Q- The buyer and I have chosen the same lawyer to complete our real estate transaction. Could this be a problem?
A - It is not a recommended practice in most of Canada (except for Quebec) but it does happen from time to time.
If the real estate transaction goes smoothly, there are normally no issues. However, if a problem surfaces with the transaction, the lawyer cannot represent both of you adequately. In that situation, the lawyer will act to represent one of the parties and ask the other to get different representation.
In the meantime, if the lawyer is comfortable representing both buyer and seller, both of you will have to sign a document acknowledging that there are some limitations to such a representation. You may wish to have the lawyer explain more fully what that would mean in your situation.
Wednesday, December 28, 2011
Saturday, December 17, 2011
Selling Price
Q - I'm placing my home on the market and trying to establish the selling/list price. I interviewed 3 real estate agents and they provided their recommendations - one of them was $10,000 higher than the other two. Who should I believe?
A -The selling price of a home is a function of the real estate market. A real estate agent can't influence the selling price anymore than a stockbroker can dictate the price of a stock. Agents arrive at a list/selling price recommendation by analyzing similar properties that have recently sold under normal market conditions in the same location.
If the agents left you their Comparative Market Analysis for your information, review the information carefully. They should have selected homes that are similar to yours, in the same location and they should be very recent sales. A $10,000 dollar variation seems large. Perhaps the criteria for home selections was not followed diligently.
Remember that the price at which you list your home is YOUR decision. If your price is too high, your home could be overlooked and if you price to low, you could lose money. Pricing at market value should be your goal. Obtain more clarification if necessary. It is important to be on target.
A -The selling price of a home is a function of the real estate market. A real estate agent can't influence the selling price anymore than a stockbroker can dictate the price of a stock. Agents arrive at a list/selling price recommendation by analyzing similar properties that have recently sold under normal market conditions in the same location.
If the agents left you their Comparative Market Analysis for your information, review the information carefully. They should have selected homes that are similar to yours, in the same location and they should be very recent sales. A $10,000 dollar variation seems large. Perhaps the criteria for home selections was not followed diligently.
Remember that the price at which you list your home is YOUR decision. If your price is too high, your home could be overlooked and if you price to low, you could lose money. Pricing at market value should be your goal. Obtain more clarification if necessary. It is important to be on target.
Monday, December 12, 2011
Best Time to Sell
Q - What is the best time to place my home on the market? Is it worth placing my home on the market during the Christmas/New Year season?
A - If you want to sell -- make certain your property is on the market regardless of time of year. There are buyers all year round.
Traditionally, sellers like to place their property on the market starting in the Spring. The weather is better, the lawns look nicer and flowers are blooming. These are all reasons that help the property look attractive. The fact of the matter is that during this time sellers have the greatest amount of competition and buyers have the greatest choices. It is often a buyer's market.
Generally speaking, there are fewer homes for sale during the Christmas and New Year holidays because sellers perceive that few people are house shopping and so they decide to focus on the holiday season. BUT circumstances don't always allow people the luxury of scheduling the purchase of a home and could find themselves house shopping when everyone else is gift shopping. These buyers are usually serious buyers. Often their complaint is that there is not enough choice! This time of the year is often a seller's market and a serious seller should take advantage of this opportunity.
A - If you want to sell -- make certain your property is on the market regardless of time of year. There are buyers all year round.
Traditionally, sellers like to place their property on the market starting in the Spring. The weather is better, the lawns look nicer and flowers are blooming. These are all reasons that help the property look attractive. The fact of the matter is that during this time sellers have the greatest amount of competition and buyers have the greatest choices. It is often a buyer's market.
Generally speaking, there are fewer homes for sale during the Christmas and New Year holidays because sellers perceive that few people are house shopping and so they decide to focus on the holiday season. BUT circumstances don't always allow people the luxury of scheduling the purchase of a home and could find themselves house shopping when everyone else is gift shopping. These buyers are usually serious buyers. Often their complaint is that there is not enough choice! This time of the year is often a seller's market and a serious seller should take advantage of this opportunity.
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