Spring is coming!

February has certainly been a month for snow but it does seem that Buyers are not necessarily holding back. There are anecdotal reports of sales with multiple offers and homes selling within days of reaching the market already which bodes well for the spring market. Indications are that our spring Real Estate market may be stronger than we have had for awhile.

So how do you prepare? If you are considering a sale this spring then perhaps meeting with your agent early on in the process is the right place to start. Understanding the value of your property is wise and getting suggestions about how to prepare your home for listing is strongly advisable. Often, in late model homes (15 years or more), I recommend having a pre-sale house inspection from a reputable, well-respected inspector. This will provide you with some valuable insight into your home and give you a heads up as to things that require attention. It is always better to be aware of any deficiencies before you sell, rather than at the time of a conditional sale which can have painful consequences that will hurt your pocket book. Things like older mechanicals, plumbing, lead water service, and asbestos in insulation, tile or wrap around pipes in older homes is a problem. Knob and tube wiring, aluminum wiring (usually from the 70’s) can all present themselves as surprises to both a Buyer and Seller. Foundation problems can often surface when there is evidence of water penetration or strong odours that suggest dampness in basements. Roofing, chimneys and older windows may raise some issues so knowing ahead of time is important.

If you find on a pre-sale house inspection that there are problems then what do you do? I do not recommend ignoring them. I suggest the best way to manage any of these objections is to do one of two things; either remedy the issue with a professional in the trade and retain a copy for your records or to obtain quotes from a respected professional in the trade to manage the repair and to factor this into the equation when pricing your home from the outset.

Any information that you do discover on your pre-sale house inspection that would influence the decision in either way of any reasonable Buyer advancing to purchase the home must be disclosed. If there was water damage in the past and it was repaired, then you must still disclose that information.

Other items that may come up when selling your home are things like easements, encroachments, and rights of way. It is always important to disclose this to your agent up front in the pre-listing phase; otherwise, if discovered too far down the road such as at the time of title search, the sale may be in peril. Buyers have had issues buying properties with encroachments not disclosed at the time of purchase, for example, and discovered that they are not able to obtain financing because the lender will not accept the value with the encroachment undisclosed. It may have sold but it may have had a perceived lesser value had the Buyer been aware prior to their purchase.

Looking for an agent can sometimes be an overwhelming proposition. There are so many from which to choose. Some people chose an agent because that agent is the dominant one in the neighbourhood. That might be a reason to select that person, but I always like to remember that so many people wanted to invest with Bernie Madoff because everyone else was. Few people did any more due diligence than that and selecting Bernie turned out to be a failing proposition for many.

Often a good way to choose an agent is by recommendations. Just like how you might select a painter or a builder. If your friends or colleagues have had a good experience, chances are that you might too.

But perhaps the best way to select an agent is to take all of these suggestions and choose one other agent and set up an interview process. During this process, you will be constantly evaluating these individuals, just as you would in a typical job interview. Agents are applying for the job to represent your interests in the sale of your home and the liquidation of your largest asset. Who do you believe is the best fit for you in this process? Who do you believe will be transparent and work on your behalf? Who do you believe will be there when things become difficult? Who will be the most skillful negotiator on your behalf? Who will work for you as their priority and not for themselves? Who will keep you regularly informed and updated with how the market is doing and how you are doing in it? These are all good questions when considering your next move.

If you are considering buying or selling Real Estate in the next few months or simply would like to learn more about the process, I am only a phone call away and would welcome the opportunity to meet with you.

Until then, enjoy the days ahead as we prepare for an early spring and what is promising to be a strong Real Estate market.