When it comes time to sell your home, the entire process can feel overwhelming, especially if it’s your first time. Between staging, listing at the right price, and negotiating with buyers, there’s a lot to consider.

At the Barnett Real Estate Team, our step-by-step home selling approach works to help make the entire home selling process as easy and stress-free for our clients as possible. However, to help ease any immediate worries you might already have, here are some frequently asked questions we get.

1) Do I pay the commission for the buyer’s agent?

Prior to selling your home, you will have agreed to and signed a listing agreement. This is a contract between you and the agent that outlines many aspects of the transaction, including the commission. It’s important to remember that the commission outlined in your listing agreement is split between your listing agent and the buyer’s agent. There is no extra commission deducted.

2) How should we price my home?

An informed pricing strategy is one of the most important components of a successful home sale. How you come to determine your pricing strategy depends on quite a few variables, however.

Ultimately your Realtor® should be able to advise you on the optimal pricing strategy for your home following a thorough home evaluation and Comparative Market Analysis of similar homes in your area. Whether your Realtor® suggests you enter the market below, at, or above your home’s current market value, it’s best to have faith in their pricing expertise and follow their lead.

3) What can I do to start preparing my home?

As a seller, there’s a lot you can do to help prepare your home before it’s listed on the market. While most major preparations are best left to the professionals, there are a lot of minor tasks you can take care of ahead of time.

Some examples include cleaning and decluttering your home inside and out, doing a little landscaping to boost your curb appeal, and completing any minor repairs.

To get a full run-down on pre-sale tasks you can complete as a seller, download our comprehensive seller’s guide here.

4) Does my home really need to be staged?

Staging your home with a professional is one of the most effective ways to increase the appeal of your home to potential buyers. By using proven staging techniques, professional stagers are able to (among many other things):

• Make your home appear larger and brighter
• Improve visitor foot traffic flow
• Direct attention away from any weak areas
• Enhance your home’s strong areas

Plus, expertly-staged homes on average sell quicker and for higher prices, which is why we always recommend it.

5) What will you do to market my property?

In today’s fast-paced digital world, it’s only half the battle to make your home look great in person. It’s critical that we utilize all of our digital and traditional marketing strategies to capture the attention of potential buyers from the first image they see of your home.

We focus on:

• Capturing phenomenal, high-quality professional photography of your home
• Producing enticing virtual home tours with state of the art image capture technology
• Utilizing our expansive digital presence to maximize buyer exposure and reach via social media, online listings, website advertising, and more

6) Should I be present for viewings?

When potential buyers come to see your home in person, whether it’s through an open house or private showing, it’s usually best for you not to be present.

While you might feel more comfortable being there or you might want to be on call to share your wealth of knowledge of your home, buyers are generally more comfortable when the current owners of their potential future home aren’t there.

Remember: buyers’ first experience of your home is perhaps the most important. Once they’re physically inside your home, they can truly begin to picture themselves living in the space for the first time.

7) Are there any seller’s closing costs?

Outside of the commission costs, sellers can expect to pay their real estate lawyers’ fees as well as any outstanding property tax and utility bill payments.

Are you thinking about selling your home for the first time? Ensure you’re set up for success by working with a real estate team that frequently helps first-time sellers. Book your personal home selling consultation here.

For many people, buying a home is the single biggest purchase of their life. It’s important to go into the process of homebuying with all the information you need to feel confident in your decisions. 

Working with a professional real estate agent is an excellent first step toward making sure you have access to the most accurate information and advice for your unique situation. However, there are several common questions we get asked by almost everyone. 

Here are the top 8 first-time buyer frequently asked questions:

1) Do I need mortgage pre-approval?

Mortgage pre-approval is not an absolute requirement to start house-hunting, but it is strongly recommended. Getting pre-approved helps you determine the type of budget you should be working with. It will paint a clear picture of exactly what you can afford. Additionally, in a fast-paced market, it’s critical to move quickly on a sale. If you are not yet pre-approved, sellers might not take you seriously. It also puts more obstacles in your way and can hold up the process, resulting in missed opportunities. 

2) What amount should my deposit be?

The first thing to know is that a deposit is not the same as a down payment. A deposit is a cash transaction that is made from the buyer to the seller, held in trust by the agent pending closing. The purpose is to essentially secure the sale of the home in good faith. 

There is no “set” deposit amount, but a deposit is typically around 5% of your total offer. However, sellers often see higher deposits more favorably and may contribute to an offer being accepted. A deposit must be made in cash, in most cases, by money order or certified check. If your offer is accepted, your deposit amount will go towards your down payment. 

3) How much will working with an agent cost me?

In short, not a thing! In Ontario, buyers do not pay commissions to the agents. All of the buyer agent’s commission is paid by the seller. 

4) How much will I pay for my down payment?

In Ontario, first-time buyers can generally purchase a home with a minimum 5% down payment, depending on the home’s purchase price. If you are able to come up with a 20% down payment, your lender will not require you to purchase mortgage insurance.  

5) How much home can I afford?

This is one of the top reasons to seek mortgage pre-approval. It will show you the mortgage you can afford, allowing you to base your home buying decisions around that. However, as a general rule, many lenders recommend that your debt expenses (mortgage, credit card payments, and miscellaneous loans) do not exceed 36% of your gross monthly income. So if your family’s combined monthly income is $10,000 and you have no debt other than a mortgage, you can likely afford a mortgage payment of roughly $3,600 per month. 

6) What is the MLS®, and why does it matter?

MLS® stands for Multiple Listing Service®. It’s a computer service that encourages collaboration between real estate agents. It’s available to all REALTORS® to use to help their clients. By hosting listings in one central location, buyers can see all the available listings, not just the ones associated with their chosen agent. Think of it as a way to even the playing field and help ensure you find your dream home, no matter which agent the listing is with.

7) What happens if there are multiple offers for my dream home?

This is a common scenario in a busy market. When there are multiple offers on a property. As a buyer, there are a few things you can do to help your offer get accepted. For example, submitting an offer over the asking price, close to the seller’s desired closing date, with a high deposit, and fewer conditions might be enough to encourage the seller to accept your offer in a competitive market.

8) How much are closing costs?

Closing costs encompass basically everything that needs to be paid at closing, not including the mortgage. This includes real estate lawyer fees, land transfer tax, moving expenses, and more.

This number can vary depending on several factors, but closing costs add up to about 1.5-4% of the purchase price in most cases. This means, for example, if you are purchasing a home for $700,000, you should have at least $10,500 – $28,000 set aside for closing costs. 

Think setting a price for your home is simple? Think again. Whether you settle on a number that’s too high or too low, there could be consequences. That’s why it’s so critical to set the right price the first time around. Here are some tips for ensuring the number you choose is just right—and why it matters…

The Dangers of Pricing Inaccurately

Days on market are really important. The first two weeks after your home is listed is crucial—if it doesn’t sell during this timeframe, buyers will likely begin to think there’s something wrong with it. That’s not always fair, but it is true.

This is the main reason to avoid overpricing your property. It could wind up languishing on the market. On the flipside, underpricing your home could mean you’ll get less money than you deserve. Depending on the market, it could also lead to multiple offers (more on that later).

Your Comparative Market Analysis

Your comparative market analysis (CMA) is a crucial document designed to help you make an informed pricing decision. It contains a wealth of information, including recent sold prices for local homes very similar to yours. Your property’s precise location, number of bed and baths, features, age, renovations—many factors are considered during the search for relevant comparables.

Only a skilled local agent can pull together a truly helpful CMA. Armed with this document, your well-positioned to take the first step towards setting your price.

Factoring in Marketing Conditions

Of course, current market conditions always play a role in what constitutes the ideal price. Your comparative market analysis can tell you a lot, but only an experienced local agent knows how shifts and trends can impact your sale.

In a buyer’s market, you’ll likely want to set a number that’s close to the last available comparable price. In a seller’s market, you can likely get away with adding around 10 per cent to that most recent price for a similar home in your CMA.

Considering Your Goals

Of course, your needs and selling goals are an important piece of the pricing puzzle. For example, if you really want to generate multiple offers in a hot market, your agent may suggest pricing your home slightly under market value. Of course, this strategy can come with its own risks—so make sure you discuss the pros and cons.

The point is, an experienced agent will ensure that your needs are front and centre. Make sure you clearly communicate them to the professional you’re working with.

Planning a home sale this year? Here are a few other resources to consider:

• How to Sell Your Home on Behalf of Your Elderly Parents
• Is Now a Good Time to Sell Your Investment Property?
• How to Maximize the Sale of Your Home with a Real Estate Agent

If Your Home Doesn’t Sell…

There are many reasons why a home may not generate any offers, and one of the most common is an artificially high price. Unfortunately, after a certain number of days on market, you may have no choice but to lower it. Your agent can help you determine when that should happen—and how much your price should drop.

This process is strategic, and it takes the expertise of a professional. Your agent may look at things like pending local sales that have price reductions. Another option is to take your home off the market and relist, in which case its history won’t be readily apparent (though an agent can find it if they want to).

The Power of Pricing

Needless to say, it’s crucial to choose the right number the first time around. Luckily, working with the right agent can help ensure that your listing price is accurate—and carefully selected to secure the best result possible!

May 2021 – GTA Housing Market News

What is currently happening in the Real Estate Market?

Buyers, I know you have been waiting for some good news and it’s finally here!

The market is no longer insanely crazy in the Halton & Hamilton regions. While the desirability of a property can certainly change things, we wanted to let you know that it appears the multiple offer market is cooling. Through COVID we had been seeing 30+ offers on all kinds of properties however that appears to have cooled to a more reasonable 2-10 offers.

In fact, we recently helped some buyers successfully purchase a home conditionally and without competing offers. Let’s be strategic and work to get you what you want the way you want it.

Reach out if you have any questions, we are here to help.

Milton Real Estate Market

The average price in Milton is $1,062,600.

Burlington Real Estate Market

The average price in Burlington is $1,035,965.

Oakville Real Estate Market

The average price in Oakville is $1,476,467.

Previous Reports on GTA Housing Market News –April, March, February

These take less than 30 minutes to make and you end up with such juicy, flaky and flavourful salmon.

It’s a common question in the real estate world, especially among first-time buyers and sellers. Do I need to work with a REALTOR®? Some people wonder whether they have what it takes to go it alone. That said, most ultimately decide to work with a professional—and for good reason.

In this post, we’ll lay out the benefits of working with a REALTOR®…

The Benefits of Working With a REALTOR® as a Buyer

Thinking of using a REALTOR® to help you buy a home? Here are some of the advantages you can expect.

Unsurpassed Knowledge

If you’re a buyer, a REALTOR® will use their real estate knowledge and local expertise to help ensure your purchase is a success. From school districts to price points to hidden neighbourhood gems, a professional who works in your areas of interest can answer all your questions. In addition, their understanding of the buying process means they’ll always know what’s next—and will be there to guide you through every step.

Local Connections

Your home search will become much easier when you work with a REALTOR® who has a strong local network. From local sellers to home professionals who can help you with repairs if need be, it’s helpful to have connections to tap into. Your REALTOR® will also have access to the MLS, a massive system that agents use to share listings. It’s the best way to find homes that match your criteria.

Offer Stage Assistance

Once you find the right match, a REALTOR® can help you craft an offer that’s competitive yet protects your interests. It’s a delicate balance, and there are a variety of elements to consider. From your sale price to your deposit to the conditions you choose to include (or omit), your agent will provide guidance on what to include to help you achieve your desired result.

Negotiation Expertise

What happens if you have to enter into negotiations? Your REALTOR® will advocate on your behalf, using recent local data to justify any points they make. They’ll also draw on their general experience and knowledge of buyer psychology to position you for success.

Help With the Details

Buying a home comes with all kinds of paperwork, logistics, and costs, which are necessary to wrap up your purchase. Your REALTOR® will make sure all these loose ends get tied up. Just as importantly, they’ll know how to work with all parties involved—from other agents to inspectors to lawyers—along the way.

Should I work with a REALTOR® if I’m a seller?

Wondering if you should work with a REALTOR® as a seller? The truth is, there are many good reasons to do so. If you decide to take this step, you’ll see some major benefits.

Accurate Pricing

Pricing a home is an art. You want to attract the highest offers possible without intimidating buyers or turning them off. That means the number you set can’t be too high, or too low. Luckily, a good REALTOR® will have the local market expertise to help you settle on just the right number. They’ll even provide a document known as a comparative market analysis to help you understand recent sold prices for homes like yours—and assist you in making an informed decision.

Careful Home Preparations

A skilled REALTOR® will know how to see your home from a buyer’s perspective. Based on that knowledge, they’ll provide guidance and connect you to trusted professionals who can help you maximize its appeal. From decluttering and cleaning to staging, home preparations can make all the difference.

Masterful Marketing

Marketing is another crucial piece of the puzzle. From 5-star photography and beautiful print pieces to social media and digital campaigns, your REALTOR® will do everything in their power to make sure your home makes a strong impression.

Offer Review & Negotiations

Your REALTOR® can help you understand the context of any offer you receive. If multiple bids come in, they can also help you weigh the upsides and potential downsides of each one. Lastly, going up against an agent on your own during negotiations is no easy feat. The right professional will have the skills and experience to do that for you.

Careful Closing

From coordinating with the buyer’s agent and other parties to ensuring that due diligence is done, a talented REALTOR® will make sure closing is smooth. They’ll navigate you through the final walk-through and remind you of the steps you need to take—like changing your utilities.

The Bottom Line

Many buyers and sellers try to go it again—before ultimately deciding to work with a REALTOR®. That said, some people do sell their own homes. If you’re considering it, your best bet is to talk to a professional to learn the benefits and drawbacks!

Interested in speaking to an experienced local agent? Whether you’re buying or selling, get in touch to take the first step—or simply learn more about what working with our team is like.

April 2021 – GTA Housing Market News

What is going on with the real estate market?

Here are the April stats:
– Number of sales is down 12.7% in April over March
– But, number of sales are up 36.6% compared to the 10 yr average
– New listings are down 8.4% month over month

Milton Real Estate Market

The average price in Milton is $1,061,348

Burlington Real Estate Market

The average price in Burlington is $1,055,023

Oakville Real Estate Market

The average price in Oakville is $1,458,793

Previous Reports on GTA Housing Market News – March, February, January

Spring is a great time to put a home on the market. Buyers are out in full force, and the average sale price tends to be higher—while the time it takes to sell is often shorter. Fortunately, there are steps you can take to make the most of these springtime conditions. It starts with preparations that make your property stand out in the crowd.

Here are five tips for making your home shine in the spring real estate market…

1) Bust the clutter

From rarely-used furniture to old clothing and magazines, clutter has a way of building up. Unfortunately, these items can make your home feel smaller—and prevent buyers from seeing its many possibilities. The good news is, by thoroughly decluttering, you can create the right canvas for staging.

First, start looking into local donation centres. Then, go through your belongings room by room, deciding what you’ll keep, donate, and toss out. You can rent a storage locker if need be, or use this as an opportunity to rid yourself of possessions you don’t use! (Here are some tips on decluttering to sell)

The market has changed! Here are some updates you might want to know about:

• How Will Rising Interest Rates Affect Buyers?
• Is Now A Good Time To Sell Your Investment Property?
• Everything You Need To Know About Buying A House In Milton

2) Clean every inch

Once your home is clutter-free, it’s time to make it sparkle—top to bottom. The truth is, buyers often look at every inch of a property before they seriously consider buying it. From the inside of your cabinets to the grout between your bathroom tiles, there’s a good chance it will all be scrutinized.

While you may choose to break out the broom, vacuum, and bleach, it’s best to also enlist help from the pros. The right full-service real estate team can connect you with reliable, professional cleaners.

3) Think about the outside

Your home’s exterior is the first thing a buyer will see before they step inside for a viewing. It can make a strong impression, so it makes sense to ensure it’s a positive one. That’s where curb appeal comes in.

From making sure your lawn is green and trimmed to touching up any chipped or faded trim, maximizing the appeal of the outside of your property is crucial. Remember that the little details also count, from fresh flowers to sleek porch light fixtures.

4) Freshen things up with paint

Once they step inside, one of the first things a buyer will likely notice is your walls. They form the backdrop of a room, and they look best when they’re freshly painted. This is especially true in spring, when the sunlight reflects off of interior surfaces.

Make sure you choose a high-quality formula—and the right colour. Warm neutrals tend to work best since they appeal to the largest pool of potential buyers. Studies show that the ideal hue can lead to a higher sale price, so be sure to consult with your agent and any staging or professionals they recommend.

5) Add some decorative touches

Spring is a time of renewal. To make the most of any positive feelings it evokes, why not bring the season inside? The best way to do that is with furniture and decor that makes your home feel big, bright, and airy.

Tasteful spring colours, light fabrics, and vibrant plants are the name of the game. A talented stager can determine which aesthetic decisions will have the best overall impact.

Spring market may be the ideal time to list, but that doesn’t mean you should forgo preparations. After all, making your home shine is one of the keys to securing fantastic results. Are you ready to take the first step?

There’s no denying it. Buying a home can be challenging, especially when the market is hot. While saving up for your down payment is one thing, competing with other home hunters who all want the same property is quite another. Fortunately, if you find yourself in a multiple-offer scenario, there are steps you can take to increase your chances of success—and make the process as stress-free as possible.

Here are a few tips you can try if you’re competing for your dream home…

1) Understand the market

Whether you’re purchasing in Milton, Burlington, or elsewhere, it pays to understand the local market. That’s because current conditions will directly impact what constitutes a good offer—which is especially important when there are multiple bids on the table. Fortunately, an agent with up-to-the-minute insight on market trends, local prices, and comparable homes will be well-positioned to help you craft a winning strategy.

2) Know your own limits

Of course, it’s not just the market you should have a handle on. Understanding your financial situation is equally crucial. It’s all too common to get swept up in a bidding war and offer more than you can comfortably afford. As a rule of thumb, your housing expenses (including mortgage payments) should be no more than 30 per cent of your monthly take-home pay. Obtaining pre-approval can also help you budget, as it will give you a strong sense of how much financing you’ll likely receive.

3) Be prepared to act quickly

Here’s another great reason to obtain mortgage pre-approval: it will allow you to act fast when you find the perfect property. You’ll know what you can afford—and sellers will see you as a serious buyer. In a market where inventory moves fast, it could make all the difference. Other tips for taking quick, decisive action include setting thorough home-buying criteria, understanding your dealbreakers, and ensuring you’re mentally prepared to make a move when you find the right place.

4) Make the strongest offer possible

Buyers often assume that they’ll have an opportunity to up their bid during negotiations. It certainly happens. That said, in a multiple-offer scenario, you may not get that second chance. That’s why it’s often wise to make your best bid the first time around. Of course, every set of circumstances is different, and there are times when leaving room to bargain is the best course of action. Luckily, a skilled local agent can help you determine which strategy is right for you.

5) Work with a true professional

Buying a home presents challenges in the best of circumstances. When there are multiple bids on the table, the process only becomes more complex—and the consequences of making a small misstep can be much steeper. In other words, getting it right is key. From understanding seller motivations to crafting the ideal offer, a local agent with a proven track record can walk you through the process, answer all your questions, and empower you to make a truly informed purchase!

To help you make an informed home purchase, we’re providing our handy buyer’s guide.