TAGS: HOMES IN OTTAWA, FIRST TIME HOMEBUYER, OTTAWA CONDO, OTTAWA HOME, MORTGAGE

We’re still a few weeks away from the beginning of summer which begins on June 21st, but it’ll be here before we know it!

 

 

If you’re thinking about selling a home during the summer, it’s extremely important to know what the top tips are.  As an Ottawa real estate agent and lifelong resident, the summer is a fairly short season here, but it can be an awesome time to sell a home.

The fact that summer is a good time to sell a home is not only exclusive to Ottawa, but is actually a great time to sell in most places.  If you put yourself in the shoes of a potential buyer, would you prefer walking through piles of snow or through a driving rain, or have to deal with some hot weather?  Yup, we’ll take the hot weather as well!

In this article you’re going to find out 10 sizzling tips for selling a home during the summer!  The 10 tips discussed below are all very important to be aware of if you’re thinking about selling your home during the summer season.  Remember, waiting until the last minute to get ready to sell a home is one of the top mistakes made when selling your home.

1.) Prepare The Exterior Of The Home For The Summer

A couple of the most important areas to focus on when selling a home in any season is the exterior and the curb appeal.  A home with poor or a neglected exterior will take longer to sell and likely will sell for less than it should.

When selling a home during the summer, it’s extremely important to prepare the exterior of the home.  The exterior and curb appeal of a home can give a potential buyer a pretty good idea of what to expect in the interior of the home, so make sure it’s clean, crisp, and attractive.

In the past, we’ve discussed important spring maintenance tips, so hopefully you’ve completed many of the tasks that should be completed when selling a home during the summer.  Below are several things to do when preparing the exterior and curb appeal of a home to prepare it for a summer sale.

  1. Mow the lawn
  2. Water the lawn to avoid a burnt lawn
  3. Trim bushes and shrubs
  4. Water the plants to avoid dead plants
  5. Weed and mulch the flower beds
  6. Touch up any exterior peeling paint
  7. Paint and/or clean up the front door
  8. Seal the driveway

 

These are just some of the most important things to do when preparing the exterior of a home for a summer sale.  

2.) Highlight Outdoor Living Space

Since we’re discussing the exterior of a home, another excellent tip for selling a home during the summer is to focus on the outdoor living space.  In many areas of the country, summer is a fairly short season, so many buyers spend as much time outside enjoying the weather as possible during the summer.

Many buyers put a premium on a great outdoor living space so highlighting the outdoor space is a great way to impress potential buyers.  One of the best staging tips is to help buyers envision themselves spending time relaxing outside.

If you’re home has an incredible outdoor BBQ or a large concrete patio, make sure it’s staged!  Showcasing to a buyer how amazing a homes outdoor living space is for entertaining friends and family will have buyers lining up with a purchase offer in hand.

3.) Address Necessary Repairs Prior To Listing

One of the quickest ways to scare away potential buyers is by not addressing necessary repairs.  For example, if a home has a very old roof with visible damage, not addressing this prior to listing will likely result in the owner potentially losing out on a fair amount of money from their sale.

Whether a home is sold during the summer or any other season, another very important tip is to make the necessary repairs prior to listing the home for sale.  Homeowners who complete repairs prior to listing their home not only will likely end up with a higher sale price, but also reduce the chances that a buyer will request a lot of repairs be made after a home inspection.

A few examples of common “necessary” repairs to be on the lookout for include broken windows, peeling or damaged siding, and damaged roofs.  It’s important when selling a home during the summer that a buyer is not distracted by repairs that have been neglected but is focusing on all the positives a home has.

4.) Keep The Home Cool

One of the most important tips for selling a home during the summer is to make sure to keep the home cool, at least while the home is being looked at by potential buyers.  If your home is not equipped with a central air conditioning unit, it’s still important to focus on keeping your home cool.

Alternative ways to keep a home cool without central air conditioning include installing window air conditioners, turning on ceiling fans, keeping lights off and blinds drawn prior to showings, and placing floor fans around the home.

If your home is equipped with central AC, make sure it’s performing efficiently and has been serviced recently by a professional HVAC technician.  One of the reasons to have a home inspection is to ensure the homes HVAC systems are working properly, so if a homes central AC unit isn’t, it’s another potential red flag for a buyer.

5.) Depersonalize & Declutter The Home

When selling a home during the summer, another simple but effective tip, is to depersonalize and declutter the home.  Home sellers who actually take action and follow this tip will give themselves an advantage over sellers who decide it’s not important.

A home that has personal effects all over the place, such as family portraits or a report card on the fridge, provide another opportunity for a buyer to be distracted from viewing the home.  Some buyers get distracted easily and will be more interested in seeing what the owners family looks like rather then looking at the features of the home.  

As for decluttering a home, regardless of the season, it’s highly recommended.  When selling a home during the summer, take the time to walk through your home and evaluate what you actually need to live comfortably while selling your home.  If you believe you can live without something while selling your home, consider moving it into a storage unit or into the basement or garage.  Decluttering a home is one of the best tips for staging a home on a budget.

6.) Stage The Home To Reflect The Summer Season

First and foremost, staging a home alone will not sell it.  There are some professionals who convince home sellers that staging is absolutely necessary to sell their home and it’s simply not true.  In fact, many sellers will hire an agent solely because they have a staging “designation,” which is not a great way to choose your agent.

Staging certainly can enhance the appearance of a home though, which can make a positive impact on a sellers bottom line, as long as the cost to do so doesn’t outweigh the potential return on the investment.

An excellent opportunity for home sellers who’re selling their home during the summer is to stage it to reflect the season.  Summer staging tips such as placing bright flowers on a dining room table, planting bright flowers in a window box, and having summer scented candles are all relatively simple and cheap, but can make a home stand out!

7.) Hire A Top Selling Real Estate Professional

There are dozens of reasons why choosing a top real estate agent when selling a home is vital to the success of the sale.  In most real estate markets across the world, there are thousands of agents to choose from.  Choosing the wrong real estate agent can be the kiss of death for a home seller (and buyer).

When selling a home during the summer, or actually any season, having a top agent in your corner cannot be understated.  Knowing how to interview agents is a skill that must be learned because asking or not asking the right questions can be the difference of making the right choice.

What are some of the most important things to ask real estate agents and to consider when selling a home during the summer?  Below are just 5 of the most important!

  1. What real estate marketing strategies actually sell homes?
  2. Do you use those marketing strategies?
  3. What methods do you use to determine what price to recommend to your sellers?
  4. What is your list price to sale price ratio?
  5. On average, how long do your listings take to sell?

 

One key takeaway when choosing a real estate agent to sell a home is that not all agents are the same.  Even real estate agents who work for the same company, are not the same.  Each real estate agent uses different techniques to price a home and market a home, among other things, so choose carefully!

8.) Strongly Consider Having A Pre-Listing Inspection

Before listing a home for sale during the summer, another great tip is to strongly consider a pre-listing home inspection.  There are many benefits of a pre-listing home inspection, one of the most important being that it can reduce the chances of a buyer being scared away after completing their own inspection.

If you’re unsure whether a pre-listing inspection is a good idea or not, an experienced real estate agent can help you evaluate whether it would be money well spent or not.  In the majority of cases, having a pre-listing inspection is well worth the cost because even newer built homes can have issues that the owner is not aware of.

9.) Price The Home Right…From The Beginning!

Generally speaking, there are 2 major factors as to whether a home sellers or not.  The first major factor is that the home is getting enough exposure and being marketed correctly, which should be taken care of by hiring a top real estate agent.  The other major factor is whether the price of the home is right or wrong.

An extremely important tip to keep in mind when selling a home during the summer is that the home must be priced right, from the beginning.  One of the worst real estate mistakes made is overpricing a home to leave room for negotiation.  Pricing a home incorrectly, for whatever reason, often results in a seller actually taking less for their home than if they were to price it correctly from the start.

How is it possible that if a home is priced incorrectly that a seller will actually sell their home for less than if they were to price correctly from the beginning?  

Simply, an overpriced home generally will sit on the market until the sellers decide to reduce the price to an acceptable market value, which sometimes can take several months.  When a home sits on the market for an extended period of time, buyers begin to wonder if there is something wrong with the home, which typically results in them not making an offer or submitting a low ball offer.

How can you be sure that you’re pricing the home right, from the beginning?

There is also a simple solution to this question.  An experienced real estate professional will provide a seller with a pricing recommendation, typically generated by completing a comparative market analysis, frequently referred to as a CMA.  A CMA is an analysis of one home to other similar homes that have been sold within the past 6-12 months.  An experienced agent will know how to make adjustments, both positive and negative, for features that the subject property may or may not have when comparing to the similar homes that have recently sold.

The bottom line of this important tip for selling a home during the summer is to make sure it’s priced correctly, from the beginning.  There are very few (or zero) home sellers who want to leave money on the table because they overpriced their home.

10.) Get Ready For Showings

This last tip for selling a home during the summer is certainly not the least in importance.  A seller to this point has maneuvered through the process of getting their home ready for the market, hiring a top agent, and pricing their home correctly, the last thing they want to do is not prepare their home for showings.

Home sellers are often not educated enough on how to prepare for a showing.. A home that is not prepared for a showing can be spotted from a million miles away.

There are lots of great tips for preparing a home for showings when selling during the summer.  Below are a few tips to consider while preparing a home for showings during a summer home sale.

  1. Put out a refreshing beverage for potential buyers, such as lemonade, iced tea, or cold water
  2. Turn on all lights
  3. Open blinds to let natural light in
  4. Set the thermostat to a comfortable temperature
  5. Clean up after your children and/or pets

 

Final Thoughts

Summertime is an excellent time to be selling a home, if the proper tips are followed.  The above 10 tips for selling a home during the summer all will make a difference in respects to the amount a home sells for and the time it takes to sell.

Since the summer in many areas of the world are relatively short and people are busy enjoying the weather or vacationing, it’s important to that home sellers put their best foot forward from the beginning.  Most home sellers don’t want to spend their entire summer attempting to sell their home, so completing the right pre-listing tasks and also tasks during the actual listing period can save lots of frustration and time!

Curious about the value of your home? Call or text us at 613.291.8033 and we'll give you a FREE home evaluation.

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TAGS: HOMES IN OTTAWA, FIRST TIME HOMEBUYER, OTTAWA CONDO, OTTAWA HOME, MORTGAGE

Why Use a Full Service Realtor®?

The decision to buy or sell a home is a big one; there is so much to think about and do! A home is likely the largest investment you will ever, or have ever, made in your life and it’s important to have someone you can trust to make the process as smooth as possible and offer expert advice. The Ken Tripp Team offers full service support which ensures that you will have experience, knowledge, and expertise in your court every step of the way as you navigate your next move. Most importantly, a full service Realtor® will be there to guide you when things get tricky and ensure that your assets are protected.

FULL SERVICE FOR BUYERS

You want to find the right home, in the right location, at the right price and a Ken Tripp Team Realtor® can help ensure all these things while making sure there is minimal hassle. Your Ken Tripp Team Realtor® will work with you to determine your wants and needs, time frames, and financial boundaries in order to find you the perfect home. Once you have found that perfect home, they will guide you through the offer process, expertly negotiate on your part, and help prepare you for closing day. Start to finish, a full service Realtor® will be your advocate and has the sole responsibility of looking out for your best interests. Here are just a few things that a Buyer’s Agent can do:

  • Guide you in your search and set up automatic notifications so you can see new listings as they come on the market.
  • Identify potential problem areas in a home and guide you away from “lemons”.
  • Set up appointments to take you for private showings of homes of interest.
  • Research property values to ensure that you are making the right offer.
  • Negotiate on your behalf with your best interests in mind.
  • Assist you in securing financing and advise you of legal options.
  • Recommend home appraisal, home inspection and contracting services, as appropriate.

FULL SERVICE FOR SELLERS

There are many factors that go into getting “top dollar” for a home and a Ken Tripp Team Realtor® has training and experience that will help ensure this. Using relevant market statistics, your Realtor® will help you determine the right price to list your home through a comparative market analysis. They will also ensure that your home is marketed effectively and they will anticipate and resolve any problems that may come up during the selling process. A Ken Tripp Team Realtor® offers a premier level of service, recognizing that for most people, our homes are our greatest assets. Here are just a few of the things that a full service realtor can do for you:

  • Provide a comparative market analysis to help sellers determine the listing price and what to expect.
  • Provide detailed action plans through every step of the process.
  • Create a customized marketing plan which leverages their own experience along with their association with Royal LePage Team Realty.
  • Expert negotiation services to ensure that the sellers’ interests are protected.
  • Guidance to the sellers through every step of the transaction.

HELP WHEN YOU NEED IT MOST

A real estate transaction may seem like a simple process, and in theory it is, but there are lots of factors that can make things much more complicated. These things happen every day and  you want to make sure that you have an experienced professional on your team to help guide and protect you through these challenges. A Ken Tripp Team Realtor® is trained to deal with these situations and are supported by a team of non-competing managers who can provide support and guidance should they need it. Don’t take a chance and make sure that your assets are protected. Here are just a few examples of some tricky situations:

 

  • Multiple Offers – Multiple offers are becoming more and more common in Ottawa and they can certainly bring some challenges. As a seller, there are legal implications if the process is not handled perfectly and as a seller, there are strategies to consider in order to be successful in your bid. A full service Realtor® will guide you through all of this.
  • Tricky Negotiations – There is an art to negotiating and Ken Tripp Team Realtors® are experts in their field.
  • Bad Home Inspections – A bad home inspection can be a major blow to both buyers and sellers. As a buyer, your Realtor® can guide you on the next steps of either negotiating a new deal or walking away. As a seller, your Realtor® will help negotiate a fair deal for you and discuss your options.
Curious about the value of your home? Questions about the buying or selling process?  Reach out to us at ken@kentripp.com or 613.291.8033 anytime, and we'd be happy to help.



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TAGS: OTTAWA HOME, OTTAWA CONDO. FOR SALE, HOME SALE IN WINTER, CONDO SALE IN WINTER

As we are quickly approaching the holiday season, one of the top frequently asked questions about selling a home is “should I sell my home during the holidays?”  Depending on who you discuss this topic with, you’re going to receive mixed opinions.

 

Some people will say you should absolutely not list your home during the holidays and should wait until after the new year.  Others will say that you should list your home during the holidays.

Before we dig into the top 10 cheerful reasons to list your home during the holidays, I always like to make it clear with sellers that in most situations, the spring is the best time to list your home.  This doesn’t mean that it is a complete waste of time to list your home during the holidays because there are some great reasons and advantages.

Below you’ll learn what the top 10 reasons to list your home during the holidaysare.  Homeowners who are deciding between whether they should list their home during the holidays or if they should wait and prepare for the spring real estate market, must consider these 10 reasons first before deciding.

Motivated Buyers Shop All Year

The holiday season is filled with holiday parties, family gatherings, gift shopping, and a variety of other time consuming tasks.  The holiday season is often the reason why many buyers will discontinue their home search because they’re too busy with other things.

These kind of buyers are the same type of people who generally go to open houses.  Yes, I’m referring to your nosy neighbors or window shoppers who have zero intention of buying your home.

One of the top reasons to list your home during the holidays is that the quality of the potential buyer of your home improves greatly.  Motivated buyers will shop for homes all year, even if it’s the holiday season.  These serious buyers want to take advantage of lower interest rates rather than waiting and potentially being effected by an interest rate increase.

These are the type of buyers that you want walking through your home, bottom line!

Buyers Have More Time To Search & Shop For Homes

It’s common that people have more time off from their job during the holiday season.  This means that potential buyers have more time to search and shop for homes.

The number of people searching on my website for homes for sale in Ottawa increases exponentially during the holiday season.  Imagine a motivated buyer gathering with their family for Thanksgiving and showing their loved ones homes they’re interest in to get their feedback and thoughts, because it does happen.  The internet has made searching for homes incredibly easy.

Not only do buyers spend more time searching online for homes during the holidays but because they have additional time off from work, they generally have more time to view homes in person.  The extra time that motivated buyers have to search and shop for homes is another excellent reason to list your home during the holidays.

Fewer Competitors During The Holidays

 

Fewer Competitors Is A Great Reason To List Your Home During The Holidays!

 

One of the top reasons why selling a home during the fall or winter months can be advantageous is because there are fewer competitors.  This means that many of your neighbors are waiting to list their home until after the holidays or maybe even until the spring.  It’s also not that uncommon for some homeowners to ask to have their home pulled off the market during the holidays.

Fewer homes for sale is a great reason why you may elect to list your home during the holidays.  This is especially true if your home is similar to many of the homes in your neighborhood.

For example, if your home is a traditional 3 bedroom, 2 bath row townhome and many of your neighbors homes are the same, listing your home during the holidays is a smart idea.  On the other hand, if your selling a luxury home that is extremely unique and rare in your area, your competition is unlikely to be high at any time of the year and waiting until after the holidays maybe the best decision.

Homes Show Better During The Holidays

One exceptional tip for preparing for showings is to ensure that your home is clean, neat, and organized.  If you’re going to be hosting family during the holidays, there’s a good chance that you’ll be cleaning and organizing every inch of your home.

The holiday season is also a popular time for homeowners to bring out their inner chef and baker skills.  Cookies, pastries, and dinners are created during the holidays which means your home is going to smell amazing during showings.  The smell test cannot be overlooked when selling a home because foul odors are one of the most common ways to scare away a potential home buyer.

Buyers Are Emotional During The Holidays

The holidays are filled with love, joy, happiness, peace, and a slew of other emotions.  Another excellent reason to list your home during the holidays is that buyers emotions tend to run higher during the holidays.

Since this is a well known fact, there are endless opportunities for home sellers to play off a buyers emotions.  An excellent cheap staging tip is to use natural touches when staging of your home.

A couple great ideas for using natural touches are something as simple as a holiday wreath with pine cones from your backyard or decorating a Christmas tree with bright lights and ornaments.  These natural touches may strike a buyers emotions and have you reaping the benefits of a successful home sale during the holiday season.

More Relocation Buyers

 

 

The holiday season is a very popular time of the year when relocation buyers are thinking about or are preapring to move to a new city or province.  Many relocation buyers will need to be in their new city or province right after the new year begins.

Since January is traditionally when the largest number of corporate transfers occur, this is an excellent opportunity for you to target an audience of buyers that may not be as strong during other times of the year.  This alone is a great reason to list your home during the holidays and not wait until after the new year or the spring real estate market.

Smoother Transactions

The number of homes sold during the holiday season is fewer than the number of homes sold during the often hectic spring market.  Since there are fewer real estate transactions occurring during the holiday season, this means that the professionals who are involved in a real estate transaction aren’t juggling as many transactions.

There are many different professionals who are involved in a successful real estate closing.  This includes real estate agents, mortgage brokers, home inspectors, lawyers, and several others.

There are a variety of reasons closings get delayed in real estate, one of them being a work overload.  Since all of these professionals have fewer transactions during the holidays, the chance they’re experiencing a work overload is less.  This means they’ll able to focus additional time and effort on your home sale during the holidays.  A smoother, and hopefully on time, transaction is another phenomenal reason to list your home during the holidays.

Competitive Edge For Your Purchase

If you’re going to be purchasing another home after selling your home, listing your home during the holidays can give you a competitive advantage when it comes time to buy your new home.  Selling and buying a home at the same time can be extremely frustrating, tricky, and unsuccessful at times.

If you need to sell your home before buying a new one, you’re considered a contingent home buyer.  Contingent home buyers leave themselves open to heartbreak if they were to lose their dream home to a buyer who doesn’t need to sell a property.  If you list your home during the holidays and successfully sell it, you’ll have a competitive edge since you won’t need to be contingent on the sale of your current home.

If your plan is to buy a home during the spring market, you need to understand that you’re likely going to be facing a sellers market.  Buying a home in a sellers market is very competitive and many homes for sale will receive multiple offers.

This past year during the spring market, homes listed for less than 24 hours were receiving 6-12 offers. Anytime there is this much competition, it’s almost a guarantee that a contingent buyer will be beat out by a buyer who doesn’t need to sell a home in order to buy a new one.

Showing Times Are More Convenient

There is nothing convenient about selling a home.  Selling a home means that you may have to leave your home several times throughout the day while people are walking through your home.  During the peak of the spring real estate market, this may mean leaving your home a dozen different times to accommodate showing requests.

Another popular reason to list your home during the holidays is that restricting showing times is not uncommon.  During the peak of the spring market, not accommodating showing requests is a great way to lose potential buyers because they can simply find another home to purchase since there is a greater supply of homes for sale.

During the holiday season, not accommodating a showing request because of a family gathering is easier for a buyer to accept and understand.  Since there are fewer homes for sale during the holidays, buyers are less likely to get upset if you cannot accommodate a showing because they simply will not have the abundance of options.

Top Real Estate Agents Are Up To The Task

To successfully sell a home, there are many stars that have to align.  Arguably the two most important factors in a successful home sale are that your home is priced properly and that your home is getting maximum exposure.

A great way to exponentially improve the chances of a successful home sale is to hire a top real estate agent.  Believe it or not, some real estate agents will “take it easy” during the holiday season.  This is not the case for top producing listing agents!

Since top real estate agents are actively working all year, another reason to list your home during the holidays is that you’ll have a better chance of hiring a top agent.  Certainly it does not mean that if you call an agent during the holidays and they agree to list your home that they are a top agent.

It’s extremely important to still make sure you take the proper steps in hiring a top real estate agent and understand the importance of how to interview an agent to list your home.

If an agent is steering you away from listing your home during the holiday season, you need to ask them what their reasoning is behind advising against listing your home.  On the other hand, an agent who tells you that the holiday season is the best time to list your home should raise a few red flags as well.

As one of the top real estate agents in Ottawa, I always pride myself on explaining both the PROs and CONs to listing a home during the holidays.  It’s important that you have both the positives and negatives so that you can make an educated decision as to which is the best for your situation.

Final Thoughts

The above top 10 cheerful reasons to list your home during the holidays may be a surprise to many.  This is because there is a stigma that selling a home during the holidays is a terrible idea.

As you’re deciding whether to list your home during the holidays or not, you should evaluate which seems to be the best fit for you.  Consulting with a top real estate agent is a good idea but beware of the agents who are steering you one way or the other.

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TAGS: MARKET UPDATE, OTTAWA, OTTAWA HOMES, OTTAWA CONDOS, OTTAWA FOR SALE, OTTAWA MORTGAGE, NEW HOME

Halloween has not Scared Away Home Buyers

“October’s sales are truly indicative of the fast-paced market we have experienced for much of 2018,” points out Ottawa Real Estate Board President, Ralph Shaw. “In some pockets of the city, listings are not lingering on the market. Year-to-date average Days on Market (DOMs) are down 14% from 45 to 39 days for residential homes and 24% from 68 to 51 days for condominiums.”

“However, lack of supply continues to be a major driving factor in Ottawa’s real estate market,” he adds. “If we look back to 2015 and 2016, our current active inventory is less than half of what we had then, and it’s not improving. Compared to last year, condo inventory is down 34.5% while residential inventory is 17.5% lower than October 2017.”

“Ottawa’s reputation as one of the most affordable cities in the country endures with residential average prices up approximately 6% year over year, yet continuing to come in under $450,000. While average prices for condos remain reasonable and steady in the $270,000 range,” acknowledges Shaw.

“Further, the number of apartment condo projects that have been approved by the City of Ottawa will maintain price stability for this category of housing going forward. This will offer opportunities particularly for renters who may be considering homeownership since the rental inventory is also down 32% from this time last year.”

The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 43 per cent of home sales while the $500,000 to $750,000 price range continues to represent one in five of all residential home sales this past month. Between $175,000 to $274,999 was October’s most robust price point in the condominium market, accounting for almost 53 per cent of the units sold.

In addition to residential and condominium sales, OREB Members assisted clients with renting 2,354 properties since the beginning of the year.

Questions about the market? Curious about the value of your home? Text me at 613.291.8033 and let's chat!

* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

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