Do you have a bunch of questions before you decide to sell?
Selling a home in Edmonton can be a complex process, but with the right knowledge and preparation, it can also be a successful and profitable one. It's important to understand the latest market trends and conditions in order to price your home appropriately and attract the right buyers. Additionally, preparing your home for sale by making necessary repairs and improvements, and staging it for showings can make a big difference in getting top dollar for your property.
One of the most important decisions you'll make when selling your home is choosing the right real estate agent. A good agent will have knowledge of the local market, be able to provide you with a comparative market analysis and have a proven track record of successful home sales. They will also be able to advise you on pricing, marketing, and negotiations, and will work to get you the best possible price for your home.
We get a lot of frequently asked questions from people considering buying a home in the Edmonton area. Some are more complicated than others, and can really only be explained in person, but some of the more basic frequently asked questions are listed below.
Should I talk to a mortgage professional before looking at homes?
Absolutely, the answer is yes. There is no point going out and looking at homes, and getting your heart set on something you can't afford. Most real estate agents will at least ask if you've been pre-qualified before showing you homes, and some may require proof.
Keep in mind there is a difference between a pre-approval (based on your answers to questions) and a pre-qualification (where they actually check all your information and confirm your qualification). Don't waste your time looking without knowing what you can afford, and what you can qualify to borrow.
Can you help me find a rental property?
It is not common for real estate agents in the Edmonton area to help clients find rental properties. Liv Real Estate® agents only represent clients buying and selling properties.
How is the real estate market right now?
A frequently asked question from home sellers before listing their homes 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 of market conditions is the 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 absorption rates, number of closed transactions year-over-year for a given month, average sale prices, and the 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 a 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 seller's 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 they're just aren'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 a brokerage commission fees. 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?
Can I "rent-to-own?"
There are rent-to-own opportunities out there, but they're very few and far between, and extremely hard to find. It's very rare that we're able to find a property that meets your needs, that you can rent-to-own, and even if we can, it may not be your best option. You'll probably need to pay a higher interest rate than you otherwise would, costing you far more money in the long run.
If I already own a home, should I buy or sell it first?
This is a complicated question which we answer in detail here!
Who pays the real estate agent's fees when buying a home?
When you work with a real estate agent, their fees almost always come from the proceeds of the sale of the home. This means that the agents only get paid when the home actually sells. It doesn't cost anything to have an agent from Matt Ferguson Group show you homes, write and negotiate offers and help you through the entire process.
If you do purchase a home with that agent, they will get paid after the sale of the home closes, by the seller. Real Estate agents in Alberta are required to have a contract with their clients called a Buyer Representation Agreement (or a Seller Representation Agreement if they're representing a seller) that explains the services they offer and the amount they will get paid for those services. There are benefits of buyer representation.
How long does the seller have to respond to my offer?
When you write an offer to purchase a property, you can (and should) include a deadline for the seller to respond. One of the last sections of the offer says this offer is open until [insert date and time]. If the buyer and seller do not come to an agreement at that time, the offer essentially dies. Putting a short deadline can encourage a seller to respond quickly, or be considered unreasonable and simply ignored. Your real estate agent can give you advice on the ins and outs of deadlines on offers.
More FAQs coming soon...
If you're thinking about selling a home in Edmonton, it's important to have a good understanding of the local market and to prepare your home for sale by making necessary repairs and improvements, and staging it for showings. Additionally, it's essential to find the right real estate agent who has knowledge of the local market, can provide a comparative market analysis, and has a proven track record of successful home sales. They will be able to advise you on pricing, marketing, and negotiations, and will work to get you the best possible price for your home.