Realtor, Real Estate Okotoks, Cochrane, Calgary

      


Big city deals with a small town feel! 

Specializing in Real Estate in Calgary, Okotoks, Cochrane & Area


Call or text 403.700-2532   Email: home@griffinre.ca

Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas


The costs associated with selling a home

Deciding to sell your home is a big decision, so it’s always good to remind yourself of what that decision entails, including the associated costs you might incur. Many real estate industry groups have resources available to the public on the home-selling process, such as the Real Estate Council of Alberta’s Home Seller’s Guide. However, most resources don’t specify selling costs, in part because they can vary greatly depending on the individual property and circumstances of the sale. To provide a frame of reference, here is a summary of costs associated with selling a typical $500,000 home in Calgary:

 

Commissions – $19,950
Using a professional REALTOR® to sell your home provides many benefits, and that expertise is repaid in the form of commissions, which are split between your Realtor and the buyer’s Realtor. The industry standard in Alberta is typically seven per cent on the first $100,000 of the selling price, then three per cent on the balance, plus GST.

 

Legal Fees – $1,000
The cost of legal services can vary, but Calgary real estate lawyer Jeffrey Kahane says typical legal fees usually run about $1,000, which includes all necessary disbursements. Kahane adds that if your property is a condominium, there is an additional cost for an estoppel certificate/certificate of insurance, which, depending on the management company, might cost $200 to $350.

 

Real Property Report – $800
The Alberta Land Surveyors’ Association does not set a standard cost for preparing a real property report, as the work required can vary greatly depending on the property and what has been done to it since the original boundaries were placed. Expect to pay an average of about $600 for a new report and $500 to update an existing one, plus about $200 for a Certificate of Compliance from the City of Calgary.

 

Mortgage pre-payment penalty (if applicable) – cost varies
If you sell your home before the maturity date of a closed mortgage there might be penalties for pre-payment. Typically, that will be three months of interest on a closed, variable-rate mortgage, but can be much more if you have a closed, fixed-rate mortgage with an interest rate higher than current rates. In that scenario, you might be charged for interest on the remainder of the term, based on the interest rate differential. Check with your mortgage provider to be certain of the terms of your mortgage and pre-payment penalties.

 

Home staging/renovations – cost varies
Selling a home has sometimes been compared to speed dating, as buyers viewing several homes have only a short period to decide whether your home might be a potential candidate for purchase. So, to boost the chances of selling a home, many people make renovations or minor modifications to freshen things up, such as a new coat of paint. Others hire a home staging professional to make their home stand out from the crowd.

 

Moving expenses – $1,500
Lance Laliberte with Premiere Van Lines says professional moving is billed at an hourly rate, based on the number of movers and trucks needed, so they always recommend an in-home survey to provide the most accurate quote possible. However, he says the average cost for a local move within Calgary for a standard three-bedroom home with between 10,000 and 12,000 pounds of household goods is $1,500 to $2,000 during peak season in spring and summer months and $1,000 to $1,500 during fall and winter months, not including packing or unpacking services.

 

FYI: Bridge financing
If the closing dates for the home you are selling and one that you’ve already purchased don’t coincide, then the solution is bridge financing to cover the gap between your current mortgage and the one on the new property.

Nicole Wells, vice-president of home equity financing products and segments with Royal Bank of Canada (RBC), says a bridge loan is a temporary financing option that enables homeowners to use equity in their existing home to pay the down payment on their next home, while they wait for their property to sell or as they complete renovations on a new home.

 

“It allows you to own both homes at the same time and, for some, can help you buy first and sell later,” said Wells. “It can reduce stress of moving, strengthen your purchase offer and mitigate the need for temporary storage.”

She says a bridge loan is a short-term solution defined by the number of days between your purchase close date and subsequent sale date, which can be as short as one day or run as long as six months.
Wells adds that interest rates for bridge loans can be more expensive than conventional financing, but the shorter loan term can offset the cost.

 

Currently, the cost of bridge financing at RBC is set at RBC prime plus 4.5 per cent.

She suggests anyone considering the use of bridge financing should speak to their mortgage specialist to find out if it’s right for them.

 

Source: CREB NOW

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Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

 
 

Most people believe there are lots of reasons that a home doesn’t sell. However, there are actually only five. If you address these five common mistakes, then you will never have a problem getting your home sold. 

Over Pricing and Speculating
We all wish we could ask whatever we wanted for our homes, but unfortunately price is set by comparable properties and market conditions. If you are priced above either of these, then your home will sit for a long time.

Looking at the price of homes currently listed for sale in your neighborhood only tells part of the story. You must research how much homes are actually selling for, and price your home accordingly.

 
Exposure
Even a well priced property can’t sell, if no one knows about it. If you are not marketing your home where the buyers are looking, then you will not sell it. The more of your target market that sees your home, the better chance you have.

More and more, people are using the internet as their primary source of research. Be sure your home is easy to find in the most common places that people look.

 
Poor Marketing
You have to make buyers want to look at your home. If your marketing makes your property look like every other listing, then you are simply “rolling the dice” and hoping for the best. Is your marketing truly compelling?

A great question to ask is... Why should someone buy my home, versus any other home in the neighborhood or city? If you don’t believe that you have a compelling reason, then the buyer won’t either.

 
Presentation
So now you’ve got someone to look at your home, but it’s a mess, smells bad, or simply shows poorly. If a buyer doesn’t feel comfortable in your home, you can forget about the sale.

If you can, don’t be around for showings, keep the house clean, and do some research on staging your home for sale. A small investment can make or save you thousands.

 
Lack of Buyer Confidence
Purchases fall through every day because sellers cannot confidently answer the buyer’s questions; provide accurate paperwork, or verify important details. If you are not organized before you sell, then you may watch all your hard work go to waste as a potential buyer walks away due to a lack of confidence. 

Do Your Homework
You need to be very realistic with your goals when you are selling and you must do your homework. As the marketplace changes so must your strategy. Too many people spend thousands of dollars, hours of their time (not to mention stress) and miss the best opportunities to sell or don’t have the proper information to make a sale possible.

Gather all the information that you need and get the advice of experts when you can. At the end of the day, hiring a professional to ensure your sale is done properly may be one of the best investments you can make.

 

Source: Courtesy CIR Realty

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Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

11 Ways To Get Your House in Tip Top Shape Prior to Selling It!
And Maximize the Most Income!
 

Many people want to know what the secret is to getting the most out of their real estate and to appeal to most consumers looking for real estate today. This report will guide you through doing many of those things to help get the most dollars when selling your property. 

1. Paint the interior!
Most buyers appreciate a good fresh coat of paint and this will help enhance your properties value. It will also help brighten your rooms by giving them a new clean appearance. Stay away from bold and bright colors and focus more on lighter and softer earth tone shades. This will also help make the rooms feel larger and appeal to a bigger group of potential buyers. 

2. Paint the exterior!
Curb appeal is important and there is nothing worse for a Real Estate professional to try and market a home that has peeling paint or is in desperate need of painting. Of course depending on the time of year and the weather conditions you might not be able to paint the exterior but if at all possible paint the exterior. As noted with the interior suggestion of using soft lighter neutral colors do the same for painting the outside of your home. Stay away from bright colors that others may not like. 

3. Pick Up Any Outside Debris, Trash or Clutter!
First impressions make a huge impact on potential buyers. Should your property have unwanted clutter at the initial greeting to consumers when your property is shown it will not help in the marketing and selling of your home. A few hard hours of raking cleaning and picking up odds and ends could add “thousands” to the sales price of your home. 

4. Reduce Extras and Odds and Ends From Your Home!
Rooms with too much furniture or decorations can often detract from the showing of your home. Usually too much décor can make the rooms look smaller and hurt your chances of selling your home. Store unneeded furniture or items that you can do without during the marketing stage of your property listing. Your goal is to make your property look spacious and comfortable. Buyers also want to see rooms that appear and look spacious to them. 

5. Be sure and Open Blinds and Draperies!
This is a great idea to help aid the salesperson sell your home. When your property is in tip top share and ready to show having as much light as possible helps brighten your home and give it a good feel. 

6. Avoid Playing Music!
Although you may like the music playing in the background it can be a deterrent to the agent and buyers while looking at your home. Keep music off while your home is being shown. 

7. Price Your Property Right From The Beginning!
Many buyers take the approach and attitude that they can always come down on price. This can be a bad thing to do. Many buyers feel if a home has been listed for a long time that there is something wrong with it. Most agents will tell you that the best activity occurs during the first two to three weeks of the listing begin date. After a few weeks the activity will begin to taper off and showings will cease. If your home is priced incorrectly from the beginning it will not get a lot of showings and the longer your home is on the market the more buyers will feel that it’s tainted or something’s wrong with the price. 

8. Have Your Carpets Cleaned!
It’s a good idea to have your carpets cleaned or your hardwood floors polished or waxed. This is normally not too expensive and can usually add a lot of appeal to potential buyers. 

9. Hire a Home Stager
If possible hire a staging company to help show you ways to maximize room appeal and value to your residence. Many real estate firms have a staging company or people on staff who can aid in this service. Feel free to ask me about how I can help with staging too 

10. Look Outside
The exterior of your home is the first impression buyers will have, make sure you clean up debris and keep the sidewalks and entry clear of clutter. Consider your curb appeal. 
 
 
 

Edited with Source from John D. Mayfield ABR, ABRM, GRI, e-PRO, CRB

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Brett Murrell, Realtor Real Estate Agent serving Calgary, Okotoks, Cochrane & areas

Initially you think 'I don't want to move in the winter' but here are some reasons why selling and moving in the winter can be beneficial: 

 

1. It can be a great time to sell: 

 

Seriously. The spring market is the most common time most people choose to sell so in the winter you are likely to have a bit less competition. While you're also thinking that people may not be moving in th e winter, often people start their search in the winter months and you may be up against less competition. 

 

People often need to move int he winter, whether a choice or not, further allowing you to capture a potential audience that is looking for their dream home. 

 

2. Hiring help:

 

Often times trades people have a little more free time in the winter as they are not booked up with seasonal work or the demands of the spring and fall selling markets. 

 

Seasonal work for tradespeople often happens in the warmer months meaning they have less flexibility to accommodate urgent schedules or focus on one job site. 

 

3. Movers:

 

You may not be doing all of the heavy lifting yourself for a move, so hiring a mover in the winte rcan be beneficial. Not only are they fully prepared for the changing temperatures and conditions but they are generally less busy durign the winter months. Choosing and hiring a moving company can be easier when not up against the multiple other homes.

 

Occasionally mover offer discounts for using their services in the cooler months helping you to save money by moving in the winter. 

 

4. Agents: 

 

That's right, Real Estate Agents ar egenerally less busy in the winter, meaning we can take the time to search and find you the perfect home, keep you on top of new listings and take you around to view homes mor eoften if needed.

 

Giver consideration to moving int he winter. Even if you are against doing the physical moving, you may be able to negotiate a closing date that will help you ensure slightly milder temperatures. 

 

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.