Choosing
an asking price is sometimes the hardest decision.
The following information is designed to help.
Step 1. Estimate the true market value of your
home.
Step 2. Consider closing fees and the amount of
cash you want after the sale.
Step 3. Look at financial terms that might increase
the selling price.
STEP 1. Estimate the true market value of your
home.
Most people have a feel for the value of their home.
This is usually based on the price they originally
paid, the improvements they have made and prices received
by neighbor's who've recently sold their homes. By
far, the most important determinant of price is what
buyers are paying right now for similar homes in your
neighborhood.
BC
Island Homes has partnered with Home Valuations Canada.
This service provides an instant online estimated
value of your home based on market sales and trends
in your area for a low fee. Click
here to order your home valuation report.
Home appraisals: For a small fee you can hire
a real estate appraiser to put a value on your home
based on its condition, plus past sales of comparable
homes. Appraisals can be used to help justify your
price when negotiating with buyers. You can find appraisers
in your Local yellow pages.
Home Inspectors: If you suspect problems with
your roof or other major components such as plumbing
or heating, you can hire a professional home inspector
from $260. Having an inspection report will help you
compare with any reports given by inspectors hired
by potential buyers. This can also be used as a selling
feature as you have the paper work to support the
quality and price of your home.
STEP 2. Consider closing fees and the amount of
cash you want after the sale.
Closing fees: Although the buyer is responsible
for most of the closing sale costs; as the seller,
your costs will include - lawyer's or notary's fee
and expenses, and costs of land survey. A good estimate
of your costs will be approx. 1% of the sale price.
Real Estate Brokerage fees: Real estate brokerage
fees can easily be your biggest cost. If you list
your home with a real estate agent, you can expect
to pay 7% for the first 100,000 and 3% for the balance
of the amount. Many home owners will try selling with
a Realtor without success and then decide to sell
their own home once the contract ends. If your home
sells to a buyer that had viewed your home when you
initially had it with the Realtor, you may still be
liable to pay their commission. There are time limits
to this condition, check with with Realtor you were
using.
STEP 3. Increase the selling price of your home
with Assumability and with what's included.
Assumability: You have the choice of leaving
your mortgage behind for your buyer - providing they
qualify at your bank for the mortgage. If your buyer
assumes your mortgage, your lender may relieve you
of all responsibility related to it's fulfillment
provided you use the same lender. Check with your
lender to see if and how you can be released from
these obligations. This type of situation can increase
the selling features of your home. Especially if the
interest rate on your current mortgage is lower than
present market rates.
With thanks, Information provided by: www.audrie.com
