By Lynda Cox, sales representative with Faulkner Real Estate
Preparing to sell your home? Here are two key questions you should ask yourselves, and my advice for how to deal with them.
- What is the condition of my property and what are the anticipated costs needed for improvements?
-Spend money and hire a well respected building inspector to provide a written report, including photos depicting areas of concern.
-Provide quotes to buyers for any significant work identified by the inspector, allowing buyers to make informed decisions prior to submitting an offer.
-Discuss with your lawyer and realtor the history of any problems you are aware of to ensure you are making the disclosures to your buyer as required by law. While in some ways it is a buyer-beware industry and all buyers must do their own due diligence, always remember that home owners have a legal obligation to disclose all known defects of the property, past and present.
For example,
If the toilet overflowed 2 years ago and an insurance claim was made, DISCLOSE IT.
If there were squirrels in the attic and an intervention completed, DISCLOSE IT.
If there were small amount ofwater in the basement last spring, DISCLOSE IT.
PS: If you are selling your property for its land value, you don’t need to spend any time or effort preparing your home for sale. Money spent on improvements will be for naught.
- What buyer audience is likely to pay the highest price for my home?
In Ottawa’s core residential communities, the highest price will be generated from buyers that fall in love and intend to settle long term. This differs from investment properties where cash flow is the key. In the first scenario, the time, money and effort spent improving curb appeal, decluttering and staging interiors, and overall enhancing the “vibe” may benefit you. As they say, “First impressions are lasting impressions.” Believe it or not, home owners develop house blindness over time and may benefit from the advice of a realtor or other professional who understands buyers’ preferences within their segment of the market. Minor, low-cost suggestions can make a big difference in the outcome.
The market is hot. Let’s talk.
Lowertown real estate update for January 1 to March 16, 2018
In a nutshell: low inventory in residential sector and plenty of buyers ready and willing to purchase.
Residential Update
Active Listings
8, ranging from $299,000 for a semi-detached on St Andrew to $965.000 for a renovated duplex with double garage on King Edward.
Sold Listings:
12, three of which sold over their list price. One notable sale was a 5-bedroom, 4-bathroom duplex on York St. East listed at $1,285,000.
Condo Update
Active Listings
44, ranging from $229,900 for a studio at 150 York St. to $2,650,000 for a 4000 square-foot unit on the 17th floor at 90 George. The condo fees at the latter are over $3000 per month.
Sold Listings
22, the most notable being a sale on George St. at $900,000. The property had been on the market for 652 days.
Conditionally Sold
4. This is a very active sector at the moment. Good news!