How is the real estate market right now?
A frequently asked question from home sellers before listing their home for sale is related to the local real estate market. There are many market indicators that a top producing Realtor should be able to share with you to help explain the condition of the local real estate market. One of the most important indicators on market conditions is average days on the market. The average days on market can indicate to a seller how quickly homes are selling when listed for sale.
Other examples of market condition indicators that a top producing Realtor will provide a home seller before listing their home include absortion rates, number of closed transactions year-over-year for a given month, average sale prices, and average list price to sale price ratios.
When is the best time to sell my home?
When is the best time to start growing a tree, well the best time is 20 years ago, the second best time is today. Haha... This frequently asked question cannot be answered with a simple answer. Every real estate market is different, and it may go up and down with other variables other than season. In most cases, the spring months are the best time to be selling a home. The spring months will vary from community to community. For example, the spring market may start in Edmonton around April, May, and June while the spring market in Kelowna or Vancouver may start earlier in February or March.
Since every home sellers situation is different, you should discuss the timing of your home sale with your Realtor. In some cases, selling a home in winter gives you an advantage, but other times there just isn't any buyers. It's not always ideal to wait until the spring market. This is due to a combination of many factors but serious buyers are always looking for a home, every market, every season.
How Much Are Real Estate Commissions?
When you hire a real estate agent, they will provide services. Services come at a cost, and one of the costs involves realtor listing fees, also known as brokerage commission fee. The fee covers the commission of both the seller and buyer’s agents, but is strictly paid by the seller. All commission is paid when the sale of the home is finalized.
According to the Real Estate Council Alberta, real estate agent commission fees depend upon the real estate agent. They will usually do one of three things:
Charge a flat fee for all services rendered
Charge a split or fixed percentage of the home’s final sales price
Negotiate the commission with sellers
The MLS® listings will show what the seller is offering as posted commission amount, therefor any agent who shows a home knows exactly what they will be paid as a commission
What should I disclose to potential buyers?
When selling a home, it’s important you disclose anything you are aware of in your home. Nobody likes “getting the raw end of a deal” when it comes to buying a home, car, or anything for that matter. If you’re aware of defects with a roof, appliance, or home in general, you’re always going to be better off being honest and upfront. If you’re aware of defects, whenever possible, fixing them before going on the market is best. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even years after you have sold your home.