If you’re thinking of selling your home yourself as an “FSBO” (For Sale By Owner), think again, from a buyer’s perspective. Buyers may be more hesitant to deal with sellers representing themselves than with those working with a professional real estate sales representative.Owners selling their own homes probably don’t have access to the information needed (e.g., comparables) in order to assess their home’s true market value. As a result, they’re more likely to overprice their homes and less likely to recognize a fair offer when they see one. For buyers, this can make for a more frustrating and time consuming negotiation process, which is always a turn-off. And so when the market’s moving fast, buyers will be especially motivated to avoid such sellers. Also, real estate transactions can be incredibly complex, requiring detailed financial and legal knowledge in order to see a sale through. For example, do the sellers know how to properly fill out paperwork? Are they familiar with local disclosure laws? Buyers may be wary of dealing with homeowners selling their properties themselves, fearing the sellers lack the breadth and depth of knowledge needed in order to successfully complete the transaction. Lastly, some buyers may be reluctant to deal with do-it-yourself sellers because they’re of the opinion that sellers who won’t hire a professional to handle the sale are frugal and like to cut corners. They may even wonder if the sellers will try to nickel and dime them (e.g., with chattels and fixtures) and where else the sellers will try to cut corners.
For a transaction as significant as buying and selling a home, it’s important to involve real estate professionals, starting with a qualified Windsor real estate sales representative.
Canadians continue to be optimistic about the benefits of home ownership, including its advantage to consumers as a safe investment. Low mortgage rates have resulted in a seller’s market in many cities, although the Canadian Real Estate Association (CREA) recently noticed a slowing of that trend, with a rising number of new listings resulting in a more balanced national resale housing market. Demand remains very strong, but as CREA President Georges Pahud points out, “The rise in new listings means that buyers may shop around more before making an offer.” In this ever-changing market, you’ll want the services of a professional real estate sales representative on your side, to ensure the smoothest, most successful transactions possible. And you’ll certainly want to be aware of the many things that could adversely affect the ultimate success of any real estate deal. First of all, if the sale is contingent upon you doing something —a home repair, for example — make sure you do it, and do it well. The buyer will notice if you do a cheap patch job instead of a thorough repair. Equally important, be sure to keep up with your regular home maintenance. You don’t want to give the buyer any cause to consider backing out of the sale. Aside from the physical condition of the home, make sure your fi nancial footing is steady. For example, a title search will turn up if there’s a tax lien on your home. Be aware that any liens need to be paid off before the sale can go through. For more tips on how to navigate the smoothest real estate transactions, please visit windsor real estate.