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Old 2007-09-21, 07:55 AM
Randall Randall is offline
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Default When to list current home for sale

How many people on here with their current home for sale? We're contemplating if we should list our home now and have a longer possesion date or wait it out till spring when the market is better. I plan in using Grapevine and if in need to a renewal for re-listing it's $50.00 after 6 months.

I sold my first home in Smiths Falls '99 privately as well so I have some experience in it. It was a bit of a headache but well worth it. I just put a "For Sale" sign from Dollar store on my front yard with the brochure info in the mailbox and sold it in 3 weeks. At the same time I had a new job & travelling, bought a new home with Minto, engaged to be wed, dealing with lawyers, banks, wedding plans - argghhh the walls are caving in!!!

So this time I'd like to take it easy. Any feedback is appreciated.
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Old 2007-09-21, 08:50 AM
Kimmy Kimmy is offline
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Randall...
My home has been on the market for quite some time, so I can offer you some feedback that I have gotten from my agent.

It all depends where you are in Ottawa right now.

Barrhaven is a hot spot!

Homes in Barrhaven in the 200k-300k range are selling in days.

Homes in Barrhaven 400k and over... are selling in months.

Ours has been on the market for over 5 months...

Hope this helps!
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Old 2007-09-21, 09:26 AM
Molson_g Molson_g is offline
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Randall, take a look at a few of the previous posts there is one topic dealing with this, I believe it was started by MishaNikki when she was trying to sell her house (which she eventually did) there is some usefull info.
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Old 2007-09-21, 10:14 AM
mato0107 mato0107 is offline
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We are closing in mid february and our home is on the Grapevine right now. It has been listed for about 2 weeks
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Old 2007-09-21, 10:28 AM
gumby gumby is offline
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We sold our home in late spring this year. Selling a house can be very stressful to you and the kids but you already know that .

The experience we got from it is:

- It's an even market, neither seller nor buyer market like in '99. Add to that many buyers can buy new homes for "almost" the same as resale (eg. Mattamy).

- The most important factor in selling our house is price, remember that every house will sell and it all boils down to price - makes no difference whether it was listed through Grapevine or an agent. In our case it was Royal LePage and we actually sold our house to a buyer from Grapevine. It is very critical that you set the price correctly and this can be done from at least 3 market evaluations of the AGENTS WHO SELL WELL IN YOUR SPECIFIC AREA, not just any agents in Ottawa. The agents who knock on your door or call you are the ones who don't have listings or clients and often set a higher price to "buy" your listing and so don't have a realistic price. The agents who sell fast have lots of listings and buyers and can move their inventory quickly. They usually suggest a correct price for your house but also be careful of agents who give you a much lower price in order to sell it quickly because a 5% commission of $20k-$30K is small to them but a lot to you. Once you are comfortable with the price then decide whether to go privately or with an agent. If we had known this detail we would have sold our house in weeks privately. We sold the house and not the agent but we gave him his share of 2.5% anyway during his last week of the contract.

- Timing is somewhat critical since you don't want many competition when you sell. Maybe earlier is better, even a 2-week can make a big difference. If you are ready, put it up early and don't worry about a long closing date since many buyers can usually accommodate you when they like the house. Put it up 6 months before your closing date if practical but not too early before that. Spring is a good time to sell when there are many buyers starting to look BUT there will also be many sellers putting their properties on the market. That's what happened to us with 3 other homes on the same street listed within 2 weeks and the opposite house in the same week .

- Re-evaluate your price every 2 weeks and make decisions whether to remain the same or lower it.

- If you decide to list with an agent, do not sign for longer than 2 months to make sure you can select someone else in case it doesn't work out.
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Old 2007-09-21, 11:12 AM
GreyingJay GreyingJay is offline
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How do people feel about those agents that proclaim "I'll sell your house guaranteed or I'll buy it myself!" Presumably they buy it at a lowball price. Any merit to that or is it purely a gimmick?
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Old 2007-09-21, 11:22 AM
Misha_Nikki Misha_Nikki is offline
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Quote:
Originally Posted by Molson_g View Post
Randall, take a look at a few of the previous posts there is one topic dealing with this, I believe it was started by MishaNikki when she was trying to sell her house (which she eventually did) there is some usefull info.
Yes, I did start a thread when my townhouse was up for sale! It was not a fun time but you will get through it.

The most important lesson I learned is to get a price history of the homes on your street and what they sold for in previous years. We based our price on what other townhomes were up for in our area at that time, but it turns out we all overpriced our homes. Some were on the market for quite some time. Based on the history we sold our home bang on to what homes sold for last year etc.

It was hard for a 20 year old townhouse to compete with all the new townhouses that are available right now! But we did it and it's over.

Good luck!
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Old 2007-09-21, 11:48 AM
gumby gumby is offline
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Quote:
Originally Posted by GreyingJay View Post
How do people feel about those agents that proclaim "I'll sell your house guaranteed or I'll buy it myself!" Presumably they buy it at a lowball price. Any merit to that or is it purely a gimmick?
A colleague of mine sold his house with an agent in the east end with such claim. He was offered a guaranteed price of about 92% of his listing price and it gave him an assurance that if the house didn't sell within an allotted time he could take that option. For houses in the range of $300K - $400K a 5% reduction means $15K to $20K so it is still a fair amount to think about.

Luckily he sold the house for a bit more than the guaranteed price so it wasn't needed. Depending on your level of comfort and timing when selling the house this could alleviate the stress knowing that you won't get stuck with the house for longer than necessary. Sometimes you have to take a lower price just to get it over with after months of appointments and open houses .
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Old 2007-09-21, 12:16 PM
yourhighness1 yourhighness1 is offline
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I'm not sure about all the legal wranglings involved (I listed with a agent and opted for a long closing date) but PLEASE make sure that if at all possible, take precautions to protect yourself with some sort of provision so that in the event you get that dreaded letter from your builder advising you they are pushing back your closing date, you won't be left out in the cold -- like me.

I had just sold my house (back in April) with a long closing (October) then in May, I got a letter from my builder telling me my closing is now December. Based on the progress of my new house (and a verbal "We'll see what we can do to move the closing date up for you" from my builder), I really was anticipating that everything was going to be ok. As it turns out, it isn't going to be ok and I now have 4 weeks to get pet-friendly furnished accommodations from late October until December. The stress is so not worth it. Had my realtor advised me of such a provision, I wouldn't be in the mess I'm in now. Totally crushing any excitement and joy of being a new home owner.
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Old 2007-09-21, 12:35 PM
gumby gumby is offline
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Originally Posted by yourhighness1 View Post
As it turns out, it isn't going to be ok and I now have 4 weeks to get pet-friendly furnished accommodations from late October until December. The stress is so not worth it. Had my realtor advised me of such a provision, I wouldn't be in the mess I'm in now. Totally crushing any excitement and joy of being a new home owner.
I'm sorry to hear that you are in a bad situation. There is good news if your buyer is renting an apartment or a house and is willing to extend their rent until you get possession of the new house because they have to give the landlord 2-month notice. If they agree (and is still possible) then you will of course compensate them for the extra cost and save yourself a lot of stress and grief from moving twice.
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