2022 Condo Sellers Guide
When selling your Condo think about us as your team. MyCondo4sale will walk you through the process. Once we agree on a list price for your Calgary Condo and the timeline to sell, we will advise on getting it ready to list. When we list your Condo, we have an investment in it. Professional Photographs, the new RMS measurement guideline, glossy brochures, signage, lockbox and loading on the MLS and affiliate sites.
But that is just the start, once we have everything ready we will start our social media blitz Facebook, Instagram, Pintrest & Linkedin. All our website affilates are inputed including Juwai, Reaas, Real Estate Professionals Inc & CalgaryDreamHomes.com.
Your Lockbox is coded and all realtors cannot access it without inputing their Creb personal code. We recieve an e mail as soon as the activate the box and we always ask for day before notice for anyone to show your Condo, so you don't spend your time stressed worrying that there could be a showing at very short notice.
Buy or Sell First
The crossover from your present Condo to another is not too complicated, but we always advise to sell ( have conditions waived) before buying the next. If you do decide to make an offer on a home we can include the condition "subject to the sale of the buyers home". This condition means the offer is subject to you selling your home and normally would have an end date of 2 - 3 months (agreed by buyer & seller). After this period it can be extended or your offer would die. It is a safety net to ensure that you don't end up paying two mortgages! If another offer comes in during the period of this condition you would have 48/72 hours (agreed on condition with seller) to waiver your conditions (You then own it) or step away from the offer (non waiver- the offer dies, deposit returned)),
Our Sellers Guide is exactly that - a guide, we are happy to meet and go through any questions you may have. There are many reasons why people choose to sell their homes. Every seller has one thing in common, to sell their home for the highest amount possible, in the shortest amount of time.
When you are ready to sell your home, take inventory of the reasons why you are choosing to sell. These factors will help play into looking for your new home, as well as give ideas for staging and small upgrades.
When Should You Sell?
Everyone wants to take advantage of the housing market when it comes to selling your home. Unless you are buying and selling strategically for investment, the best time to sell is when your existing home does not meet your current or future needs.
A key factor to consider is the economy. The economic health of a country affects many factors related to real estate. Mortgage rates are often influenced by the state of the economy. A higher interest rate may encourage you to stay with your current Condo as the increase in mortgage payments may change your financial situation. A lower interest rate may mean that you can upgrade to a larger home with a minimal impact to your current mortgage.
Keep in mind that holidays and weather may impact the sale of your Condo. Winter holidays and the peak summer season keep many potential buyers busy and not looking for places. Buyers with school-aged children often choose to move during the summer to minimize the challenges with changing schools in the middle of the year.
Costs involved with selling your home (but not restricted to)
There are costs involved with selling your Condo. Extra costs could be minor repairs and upgrades that can make your Condo more attractive to potential buyers.
Here are some costs to consider with selling your Condo:
Closing costs (lawyers' fees or possible unpaid taxes)
Mortgage discharge (fees may be levied by your lending institution)
Sales commissions as agreed in the contract
On- going Staging based on recommendations from us (for discussion)
Choose an experienced professional
The purpose of this Sellers Guide is to help you with the steps you need to consider before listing. We have extensive knowledge of the Calgary market and experienced enough to negotiate the sale of your Condo. Experience in the market means we are able to answer questions from potential buyers about the area. One of our main objectives is to attract QUALIFIED buyers to your Condo and give them an excellent idea of what your Condo and it's location have to offer.
Exclusive Listing Arrangements
A non-exclusive listing arrangement means that your listing will be posted to the MLS system and other real estate agents have the ability to bring potential buyers to your Condo. Today Social Media coverage is huge and we use to our advantage all today's technology. Your Condo is also syndicated to various websites. Non- exclusive listings are the most common type of agreements in the Canadian real estate market.
Local market conditions can affect the sale of your home. Understanding the current real estate trend can assist you in making decisions while selling your Condo. We can set up an email showing you relevant activity in your neighborhood with our complimentary Market Snapshot. There are three market states:
- When there are more homes on the market than there are buyers.
In this type of market, buyers will spend more time looking for homes. There are more homes on the market, giving the small number of potential buyers more to choose from. The prices of homes can be stable or perhaps dropping. Seller's will find that buyers have stronger leverage when negotiating.
- There are more buyers than there are homes for sale.
With fewer homes on the market and more buyers, homes sell quickly in a seller's market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the sellers negotiating power, and conditional offers may be rejected.
- There are about the same a mount of homes for buyers & sellers.
There is equal competition between buyers and sellers. This means that there are reasonable offers given by buyers, and homes sell within a reasonable time. With less tension between buyer and seller the prices of homes remain stable.
Your Asking Price
Before you put your Condo up for sale, you must first know what it is worth. To determine your asking price you must consider comparable sales in your area and the current market condition.
We can gather information about sales in your neighborhood, and based on that information they can assist you in determining an asking price that will accurately reflect the market and comparable listings- and what the market is prepared to pay.
Depending on the agreed strategy your listing price may be slightly higher than it's value, however this allows for some negotiating space between you and potential buyers. If you are in a rush to sell, setting the price slightly lower than what it's worth will attract a lot of attention.
Are you ready to list ?
We will draft a listing agreement with the details of your home. And discuss the various plus points of your Condo. This will give a comprehensive insight of your Condo for prospective buyers. At the listing we will all other acceptable conditions and closing dates. Plus if you have any additional terms that you want to discuss, we will go over these. Our experience will help us work with the potential buyers's agents to create an offer with conditions and price that will be acceptable to you.
Room sizes and the age of the home are just some details required to list your home. With this information we can list your home, and begin to post this information to various websites previously mentioned, for maximum exposure!
Condition of Your Home
With our professional help and our in-house stager we will examine your Condo inside and out. Together we will determine if there are any small repairs or underlying problems that you need to address. Any small repairs that you are able to complete will help negotiate with buyers, remember a buyer see’s a quick fix as far more expensive than it actually is. If there are any major repairs, please bring them to our attention.
Kitchen and Bathrooms
Put extra emphasis on your kitchen and bathroom. Replace moldy shower curtains and clean mold and mildew off of bathroom tiles. Caulk if necessary. Repair leaky faucets and replace cracked toilet seats. Ensure that the toilet flushes properly. Make certain that the drains are unclogged. Everything should sparkle - faucets, floors, counters, mirrors. What can be cleaned should be!
In the kitchen, clean the stove and refrigerator, organize the cupboards and wash the floor.
Make certain your appliances work. Wipe the walls, touch-up paint or re-stick wall paper if necessary. Clean the sink and ensure that it drains properly and the faucet doesn't leak.
Check your floors and stairs for anything that needs to be repaired or replaced. You are able to remove and replace damaged tiles individually, and there are plenty of DIY fixes available at your local hardware store.
Doors and Windows
Windows and doors quickly get a weathered look from exposure to the Canadian climate. Consider repainting any surfaces that appear faded or damaged. Also, review your interior window trim to see if a quick coat of paint can resolve any scuffs, smudges or condensation damage..
In a Townhous, if your basement is finished, present it in the same manner as the rest of your home. An unfinished basement is an opportunity for you to showcase the potential your home has to a potential buyer. If you currently use your basement as a storage area, organize any clutter and store boxes neatly to best showcase your home. Show the potential buyer lots of space!
Clear the clutter
An organized and clean home will appear larger. Ensure that clutter is not just hidden, but organized is the best approach. Buyers will look in drawers, cabinets and closets. Hiding the clutter in those places will make them seem smaller and overcrowded.
Part of our service to you
Before our professional photographer takes the photo’s of your Condo, we will give you an impartial analysis, and give advice on how the buyer will see it. We give you our professional opinion on how your Condo relates to "competing" Condos for sale in your area.
To assist in selling your Condo we market it using a variety of tools. A search of the local Multiple Listing Service (MLS®) is the primary tool for all Calgary Real Estate agents. The MLS® system allows all buyers and their agents to view your listing. On the new Pillar 9 system, the MLS is able to display 50 photos and extensive remarks on the features of your condo, entrance foyer, storage and parking areas etc.
Realtor Showings & Open Houses
Your Condo as a new listing will be announced to ALL Calgary realtors.
The buyers agent will arrange a time with us and we will confirm the time with you that works for you. Before showings begin a lockbox is placed on your Condo entrance dedicated place. The lockbox will have a dedicated code to pre-call us to get the CBS (Call before showing) private code, and then use their own code to open it.
We receive an email as soon as the Realtor opens the lockbox. We ask for “Day before notice“ to show your Condo. Open Houses are discussed with you at the listing appointment to see if you would like them or not. Today they are becoming more popular because a buyer is able to be “arms length” to view the Condo, before bringing in their own Realtor. We will act as their guide through the home, while informing them about the neighborhood, and all the Condo good points.
If buyers are interested in your home they will not always provide “feedback” because they do not want you to know what they ‘really” think in case they submit an offer! But the Showing Time app is set up to request it.
In the event of an offer we inform you immediatley and will review the offer with you to ensure that you understand and are good with all the conditions. We then counter the offer especially if the price is low and we negotiate what is acceptable, usually within a time frame.
The offer will contain: (but is not always restricted to)
- The names of the purchasers
- The Sellers names (Those on Title)
- What is to be included in the purchase (Chatels)
The conditions within the offer
- Condition period
- Initial offer Price
- Finance condition
- Proposed possession date
- Finance approval from buyers lender
- Request for all documents for review.
*Remember that out of the purchase price agreed, you will responsible for (but is not restricted to:) On Your Side: Your lawyer services, Real Estate commission, the balance of your mortgage and outstanding taxes. Some utilities and taxes will have been prepaid, meaning you may have some additional funds at adjustment day. *Call to change over utilities for possession day.
Evaluating the Offer
Decide on the lowest acceptable price before you receive the first offer. When you receive the offer you will be able to take into consideration the price, as well as the other terms that the purchaser is requesting. We will carefully look over all terms and conditions with you to ensure that the offer is understood. Any questions about the proposed offer can be clarified with the buyers realtor.
Accepting the Offer
Once you're satisfied with the terms and conditions of the offer, you can accept it. The purchaser will pay a deposit to solidify the agreement. The deposit will be held in a Trust account with our Brokerage and when the deal is closed it will be applied to the commission owed.
The lawyers part of the purchase (but not restricted to)
- Review the purchase agreement
- Prepare transfer of title documents and inform the purchaser's lawyer
- Review mortgage transactions
- Close the transaction
- Pay out the appropriate commissions
- Pay any outstanding claims against the property
- Arrange for the mortgage to be paid (if necessary)
- Complete statement reporting all of the transaction
- Provide Estopple certificate
** Meet with your lawyer and sign over title etc usually the week before posession
Congratulations! The closing of your Condo means that you’ll be busy packing up your belongings and ensuring that you have all your arrangements made to move into your new place. Anything you agreed to sell in the offer you accepted must be left behind in the same condition at the time of sale.
*If there is any major change in the state of the Condo or other items agreed upon, you are responsible to disclose it, immediately tell your lawyer, he will then discuss the outcome with the buyers lawyer and explain the liabilities and implications to you. Do not make any repairs without talking to your lawyer and taking legal advice.
Once the agreement is signed you and the purchaser are under legal obligation to close. If you decided not to sell your home, the purchaser has the right to sue.
If you need assistance with the home buying process, check out the 2021 Buyer’s Guide for more details on finding your next home! Our single family home website is http://calgarydreamhomes.com
If you are considering selling, are investment includes
- A Full Marketing Consultation
- Professional Photographer
- Glossy full-colour brochures
- Full Floor Plans & RMS Measurements
- Custom Sign
- Massive local online exposure
- Very Active Social Media Presence
- Constant Communication