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Four Signs Your Home is Overpriced

Tue, 20 Sep by Geoff Antrum & Matt Antrum (Father & Son Team)

Four Signs Your Home is Overpriced

1. No one is stopping by for a look.
Your house has been on the market for a month or two, and showings have been scarce to none. Wait a second, do you hear that? Ah yes, it’s the sound of warning bells ringing. If buyers are not even taking the time to look at your house, it’s pretty sure sign that the price is too high.

Of course, you may argue that this doesn’t necessarily mean that there’s no interest in your home. While you’ve had no actual showings, that brochure box by your “For Sale” sign is empty and your online listing has received hundreds of hits. If that’s the case, this only proves that there is interest in your home, but something is keeping buyers from scheduling a showing. What’s holding them back? You got it -your absurdly high asking price.

2. You’ve had plenty of showings but no offers.
So, your home has attracted a handful of showings since it’s been on the market, but you still haven’t gotten an offer. Of course, the Pepto-Bismol pink shower in the master bathroom or the turquoise blue carpet in the living room could be to blame.

Poor design and color choices can certainly scare away potential buyers. But if your home is tastefully decorated and updated, it’s more likely that your price needs to come down. Some experts say if you’ve had 10 showings without an offer, your home is probably overpriced.

3. Buyers shower your home in criticism.
You’ve had plenty of showings, but your REALTOR® has noticed that prospective buyers make the same negative comments about your home time and again. For example, they may continually complain that your house is plagued with a pungent odor reminiscent of wet dog and rotten tomatoes. Or perhaps they all point out that the 1970s-themed kitchen, complete with pea green appliances, is a little outdated.

Be sure to ask your REALTOR® to notify you of any negative feedback from buyers. While some of the comments may be difficult to hear, a little constructive criticism may help you sell your home in the long run. Remember, there’s no room for hurt feelings in home-selling.

It may turn out that other homes in your neighborhood have remodeled, modern kitchens and a more inviting smell. If this is the case, you’ll either need to freshen up your home, give your kitchen a makeover or (you guessed it) cut your asking price. After all, if the price is right, prospective home buyers may decide they can live with a pea-green dishwasher – or buy a new one.

4. You have the highest priced home on the block
Let’s say comparable homes in your area are priced much lower than yours. Houston, we have a problem. If your house is the most expensive three-bedroom, two-bath, 10-year old home in your postal code, it’s probably going to be the last one to sell.

Ask your REALTOR®  for regular updates on home prices in your area. He or she can show you the closing price on homes similar in size and age to yours and notify you when comparable homes drop their prices. This will help you decide if it’s time for you to drop you price, as well.
So, after picking up on some of these warning signs, you finally give in and drop your price. But you still haven’t received an offer. What’s the deal? You probably haven’t cut your price enough.
REALTORS®say if you’re going to lower your price, don’t do it in small increments. After all, there’s really no difference between $425,000 and $424,900. Buyers won’t fall for that. If you’re going to slash your price, you’ll have to lower it by at least $10,000 for buyers to take notice.

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.

Check List For Calgary Buyers

Fri, 16 Sep by Geoff Antrum & Matt Antrum (Father & Son Team)

Check List For Calgary Buyers

1. Mortgage pre-approval is required to make an Offer on a Home.
REALTOR® will need bank agent name & contact tel. # to confirm.

2. Deposit cheque is required at time of Offer, usually $5,000 to $10,000.
Deposit is returned to the Buyer if Buyers Conditions are not met.

3. Minimum Down payment is usually 5% or more, unless the Buyer is using Zero down mortgage.
Down payment is required before Possession day.  The deposit usually goes towards the down payment.

4. Purchase Price of Home is negotiable. Seller & Buyer need to be motivated and willing to negotiate a deal that is fair to both parties.
What are comparable homes selling for in community? What is Calgary housing market doing?
Ask your REALTOR®  “What is the average drop for List to Sold price in area you plan to buy in?”

5. Offer has to be prepared in writing by the Buyers REALTOR®.

6. Does the Buyer have to terminate their rental agreement?

7. Home Inspection is highly recommended. Buyer pays for inspection.

8. Buyers Conditions are recommended in the Offer to protect the Buyer:
• Finance Condition for mortgage approval
• Home Inspection Condition
• Condo Review Condition (only if buying condo)
• 5 to 10 days is usually allowed for Buyers to meet conditions.

9. Photo ID is required for all the Buyers, e.g. Drivers License or Passport.

10. Look on www.SearchCalgaryHomes.ca for Calgary Homes For sale.

Example: Home Purchase Price is $300,000
Deposit: $5,000 required at time of Offer (goes towards the down payment)
Down Payment: $5,000 plus $10,000 Total: $15,000 (5% of purchase price)
Note the deposit is negotiable and may vary.

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license.