There are many misconceptions around the real estate market, real estate agents and the services they provide. In my years as a real estate agent, I’ve heard these myths and have seen them influence home purchasers and sellers. Today’s myth is the thought that a realtor who agrees to list a property at a higher price than other agents should be the agent of choice. This is a myth because real estate agents cannot guarantee the final sales price for your home. Sales price is determined by real estate market trends and statistics.

An experienced competent agent will provide you, the Seller with qualified data and a suggested list price for your home based on current market trends and results. Correct property pricing is one of the major reasons people choose a professional real estate agent when selling their home. If a property is priced too low or too high, owners risk leaving cash on the table. The key to a successful sale resulting in sellers receiving the highest amount in the shortest period of time is correct pricing.

The result of underpricing is obvious but what is not as apparent are the results of overpricing. Overpricing leads to a property sitting on the market too long. The most successful time for a property on market is the first 7 days. This is the time that there is the greatest excitement generated because the listing is new and fresh. This excitement leads to the most action, resulting in much higher odds for a quick sale at the best price. The overpriced home receives little to no action during this 7 day window and as time on market extends, buyers begin asking questions and making assumptions… “That home’s been on the market for awhile I wonder what’s wrong with it?” “I’ll stay away from that property as it’s likely structural or some other major issue keeping buyers away.” “That home is still on the market! The seller is just greedy. It’s obviously overpriced so I am going to submit a low-ball offer.” There is generally a direct correlation between a property’s number of days on the market and a lower sales price. 

I have seen seller’s choose agents who are willing to list the home at a price that is not reflective of current market sales data. The seller’s rationale is that they need to go with the agent that will list the house higher because they need more money. As a dedicated, caring professional I will do all that is necessary to provide you with the best sales outcome. I want to ensure that you get as much money from your home sale as you possibly can. This can only be achieved through accurate and correct market pricing at the start. Unfortunately. the sellers who choose the agents who offered to list at a high price had properties that sat much longer on market often for months resulting in a final sale price considerably lower than the suggested list price which I’d provided to them based on a thorough  analysis of the current market and comparisons of comparable properties in your area. Price your property correctly at the start and you will be pleased with the results. 

Homeowners often do not realize that their property truly extends beyond the home itself and that investing in making your outdoor spaces both functional and visually appealing can add to it’s overall value. Just think how desirable it is for you and your family to enjoy the extra space and lifestyle options that a landscaped property can provide. Potential buyers will also appreciate this added bonus.

So what are some things you may wish to consider… garages, decks, children’s play structures / playhouses, pergolas, gazebos, raised garden beds, sunrooms and the list goes on. Note - When it comes to investing in a pool, whether in-ground or above-ground, consider first if it’s a priority for you and if it meets your lifestyle needs. A pool should not be viewed as an investment. There are ‘pool people’ and ‘non-pool people’. In terms of resale,  there are buyers who would view a pool as a desirable feature picturing themselves, family and friends enjoying time lazing by the pool or hosting fun-filled summer pool parties. However,  there are an equal number of people who would look at a pool as a detraction to a property they were considering. These people might be thinking about upkeep costs, safety, maintenance work and in the case of an in-ground pool, how much it would cost to refill it and lay down sod. A deck generally provides a good return on investment as it is more universally desirable as an added extension of a home’s useable space. Most decks require city / municipal permits to authorize the build so ensure you review all guidelines and requirements before starting a deck project. Another important consideration is deck material… will you consider a composite which may have a higher upfront costs but lower maintenance costs in the future. Whether you have a deck or are considering adding one it’s important to remember that the deck needs to be properly maintained, regular cleaned and stained (if wood) to ensure it remains structurally sound and visibly appealing. The same advice applies to gardens - before adding a garden determine your lifestyle and priorities. A large garden / extensive landscaping will require ongoing maintenance. If you are not wanting to spend time daily in the garden perhaps planters may be a better option?

Overall, well-maintained yards with attractive features add to a homes value and appeal. Therefore, consider it a worthwhile investment for your personal enjoyment and if the upgrades are done properly and maintained regularly, an added return when the time comes to sell. 

Have any questions about outdoor or indoor space upgrade options or if you’re thinking ahead about preparing your property for sale please feel free to reach out to me anytime. It’s never to early to prepare for a future sale even if you’re not ready to move. The earlier you begin planning ways to improve your property and increase your investment, the more likely your home will sell at the best price in the shortest amount of time. Feel free to reach out to me anytime for a consultation. I’ve worked with homeowners months and years ahead to prepare for a sale with successful results. 

In September 2024 the federal government announced a few mortgage reforms that will help make mortgages more affordable for Canadians and put home ownership within reach: 

1. Increasing the $1 million price cap for insured mortgages to $1.5 million effective Dec.15, 2024. This will help more Canadians qualify for a mortgage with a downpayment below 20%.

2. Expanding eligibility for 30 yr mortgage amortizations to all first-time homebuyers and to all buyers of new builds effective Dec. 15, 2024.  This measure will help reduce the cost of mortgage payments and help more Canadians buy a home. 

3. Allow all insured mortgage holders to switch lenders at renewal without being subject to another mortgage stress test. Not having to qualify when renewing with a different lender increases mortgage competition and enables more Canadians, with insured mortgages, to switch to the best cheapest deal. 

So you’ve found the perfect house but it needs upgrades or a garage and you don’t have the available funds. If this is the case you may wish to consider a Purchase Plus Improvements Mortgage Option. This mortgage includes anything that materially increases the value of the home. Here’s the list - kitchens, bathrooms, flooring, removal of non-structural walls, interior & exterior doors, new roof, electrical, plumbing, windows, basement renovations, garage build, landscaping, insulation etc. So with this new information in hand your options have just become much more plentiful and the odds have improved that you will truly find your dream home sooner. Contact me for details. 

As I’ve blogged about in the past, it’s really important for homebuyers to have their own representation so that their interests can be properly protected.  If there’s any bumps in the road - and there often is with a transaction as large and complicated as a home sale, a Buyer’s Agent has the knowledge, expertise and skills to help you navigate the process. A deal can easily fall apart when information is lacking and emotions are strong on either or both the sellers’ and buyers’ side. As a real estate agent, I work hard to help you achieve your goals and do all I can to educate and provide important resources and ongoing support from beginning to end and beyond. In many  challenging situations it is the real estate agent who saves the day and mediates on behalf of their clients. I link my clients to needed experts and we all work together as a team to achieve success. When it comes to possibly the biggest purchases of your life trust an expert to protect you. The added bonus is that you have gained another lifetime friend and ally. I love helping my clients and in so doing, trusting friendships and strong bonds are formed. Thinking of a home purchase? Give me a call and I’d be happy to provide you with guidance for getting started on this exciting journey. 

So excited to host this special viewing event at 7 Heartstone Drive. A lovely home in an ideal location.