UNDERSTANDING OAKVILLE REAL ESTATE MARKET CONDITIONS

The real estate market constantly changes.  An understanding of these changes can affect your position as a seller.

 Seller’s Market:  The number of Buyers wanting to buy exceeds the number of homes on the market.  Homes generally sell more quickly and the Sellers tend to show less flexibility on the selling price.  Therefore you may get a higher price for your property.

 Buyer’s Market:  The supply of homes on the market exceeds demand.  With more homes for sale relative to the number of Buyers, homes tend to stay on the market for a longer period, and prices tend to drop.  In a Buyer’s market your home may take longer to sell and the Buyer may be less negotiable on his/her Offer price. Your home may sell for less.

 Balanced Market:  The number of homes on the market is equal to the number of Buyers looking for a home. Demand equals supply so homes sell reasonably well and prices tend to be stable.

 ESTABLISHING AN ASKING PRICE FOR YOUR HOME

 It is of the utmost importance to determine the correct asking price for your property.  Wendy & Doug will assist you in establishing a realistic listing price thereby ensuring that the significant marketing and promotional activities Wendy & Doug will provide for your home will be effective in attracting the attention of the highest number of qualified buyers for your home. Attracting the highest number of qualified Buyers generally results in your home being sold for the most favourable price, within the least amount of time and with the least amount of inconvenience for you the Seller.

 Market conditions generally determine the value of your property.  Compare your home to similar properties that have sold in your area.  This will help you establish a competitive asking price. Other factors which influence the value of your property:

·        Location

·        Size

·        Style

·        Condition

·        Community Amenities

·        Market conditions – Buyer’s or Seller’s market

·        Financing Options

 It is important to understand your market.  Wendy & Doug will prepare a comparative market analysis for your home based on the most current market information.   This will help you to establish the proper list price for your home.

 SIGNING A LISTING AGREEMENT

 The first formal step in marketing your property is to enter into a Listing Agreement – a contract that commits Royal LePage to actively market your home for a specified period of time.  It also commits you to a pre-established marketing fee that is to be paid upon the successful closing of the sale of your property.

 You may be required to produce the following documents:-

 1)      Plan of Survey or Location Certificate – a survey or sketch of your property which outlines the lot size and location of buildings as well as details of encroachments of neighbouring properties, and any easements which may be registered on your property.

2)      Property Tax Receipts – the current annual property taxes

3)      Mortgage Verification – you may be asked to authorize your mortgage lender to provide the exact balance of your mortgage and to disclose any discharge penalties.

4)      Deed or Title Search – this document is a legal description of your property and proof that you own it. Your Solicitor may require this document.

5)      Other Documentation – it may help the sale of your property if you can provide prospective Buyers with information on such items as annual heating, electrical, and water expenses, as well as any recent home improvement costs.