Spring is a great time to put a home on the market. Buyers are out in full force, and the average sale price tends to be higher—while the time it takes to sell is often shorter. Fortunately, there are steps you can take to make the most of these springtime conditions. It starts with preparations that make your property stand out in the crowd.

Here are five tips for making your home shine in the spring real estate market…

1) Bust the clutter

From rarely-used furniture to old clothing and magazines, clutter has a way of building up. Unfortunately, these items can make your home feel smaller—and prevent buyers from seeing its many possibilities. The good news is, by thoroughly decluttering, you can create the right canvas for staging.

First, start looking into local donation centres. Then, go through your belongings room by room, deciding what you’ll keep, donate, and toss out. You can rent a storage locker if need be, or use this as an opportunity to rid yourself of possessions you don’t use! (Here are some tips on decluttering to sell)

The market has changed! Here are some updates you might want to know about:

• How Will Rising Interest Rates Affect Buyers?
• Is Now A Good Time To Sell Your Investment Property?
• Everything You Need To Know About Buying A House In Milton

2) Clean every inch

Once your home is clutter-free, it’s time to make it sparkle—top to bottom. The truth is, buyers often look at every inch of a property before they seriously consider buying it. From the inside of your cabinets to the grout between your bathroom tiles, there’s a good chance it will all be scrutinized.

While you may choose to break out the broom, vacuum, and bleach, it’s best to also enlist help from the pros. The right full-service real estate team can connect you with reliable, professional cleaners.

3) Think about the outside

Your home’s exterior is the first thing a buyer will see before they step inside for a viewing. It can make a strong impression, so it makes sense to ensure it’s a positive one. That’s where curb appeal comes in.

From making sure your lawn is green and trimmed to touching up any chipped or faded trim, maximizing the appeal of the outside of your property is crucial. Remember that the little details also count, from fresh flowers to sleek porch light fixtures.

4) Freshen things up with paint

Once they step inside, one of the first things a buyer will likely notice is your walls. They form the backdrop of a room, and they look best when they’re freshly painted. This is especially true in spring, when the sunlight reflects off of interior surfaces.

Make sure you choose a high-quality formula—and the right colour. Warm neutrals tend to work best since they appeal to the largest pool of potential buyers. Studies show that the ideal hue can lead to a higher sale price, so be sure to consult with your agent and any staging or professionals they recommend.

5) Add some decorative touches

Spring is a time of renewal. To make the most of any positive feelings it evokes, why not bring the season inside? The best way to do that is with furniture and decor that makes your home feel big, bright, and airy.

Tasteful spring colours, light fabrics, and vibrant plants are the name of the game. A talented stager can determine which aesthetic decisions will have the best overall impact.

Spring market may be the ideal time to list, but that doesn’t mean you should forgo preparations. After all, making your home shine is one of the keys to securing fantastic results. Are you ready to take the first step?

Are you preparing to sell your home? If so, you probably have your eye on the prize—as you should. By preparing and marketing your property with care, you can help ensure the highest possible return. That said, you’re going to have some costs to contend with, too. Fortunately, by knowing what they are, you can avoid unpleasant surprises down the line!

Here are the costs of selling a home that you can easily anticipate and budget for…

Real estate commission

In a way, sellers are lucky when it comes to the financial side of the real estate transaction. You don’t have to pay a deposit, or cover major closing costs like land transfer taxes. That said, you are responsible for the commission of both agents involved.

As a general rule, the amount you’ll owe will sit at around 5 per cent of the purchase price. This sum will be split between your real estate representative and the buyer’s. It’s important to remember that when you work with an agent, you only pay for a successful result (which is to say, if you sell your home).

Legal fees

In any real estate transaction, you should have legal expertise in your corner. This professional will review your paperwork, make sure you understand the legalities of your contract, and generally ensure that your due diligence is done. Your fees will vary depending on the lawyer, but they’re typically somewhere around the $1,500 mark.

Home preparations

From repairs to decluttering to expert staging, there are a few steps that most sellers should take before putting a home on the market. In most cases (especially when it comes to staging), it’s best to have a professional handle them. Costs for these services vary widely, but you could be looking at many thousands of dollars.

Fortunately, if you work with a full-service agent, you’ll likely face fewer fees to get your property in s show-ready shape. A professional who goes above and beyond will include staging—and help out with other preparations, too. When they don’t have the skills to do a thorough job, they should have connections to local pros who do!

Even if you work with someone who provides the highest level of service, you may choose to have some minor repairs done out of pocket. Your agent can advise you as to which improvements have the potential to boost your return.

Mortgage discharge fees or prepayment penalty

Before you can sell, you’ll need to go through the mortgage discharge process to finalize the completion of your loan. You’ll sign some paperwork, and pay a fee that may tally up to a few hundred dollars.

If you’ll be paying your mortgage off early, you can also expect a prepayment penalty. The amount is typically the higher of:

• A sum totalling 3 months’ interest on what you still owe

• The interest rate differential (IRD)

Pre-list inspection

This cost doesn’t apply to every seller, but some opt to have a pre-listing inspection done. By having your home professionally assessed before it goes on the market, you can make pre-emptive repairs, price your property accurately, and prepare for future negotiations. If you decide to go this route, you’ll likely pay around $400 or $500.

Selling a home is exciting for many reasons, not the least of which is the return you’ll receive. Having said that, make sure you also factor in the costs associated with your sale. With a little bit of forethought, you can budget more accurately for the future!

To learn more about how we help sellers click here.

It’s finally time. You’re ready to put your investment property on the market—and enjoy the resulting return. There’s just one problem. You have a tenant.

Owning an investment property comes with many benefits, including steady, passive income and long-term price appreciation. One of the potential downsides is that when you have a tenant, things can get a little complicated when it’s time to sell. Fortunately, knowing the facts can make it easier to take this step.

If you’re selling a tenanted property, here’s what you should know to make the process as smooth as possible…

The rights of your tenants

It goes without saying that your existing renters have rights, and you must respect them throughout this process (because it’s the law—and the right thing to do).

First off, if your tenants are still in the first year of their lease, you must abide by its terms. It’s only after this initial period is over that you can terminate their tenancy. Of course, there are rules around doing so. You must provide them with two months’ notice, starting from the first of the month. For example, if you were to inform your renters that you’ve sold your property on March 15th, that period would begin on April 1st.

When it comes to showings, you’ll need to provide your tenants with at least 24 hours’ notice. Be aware that they aren’t obligated to leave your property when you bring prospective buyers in (though many renters prefer to do so).

Are you interested in growing your wealth through real estate? Read some of our investor-focused blogs right here:

• 4 Ways to Earn Money Through Real Estate
• Everything You Need to Know About Buying a Home with a Basement Apartment
• Is Now a Good Time to Sell Your Investment Property?

Necessary steps

If your tenant’s lease is up, there’s a right way to let them know that you’re planning to end their tenancy. You’re required to give them their 60 days’ notice after the property has sold. That said, it’s nice to give them as much advanced warning as possible. If you know you’re planning to sell, try to tell them sooner rather than later.

When it’s time to give them their official notice, you’ll serve your renter with a Notice to End Tenancy (aka an N12) form. The exception is if your buyer is planning to use your space as an investment property. If that’s the case, they’ll need to take on your tenant—and their current lease terms.

Getting the best price

Selling a tenanted property can be somewhat complicated, but that doesn’t mean you can’t get a great result. To maximize buyer interest and get the best price possible, you’ll want to ensure your property looks its best. That can be a challenge when it’s tenanted. Unfortunately, you won’t have control over how the space you’re showing looks.

One option is to offer your tenant a months’ rent to move early (and assistance finding a place if it helps). Having a vacant property will put you in the driver’s seat—so you can clean it, perform any necessary repairs, and have it staged. These steps consistently help sellers get top dollar.

If this isn’t an option, your tenant may be willing to work with you to help ensure that your space makes a great impression. It’s just one more reason to maintain a good impression with those who rent from you!

If you’re unsure about how the process works, a skilled local real estate agent can help. It’s also a good idea to review the Residential Tenancies Act—and ask a lawyer if you have any questions about it.

To learn more about our approach to selling, see our latest Selling Guide.

 

December’s market update is here!

Before sharing December’s market stats, we first want to recap 2020 and then finish this off by touching on 2021 predictions.

2020 RECAP

Despite the year we had with COVID, economic uncertainty & lockdowns, it was a record breaking year in Real Estate. The average sale price across the GTA reached a new record of almost $930,000. That is up 13% year over year. We saw a lot of competition for single family homes last year, which resulted in them experiencing the strongest price growth in the suburbs.

DECEMBER’S MARKET STATS

Let’s look at the December stats for Milton, Burlington and Oakville.

PREDICTIONS

Now let’s talk about 2021 predictions. The real estate market was extremely competitive in 2020 and we are expecting 2021 to be no different.

There are 4 main factors that will impact the real estate market this year.

⁠1. Immigration – In 2020 immigration dropped although Canada is planning on welcoming 1.2 million people between 2021 & 2023. ⁠⠀

⁠2. Interest rates – Interest rates have been at an all time low and are expected to stay low throughout 2021.

⁠3. Housing supply – We have been in a sellers market for months now and with people continuing to make significant lifestyle changes we don’t anticipate this changing. Currently supply is extremely low, so if you have been thinking about selling now is a great time.

⁠4. COVID 19 – The pandemic has caused buyer preferences to change. 2020 had many of us reconsider what is important to us, especially when it comes to our home. We anticipate home-buyer trends to continue to shift in 2021. ⁠⠀

RE/MAX Canada is currently anticipating that Ontario will experience 7-12% price growth in 2021.

Are you preparing to sell your home? The first thing you’ll want to do is find the right agent. Having a skilled professional by your side will help ensure that every step—from pricing to staging to negotiations—leads to the best possible result. It all starts with a practical approach to your search.

If you’re selling your home, here are a few tips for finding the ideal real estate professional for your needs…

Conducting Interviews

After some googling—and perhaps asking around amongst friends and family—you should have a shortlist of agents who seem like a good fit. Once you do, it’s time to start setting up interviews. There’s no better way to find out who you could work well with than by sitting down to chat one-on-one. Here are just a few questions to consider asking:

• How long have you worked in my community?

• What is your average sale-to-list ratio? (This is a home’s final sale price divided by the last list price).

• What sets you apart from your competition?

• Can you tell me a bit about your pricing strategy?

• How might you market my home?

Of course, one of the most important considerations is your comfort level. An interview will provide you with a window into how a given professional does business—and allow you to assess how well you’ll likely get along during the selling process.

The Right Qualities

There’s no one-size-fits-all approach to interviewing a seller’s agent. That said, there are a number of traits that the professional you work with should have. Here are just a few of the qualities to look out for:

Local experience

Whether they’re helping you set the perfect price or assisting you in marketing your property to local buyers, an agent’s area knowledge is crucial. A professional who knows your community—from neighbourhood schools to how much local homes have recently sold for—is well-positioned to help you locate and work with the right buyer.

Industry expertise

Of course, your agent should be more than a local insider. Before you start working with them, you should ensure that they understand the process inside and out. Try asking about everything from their staging and marketing to their strategies for handling multiple offers and unexpected closing details. Their answers will provide a lot of insight into their experience.

A strong track record

While hearing what an agent would theoretically do in various scenarios is helpful, their past performance is usually an even better indicator of how they’ll serve you. For the homes they’ve sold, what is their average days-on-market? How many homes did they sell last year? Asking for and carefully considering an agent’s statistics can be helpful.

What To Ask For

When an agent tells you about the results they’ve achieved for clients, you don’t have to take their word for it. If you want to learn what working with them is really like, consider requesting potential references.

On the marketing front, you’ll want to ask to view some past materials. From flyers to online listings, everything used to promote a home should be appealing, polished, and professional-looking. If you find the samples you see compelling, chances are that the agent responsible for them has what it takes to market your property with finesse!

Interested in learning how we can help you sell your home? Reach out today to set up a consultation!

In recent years, there’s been a very public conversation about the buying and selling of real estate. The subject is open bidding, an offer process that proponents say leads to greater transparency and fairness. Some even believe it’s good for the market (since it can, in theory, prevent excessive price escalation). Having said that, there are also skeptics—on both the buyer’s and seller’s side. Do you know where you stand on this important real estate issue?

When it comes to open bidding in home transactions, here’s what you should know…

What is open bidding

Let’s start by delving into how things work now. As it stands, any buyer who makes an offer on a home is notified when a competing bid is made. However, they aren’t made privy to the details. From the dollar amount to the closing date, elements of the new offer are kept under wraps. This puts buyers who wish to stay in the running in an uncertain position. When they think about how to amend their bid, they’re essentially in the dark.

In October of 2018, the Ontario Real Estate Association (OREA) made some recommendations to the province. The organization suggested that all elements of offers made on a home be disclosed, so long as everyone involved in the transaction agrees. If this process became commonplace, here’s what the implications might be.

What it would mean for buyers

For buyers, an open-bidding process can lead to more informed decisions. With all the details on the table, purchasers can choose to up their bids or bow out—and do so based on more than speculation. Since they’ll know which number they have to beat, they can also avoid vastly overpaying when they’re eager to win their dream home.

A more transparent process could also be more pleasant for buyers. As anyone who’s been in a bidding war will tell you, it can be stressful at times. When you’re not approaching the situation blind, you’ll have fewer headaches to contend with (and a less time-consuming back and forth).

While the benefits of open bidding are clear to most buyers, there are those who have raised privacy concerns. Fortunately, since all parties would have to agree, these potential issues could be avoided.

What it would mean for sellers

On the other side of the transaction, some sellers feel that agreeing to an open-bidding process means giving up leverage. They reason that when buyers don’t know the contents of other offers, they’re more likely to put forth their highest bids. That may be true in some cases, but it’s not always.

An auction-style offer process, whereby buyers bid against one another openly, has the potential to lead to intense competition. That could work out in a seller’s favour. It could also attract buyers who tend to shy away from traditional bidding wars, which often leave them wondering if they ever stood a chance. The result? More offers on the table for sellers—a clear advantage.

The bottom line

The conversation surrounding open bidding has yet to be resolved. It’s true that it may not be the ideal solution for every buyer and seller, but it’s another potential option—one that’s attractive to many. Chances are that this issue will pick up steam in the years ahead, so make sure you stay in the know!

Are ready to start the search for your first home? Reach out today to get started!

Decluttering When Selling Your Home

Selling your home is all about taking a step forward in your life’s journey. While you may be eager to make your next move—and get the highest possible return on your investment—there are a few major tasks you’ll have to tackle first. Without a doubt, one of the most challenging is decluttering your property to stage, show, and sell it.

If you’re preparing to sell your home, here are five tips to paring down your possessions first…

1) Start Early

Even the most organized family can start to feel like time is the enemy once they start decluttering. From junk mail to winter wear, you’ll probably find that there’s a lot more to go through than you thought. That’s why it’s important to get started before you start to feel the crunch.

The first step is creating a sorting system (many sellers find that categories like “keep,” “toss,” and “donate” are helpful). Next up, figure out where you want to make donations—and call ahead to avoid any unforeseen hassles.

2) Let Go

If you have a tendency to hold onto things past their expiration date, you’re not alone. Most homeowners keep duplicate kitchenware, worn-out furniture, and clothing that’s two sizes too small—all with the misguided notion that it will come in handy someday. Usually, it won’t.

Don’t make the mistake of carting possessions you’ll never use to your next home. As a general rule, if it’s been out of commission for at least a year, you’ll never miss it.

While it’s always okay to hold onto items with sentimental value, try to imagine where they’ll live in your next home. Whether it’s on a photo wall or atop the coffee table, you should have a designated place in mind for everything.

3) Focus on Selling

One of the trickiest things about decluttering before you sell is knowing not only what you want to keep, but what buyers will want to see when they tour your home. This is where an agent with selling expertise and an eye for detail can be helpful.

An experienced professional will know which items enhance your property as part of a cohesive aesthetic. On the flip side, they’ll also be able to tell you which ones should go (even if it’s just into storage for a short time).

If your agent suggests packing away an old armchair or piece of artwork, try not to take it personally. They’re simply ensuring that your property will appeal to as many buyers as possible!

4) Make Time

Decluttering can take weeks of sustained effort, so make sure you schedule it into your family calendar. An hour or two every couple of days can help you tackle the job piece-by-piece—without being overly disruptive to your lives.

Choose times when everyone will be home, whether that’s before dinner or on Sunday afternoon. While longer time blocks may be daunting for your kids (and you), breaking it down into fifteen-minute intervals followed by short breaks can help everyone feel good about what they accomplished.

5) Create a Routine

There’s a reason why homes need to be cleaned often. Unfortunately, clutter has a way of sneaking back into our lives—even after we’ve put in the effort to get rid of it. From old magazines and overfilled coin trays to loose toys and craft supplies, things will pile up quickly if you don’t have a plan to stay on top of them.

To keep your home in show-ready shape, mentally commit yourself to putting items back where they belong when you’re done with them. This can be especially challenging if you have kids, but there are steps you can take to help them stay motivated (like offering small rewards if they keep their rooms clean).

Decluttering a home before a big move is a challenge, and it can even feel downright impossible. The key is to take it one step at a time, celebrate your progress, and listen to your agent’s advice when it comes to home preparations!

Are you ready to start the process of selling your home? Reach out today to get started!