Home sales across Canada have been a hot topic in 2022. The spring of 2022 saw a 42 percent increase in number of homes sold in Edmonton compared to the spring of 2021. The energy in the housing market was electric and left many homeowners wondering if it was the right time to capitalize on the hot market.
As the housing market returns to a more normal level of activity, there are a few considerations to keep in mind if you’re still feeling compelled to sell your home.
Best Time to Sell a House
Spring has always been the preferred season to list your home. Buyers are out of hibernation, excited for the year ahead and want to look at new properties. However, there’s two sides to every coin. It’s often overlooked that you’re competing with a larger number of properties on the market. There’s more competition, which can extend the time it takes to close a transaction and it could result in lower prices.
Consider standing out from the crowd by listing your home in the fall or winter. Listing in the winter comes with many benefits like less competition, more price authority and less maintenance for curb appeal. While it’s never recommended to deceive the aesthetic of your property, the snow acts as a nice way to keep lawn maintenance off your to-do list!
How Much Does It Cost to Sell Your Home?
Realtor Commission
Basic costs such as real estate commissions and legal fees should be expected with most home sales. This real estate commission tool can help give a more accurate estimate of the fees you can expect to pay. But, as a general rule, the average commission breakdown is 7% on the first $100,000 and 3% on every $100,000 after that.
You can avoid realtor commissions all together by opting for a private sale. However, selling your home privately can be a challenging and time-consuming task. Ensure you’ve weighed all of your options before determining if selling privately is the right fit for you.
Photography and Videography
Buyers for your home don’t fall from the sky. They’re brought to your listing through strategic marketing efforts including photography and videography that showcase the best features of your property.
Who pays for this completely depends on the route you’ve taken! Realtors will often include the cost of photography and videography within their commission fee. But, if you choose to sell privately, you’ll be paying for this out of pocket. It’s recommended that you hire a professional who understands composition, lighting and editing to make your home look its absolute best and stand out from other listings.
Professional Home Staging
Professional home staging can offer a great return on investment. A Real Estate Staging Association study revealed that “85 percent of homes analyzed sold for five to 25 percent above listing price” (RE/MAX, 2022). With the average single-family detached home in Alberta hovering around $500,000, that could mean an extra $25,000 to $125,000 in your pocket.
Using a professional staging company costs money. If you have an eye for design, you can always look for home staging inspiration online to save costs.
Legal Fees
Always use a lawyer when it comes to the sale of your home. Retaining a lawyer will ensure your interests are protected and that your transaction is legitimate. Legal costs are typically covered outside of realtor commissions and can vary depending on the firm. Shop around and look for references when making your decision on whom to use.
When Is The Worst Time To Sell Your Home?
One thing that is for certain, is that the real estate market is fluid. This means many factors contribute to the “best” and “worst” times of the year to list your home. But, the worst time to list your home is actually when you don’t have a plan.
Listing your home based on emotion can be a costly mistake. For example, selling your home to capitalize on a hot market without a firm plan of where you’re going could cause you to overpay on the next purchase, end up with something that doesn’t suit your family’s needs or worse yet, put you in a panic to find other accommodations.
Where Will You Move?
Well, we hope it’s to our exclusive modular community, Meadows of Morinville! But, wherever your search leads you, it’s important to consider a few factors.
Deciding where to purchase your next home is an extremely personal decision. Many elements such as your job, family dynamic and lifestyle are at play when starting the search for your next property. We recommend thinking about factors like your lifestyle and property location first to ensure your pointed in the right direction.