initiate an investigation.

The inexperienced buyer

Some potential buyers may feel very excited after seeing your promotional materials that they will merely pop around and visit your home without informing you or your agent. Do not conduct a spontaneous house tour if this will happen to you. Give them your agent's contact number and tell them in a nice way that it would be best for them to contact your agent first since he or she is the one arranging house visits. Handling this kind of situation alone is not advisable since you may accidentally give out confidential information that can be disadvantageous to your position during the bargaining phase.

Top 7 Things to Remove From Your Home Before Selling

Before you sell your home you have to go through a process known as getting your home in "showing condition". Showing condition means keeping the floors clean and the house in top shape for prospective home buyers so they can view the home at its best. Here are seven things you should remove from your home before putting it on the market:

Family photos - When you live in your home it becomes your private sanctuary. Putting your home on the market is much like opening those doors to the public for all to see. Remove any family/vacation photos from your home to ensure buyers don't get ensnared by their curiosity of who you are and stop paying attention to the house itself.

Jewelry and other valuables - Not every potential buyer is the real deal. Sometimes thieves will pose as a home buyer in order to see what kind of luxuries you have in your home. This is especially true in the for sale by owner market where thieves will try to work their way into a home based on a seller's lack of experience dealing with showing protocols. If you have expensive items and valuables like jewelry, collectibles and rare art you should take it out of the house before sticking the for sale sign in the ground.

Unneeded or leftover prescription drugs - Another prime target for theft, high value prescription drugs like painkillers are sought after in properties with easy access because the homeowners are trying to sell it. Keep these in a safe place or remove them from the home entirely before showing.

Boats and other outdoor eyesores - If there's ever been a time to pull up the stilts on a novelty pink flamingo, this would be it. De-clutter the exterior of your home by storing large possessions like boats, RVs and trailers at an off-site storage facility. Any ornamental lawn pieces should also be packed ahead of time so as to not deter buyers.

Out of season items stored in the home - Spring has always been the best time to sell your home. You've got the perfect storm of school ending, summer coming and lots of houses coming on the market to draw out home buyers. Showcase every square foot of your home by removing out of season items like snowblowers and winter tires from the garage.

Desk and workstation clutter. - Every home has a pass through station where mail, car keys and other assorted goods tend to accumulate. These are exceptionally useful spaces except most of them are within lose proximity of the front door and are a huge eyesore to home buyers walking in the front door. Clean up these areas to put your home's best foot forward.

Major signs of pets in the home. - There are different extremes everyone is willing to go when selling their home. Some will keep their pets in the garage during a showing or leave them with parents/family while their house is on the market. While I don't endorse leaving your pooch at Mom & Dad's while your house is on the market I do recommend keeping major pet signs in the house to a minimum. This includes oversized dog bowl stations and kitty litter boxes that don't get cleaned. Pets leave odors behind that you grow used to but will seem pungent to a first time visitor (very true for litter boxes!).

Selling your home can be a fun and brief experience. Use the guide above to give you a general overview on how to minimize your number of days on the market while still keeping your sanity during each showing.