Good day!

I thought you might be interested in the following article, giving house selling tips from Dale Ripplinger, President of the Canadian Real Estate Association in 2010, which you can share with your clients.

“Hurrying your real estate agent to your home the minute you decide to sell may not be your best option,” says Dale Ripplinger, president of the Canadian Real Estate Association. “While you should let your REALTOR® know your intentions, it’s best to be better prepared for their first visit to your home.”

So what should you do — and when? According to Mr. Ripplinger, you want to explore the financial implications of selling and then prep your home in order to “sell it”.

Here are his top tips for sellers:

• Talk to your bank. “In some cases, deciding to sell has financial implications because of the terms of your mortgage,” says Mr. Ripplinger. “For instance, you may have a payout penalty.” That’s good to know in order to assess how much a move will cost you.

• Do the little fixes. Before you first meet with an agent get the little fixes done around your home. “A thorough cleaning, touch ups and de-cluttering should be done before a real estate agent visits your house,” he says. “This helps create a better first impression for the agent so he or she can get a better idea of what bigger fixes are necessary in order to get the best price for your home.”

• Do the big fixes — with your agent’s advice. Costly upgrades or renovations may seem like a good idea because they make sense for you and your family. But do they make sense for the market? “Some expensive upgrades or renovations actually provide limited payback,” advises Mr. Ripplinger. “Your REALTOR® will be able to advise you on what repairs are mandatory, which ones will add value and which ones will be a waste of time and money. It all depends on the market, your neighbourhood and the buyer you’re trying to attract.”

Expert tip: Your real estate agent will also be able to put you in touch with qualified professionals who have a good reputation for getting the work done right. “Since your agent has built relationships with renovation professionals and trades people, you may be able to get the work done sooner than usual,” says Mr. Ripplinger.

• Work on solving the pricing puzzle. “Homeowners usually have a pretty good handle on what their home is worth,” he says. “However, some tend to underestimate how long it will take to sell their home at that price.” Part of the pricing puzzle involves how long you’re willing to have your home sit on the market. In some cases, homeowners have a specific closing date in mind — for example, those moving to another city for work — and don’t have the luxury of being patient. All of these factors will come into play when the asking price is decided on.

• Estimate your expenses. Take the time to figure out your cost estimates. “Once you know what renovations or upgrades are necessary and any mortgage implications, tally up the rest of your expenses,” advises Mr. Ripplinger. For example, consider your agent’s commission, legal fees, land titles or land registration fees and any other fees that are specific to your province.

Expert tip: “A professional stager may be needed to present the house to buyers properly,” he says. “We’re finding that it can make a big difference in how quickly a house is sold and for how much.”

Having these steps in place will help you get the best possible price for your home, help sell it within your desired timeline and ensure you aren’t faced with any financial surprises when you and the buyer sign the dotted line.

Any questions?

Contact Lisa Portolese, Salesperson
Royal LePage Kingsbury Realty, Brokerage
Bus (905) 568-2121 Direct at (416) 953-9714