Frequently Asked Questions from Sellers
At the end of December 2020, the average price of a Single-Family home in Penticton is selling for $631,000. The average price for a Condominium is $343,000, and the average Townhouse is selling for $419,000.
Single-Family is averaging 47 days on the market. Condos are 103 days on market, and Townhouses are also averaging 94 days on the market.
A real estate agent is more than just a sales person. A real estate agent will act on your behalf, providing you with advice and guidance when buying or selling a home. Due to the constant changing of the market, listing information is not always 100% accurate. There are times when you need the most current information about what has sold or is for sale, and the only way to get that is with a real estate agent.
In addition, many people would rather use an Agent due to the complexities of modern Real Estate transactions since they usually incorporate legal and financial attributes, which takes them well beyond more simple transactions, such as the sale of an automobile.
There are several advantages when using a real estate agent to sell your home, such as – your listing will be added to the Multiple Listing Service (MLS) so that large numbers of buyers will have access to the seller’s property. In addition, your real estate agent absorbs all of the cost of advertising and marketing, and the screening that will be done of potential buyers by Agents.
It would be very unwise to try and back out of a Contract of Purchase and Sale. A purchase offer that’s accepted is a legal contract that the buyer can seek legal remedies to enforce.
You must consider the prevailing state of the real estate market and especially local market conditions. The real estate market continually changes, and market fluctuations affect property values. So, it is critical to determine your listing price based on the most recent comparable sales in your neighborhood. It would be a smart idea for your realtor to provide you with a CMA, also known as Comparable Market Analysis.
Along with economic factors such as supply and demand, the time of year you choose to sell can impact both the length of time it takes to sell your home and its ultimate selling price. Typically, the real estate market picks up in early March, and continues strong through late May, June and most of July before tapering off a bit in August. September through November (Remembrance Day) generally marks a small rally followed by a slowdown through the Christmas and New Year holiday period.
A counteroffer is an offer made by one party that makes changes to the original or latest offer of the other party.
Because the buyer requests the home inspection doesn’t mean that the seller is obligated to make repairs or modifications because of those inspections. Typically, however, inspection reports are used to negotiate repairs of major problems, or environmental or safety hazards that may be noted. The Contract of Purchase and Sale should provide proper guidance for these negotiations.
Some Sellers prefer not to have a ‘For Sale’ sign on their lawn. While it’s completely within your rights to request ‘no sign’, keep in mind that exposure to Buyers is critical to getting top dollar for your home. Your neighbours already love your neighbourhood – why not let them know your home is for sale so they can tell their friends and family?
Statistically, open houses account for 4% of home sales in Canada. As a Seller, you want to make it easy for Buyers to see your home, and open houses are one of the least intimidating ways for Buyers to do that. Of course, you’ll have a few nosy neighbours come by your house, but a good real estate agent will be able to concentrate their sales efforts on the real potential Buyers. I recommend a well-advertised public open house on the first weekend that your home is for sale. Note that open houses for condos are somewhat less popular due to the similarities between condo units. It’s also important to note that many condos do not allow open houses for security reasons.
When you list your home with a real estate agent, you’ll be asked to sign a Listing Agreement. This legal document will outline the price, commission and length of the contract. Typical listing agreements are for 120 days. If your agent isn’t performing to your expectations, begin by having an honest conversation with him/her. If that doesn’t resolve your concerns, contact your agent’s Broker of Record – technically your listing agreement is signed with the brokerage and not the agent, and the broker will have the ability to remedy the situation.
The buyer pays the Property Transfer Tax.
Generally, a home doesn’t sell for one of 3 reasons:
- It isn’t priced right;
- It hasn’t been well marketed, or
- It doesn’t ‘show’ well to potential buyers (and might need a good cleaning or staging).
Talk to your agent and ask to see:
- What’s been happening in the market in your neighbourhood since you’ve been listed,
- What marketing is been done with your home and
- The feedback from agents/buyers who’ve seen your home.
On average, a staged home sells faster and for more money than a home that’s left as is. The reason it works, of course, is it gives buyers a “stage” onto which they can play out their home-owning fantasies and envision themselves living in your home. Always choose neutral paint colors and remove any family photos to give would-be homeowners a blank canvass that they can mentally fill with their loved ones and themselves.