My first video blog.  A brief introduction to my upcoming weekly videos.  Stay tuned for many more.

Colin.

When sellers start the home-selling process, no one wants to think “What would happen if my home doesn’t sell?” But before you panic, recognize that there are many things that you can do so you don’t wind up in that position.

Tip 1: Understanding the real estate market and the value of your home will help you avoid this dilemma. The first key point is to get educated about the market. Read your newspapers, online real estate sites, and consult with the best experts in real estate for your area to determine the sales price.

While all that may seem basic, you’d be surprised how many sellers rely on emotion to dream up a selling price for their home. Some have done little, if any, research on even their own neighborhood. Instead, their strong ties to their homes cause them to imagine that their home should sell for the price they want. Or they base the selling price on how much they owe which is, of course, of no significance to buyers.

Tip 2: Fix up your home. Most buyers don’t want to purchase a big list of must-do fixes in order to live in the home they just bought. Yet, some sellers think that it’s a waste to spend money on a home that they’re moving out of soon. That’s quite a predicament. Both sides have valid points except one side–buyers–might be in a stronger position. The seller wants out and if the home is a mess, many buyers will simply move on to the next best house. Yet, if a buyer wants it badly enough, he/she might agree to purchase your home but it’s guaranteed you’ll take a financial hit as the buyer will want to discount the price for the problems that need fixing. In the end, you might have to fix the issues before the sale anyway. So, starting with a house that is in relatively good order is the best way to begin. Read some of my other columns to see which renovations give a good return.

Tip 3: If you need to sell your home, don’t pull it off the market because you think the season isn’t right. Buyers who need to buy a home will keep hunting through all the seasons. There may be some slow times but if people need a house, they’ll keep looking even in the unlikely times.

Tip 4: Consider incentives. Yes, you can make your home more appealing by tossing in some incentives. It’s best to speak with your real estate agent about which incentives are best for you to offer. Even practical incentives can help get buyers to your home to view it. These incentives can help encourage the buyer to move forward, especially if other challenges arise.

Tip 5: Stage your home. This is not the same thing as fixing up your home. Fixing up your home includes daily maintenance and repairs. Staging your home involves using experts to make your home showroom-ready–like a model home. I know you might say that all your friends tell you that you have fantastic taste but, trust me, if you’re serious about selling your home, then it’s worth at least having a consultation with an expert in the industry. Here’s why: They are trained to stay on top of the trends that have mass appeal. They also offer a fresh set of eyes on your home. They might easily point out something that you never saw before because you’ve been living in your home for a long time. They will look at your home from an “outsider’s” perspective and that’s exactly what you need.

Taking the time to, at least consult with experts, allows you to gain knowledge and information about your home and the market place. What you do with that is up to you, but it may just be the difference between a For Sale sign and a Sold sign hanging outside your home.

Courtesy of Realty Times.

Thinking of selling your condo? Whether you live in the condo or own it as an investment property, if you’re ready to sell your home, it’s time to talk to a qualified real estate agent in your area – example: Colin Trevor Realty. By evaluating several criteria, including regional markets, time of year, features of your condo unit, as well as your specific needs as the seller, he or she can create a customized marketing plan for your condo. Here are five important topics to discuss with your real estate agent if you want to sell your home:

1) Best Time of Year to Sell Your Condo

The specifics of your area do more to determine the best time to put your home on the market than whether you’re selling a condo or a house. While the conventional wisdom is that spring is the best time for selling a home, this belief simply doesn’t ring true in every locale. In recent years the historic patterns have eased, and in some cases, totally disappeared. Still, different parts of the country have periods when sellers can be more aggressive with their pricing. And your real estate agent may suggest a distinct timing strategy for condominium sales, especially if your condo is in a resort destination.

2) Open House Strategy and How to De-Clutter

A condo that shows well will sell faster and bring a higher price. Small cosmetic touch-ups can make a big difference. Buyers often suspect that more serious problems may exist if they notice the need for minor repairs. If you want to sell your home, it’s important to make sure your condo is clean, tidy and free of personal clutter. Clear sinks and counters of dishes and toiletries. Neatly stack office supplies and organize storage areas. Replace dim light bulbs and clean windows. Even though your garden area may be commonly owned, do your best to create curb appeal by cleaning front steps and porches, and clearing lawns of toys or equipment.

3) Features to Accentuate

One of the best features to accentuate when selling a condo is the lifestyle of ease that comes with condominium ownership. Many buyers are looking for the hassle-free living experience that they can’t find with a single-family detached house. Another important attribute of any condo is the amenities of the association, which can include a hot tub, fitness center, owner’s lounge, covered parking and even concierge services. If you’re considering selling your condo, take the time to walk through it methodically with your real estate agent. Together you can point out which features of the actual condo unit should be accentuated. Does your unit have a wonderful view? Perhaps the location of your condominium is unique and desirable. Your real estate agent can help accentuate these features in sales and marketing materials.

4) Desired Price and Bottom Line Price

When setting the home price for your condo, it’s important to identify your desired price and your bottom line price. By assessing recent condo sale and listing statistics in your area, your real estate agent and a licensed appraiser can estimate your house value and recommend an appropriate target price range. Working with your agent, you can set an initial asking price, as well the absolute lowest home price you would comfortably accept. One advantage of selling a condo is that by assessing the prices of other units in your association that have recently sold or are currently listed, your real estate agent and the appraiser can determine a very accurate house value.

5) Disclosures

When selling your condo, you may be obligated to disclose problems that could affect the property’s value or desirability, as well as to disclose HOA minutes and costs of common insurance and utilities. In most states, it is illegal to fraudulently conceal major physical defects in your property, such as a water heater that leaks severely. And many states now require sellers to take a proactive role by making written disclosures on the condition of the condo unit. Ask your real estate agent for the particular laws of your state.

For further information – please contact me, Colin Trevor.

Original document found @ http://blog.coldwellbanker.com

Great Article I found at Style At Home and thought I’d share.  It’s referring to building condos, but most of the information carries over to row housing (traditional known “condos” in London) as well.  If you have any questions, feel free to ask.

First-time condo buyers are sometimes confused by the monthly maintenance fee that condo building charge. Combined with property taxes and your mortgage payments, they can add up to a hefty percentage of your total housing costs. But what is a condo maintenance fee and what does it cover? And how does it compare to the costs of owning a house?

Janice Pynn is president of Simerra Property Management, a FirstService residential management firm and the third-largest in Toronto, with interests in over 32,000 units. “Condo maintenance fees are your percentage share of the costs to run the building as a whole,” she explains. “Unlike rent, they are not a profit source for the management; in fact, each building is registered as a non-profit corporation.”

Generally, Pynn explains, these fees correspond to the individual utility bills you pay on a home, along with maintenance work such as window cleaning, snow shovelling, housecleaning, gardeners, and so on. Fees are calculated according to the size of your unit – a two-bedroom’s fees are higher than a studio’s, for instance – and are recalibrated each year, up or down, according to the building’s annual operating budget.

A certain portion is also set aside as part of a “contingency fee,” which every condo must maintain by law. The contingency fund covers any special costs incurred as part of building upkeep, such as a new roof or repairs to heating or plumbing equipment.

The maintenance fees for townhouses within a complex are usually slightly lower. Often townhouses have their utilities separately metered, so these are not included in the fee; but townhouse owners still pay a share for maintenance of common areas, security and other general costs.

Beyond these basics, there’s a wide variation in the features each individual condo building offers, and the fees vary accordingly. One building might offer beefed-up security, concierge service and underground parking; another might have a fully equipped gym or pool with trainers and classes; or you may have access to special perks like a rooftop patio or guest suite. All of these are reflected in the monthly fee, and in some cases are optional.

THINGS TO CONSIDER

One last area to consider is a category known as “special assessments.” These are one-time fees for repairs not covered by the contingency fee, and can be substantial, especially with older buildings and conversions; once the bill is paid off, the maintenance fee will drop accordingly.

Kathy Monahan of Forest Hill Real Estate in Toronto says one of the most important things you should do when considering a condo is to ascertain what the monthly maintenance fee covers, so you’re comparing apples with apples when deciding between two buildings. Consider whether the extra features are worth it to you, or conversely, whether your budget can handle paying separately for things that are not included. “One option I always do recommend if it’s offered, however, is a parking space, even if you don’t drive,” she says, “since you can rent it out and earn some income from it.” This is particularly true downtown.

Kathy offers some examples of condos she’s recently sold in the Toronto area, their fees and what the buyers get for them. (It’s important to note that these merely provide an idea of what to expect; your experience, even with the buildings named here, may be different.)

Ritz Carlton Hotel, Wellington and John Streets: Two-bedroom, $2455/month, hydro extra. Thirty-plus floors. High-end suites with all the perks of a modern hotel, including 24-hour concierge, top-drawer appliances and finishes, and parking.
TIFF Lightbox, King and John Streets: Starts under $500 for a small studio. Thirty-plus floors. Options include gym and pool facilities with trainers, access to Autoshare rental cars, and a roof deck with Weber barbecue.
College Street, Little Italy: $795 for a two-bedroom, hydro extra. Seven floors. One of the earliest conversions in the city, a former church. Each unit is unique, but not many extras. It’s worth noting that units are heated electrically, making the monthly hydro a significant consideration.
Edith Avenue, Yonge and Eglinton: Starts at $502 for a one-bedroom. Five floors. All-inclusive, including hydro and parking; great neighbourhood, especially for singles, but not many extras.

Both Janice and Kathy state that overall, the costs of condo buying, including maintenance fees, often work out to roughly the same as owning a house the same size, location and price. Would you rather have your own garden, or never have to shovel your sidewalk again? “Ultimately,” says Janice, “it’s a lifestyle choice, rather than a financial one.”

courtsey of www.styleathome.com

We’re all familiar with the notion of “For Sale by Owner” (or FSBO for short).  Unless you’ve been living under a rock for the last few years I’m sure you’ve heard of the real estate brokerages “ComFree” or “Property Guys” who assist individuals with listing their homes for sale privately.  There is a TON of misunderstanding, and unfortunately even more “misleading advertising” that I plan to shed light on.  I’ve been asked multiple times about FSBOs and if they’re all they’re cracked up to be?  I’ve done the homework, and can’t wait to share my results.

This brings me to the reason for my first blog post.  I have been fortunate enough to list and sell two homes in my very own neighborhood, I mean right down the street!  Which as a Realtor is awesome.  The fact that I lived so close to these listings, meant I was able to simply walk over to the open houses, private showings, and give my clients a hand whenever needed.   While working for my two neighborhood clients I would walk by the same home almost daily that was (and still is) For Sale by Owner, waiving the “ComFree” flag.  This home has been on the market since October, which currently makes it an 8 month listing.  It’s a gorgeous home, on one of the best lots in the neighborhood (corner lot backing onto protected green space), the interior photos are gorgeous.  Seven (7) other homes within 2 blocks AND even on this homes street have sold in the last 8 months.  So why hasn’t this home sold?  I won’t get into specific details on the reality of ComFree and For Sale by Owner listings in this blog post (I have a video “The Reality of FSBO, and what they don’t want you to know” coming soon), but lets just say its extremely under exposed and under marketed (again I’ll get into the reality of FSBO in an upcoming video).

This ComFree listing is my neighbor!  I feel horrible for him.  I’ve personally sold 2 homes in the the time he’s tried to sell his.  Other Realtors collectively have sold another 5 (all within 2 blocks of this listing AND on the same street).  I know for a fact that if he was to list with a Realtor, whether is myself, or another agent, it would sell and sell FAST.

There are countless reasons why For Sale by Owners aren’t always effective.  The marketing and hype are a lot of smoke and mirrors.  I’m really excited for the release of my upcoming video “The Reality of FSBO, and what they don’t want you to know”.  I should have it ready in the next few weeks.  I hope it helps explain FSBO, and uncovers some truth they don’t want you to know!  (Sometimes I feel like an investigator for 20/20).

If you have any questions regarding ComFree or For Sale by Owner, please don’t hesitate to contact me anytime, I’m happy to provide you with answers to all your questions

Thanks for taking the time to read my first blog post!

Colin