1.Not Listing Now!!! We are in the throws of a Seller’s market. Home prices in Nova Scotia have increased by 20% on average. Depending on the property many are having competing offers and selling for well over asking. Inventory right now is at a historic low. but as we round the corner to the typical spring selling season, there will be more and more homes coming on the market and therefore increasing the inventory and the competition and of course, the more supply, the lower the demand and price.
2.Selling your home yourself. No this is not necessarily a mistake, because if you find a buyer and they are willing to pay the price you want and not have to pay out a commission, then why not. There are few things to consider though. NS REALTORs are governed by the NS real estate commission and the Ns Real estate trading act. A REALTOR® is ethically bound to work in your best interests, to keep you informed of your rights and obligations in the home selling process. Also, a good REALTOR® will be able to market your property well beyond just MLS, and exposing your property to the greatest number of Buyers possible will increase your sale price. National Association of REALTORs® study shows that this extra exposure typically more than pays for the REALTORS® commission.
3.Not being prepared for the amount of activity. REALTORS® who are working with buyers are scouring the new listings coming onto MLS several times a day for anything new and when a new listing comes on than later in this market we have seen a feeding frenzy! Tons of viewings may be booking within the first few days and multiple offers received. This trend has seen REALTORS® noting in listings that offer to be left open for a few days so that the seller isn’t forced to address the first offer that comes in when multiple buyers are looking to view. Your Realtor will ask for you to have documents gathered that are typically asked for by a buyer such as taxes, utilities, covenants, WETT certification, or location certificates. This can be overwhelming if not properly prepared.
4.Knowing your options. The ball is in the sellers’ court right now because buyers are willing to bend over backward to get their offer accepted. Many buyers are competing with offers on several properties before they become the winning bid. So if you as a home seller need a longer closing to find another place or before your next home will be ready than, then chances are there is a buyer out there that is willing to accept those terms. Or if you require a higher price to allow for you to rent for a while or to put items in storage, then that may be an option too. Everything is figureoutable!
Check out my Ultimate book of Sellers Checklist.