The real estate industry in Canada has so many factors that can influence the market such as economic activity, interest rates and changes in demographics. Among the changes though are certain things that remain pretty much the same during the ebb and flow of the real estate waves. Here are eight evergreen real estate tips regardless of what the market is doing at any given moment:
Know what the current market is doing. Even though the real estate market is malleable, it’s pretty much certain that a property will sell for no more or no less than what the market will currently bear. That’s why it’s crucial that you do some research using a number of sources so you’re confident about the buying or selling price.
Negotiate lowball offers. If your REALTOR® presents you with an offer from a buyer substantially lower than your asking price, you might feel insulted. Try to use logic instead of emotion in this circumstance. Many purchasers are open to counter offers, so think about writing back. Looking at a deal as a competition may just lead to sabotaging and difficult negotiations. Always try to put yourself in the other person’s shoes.
Negotiate from a collaborative viewpoint. Don’t think of the other guy as the enemy, whether you’re the vendor or the purchaser. If you work together, you’ll both be happy with the outcome.
Remember to consider the fees. There are many extra expenses to keep in mind: Lawyer’s fee, lender fees, appraisal fees. Factor them into what you’ll need to close the deal.
Location, location, location. If you’re planning on purchasing investment property, location is an evergreen factor telling you where to invest. Do your homework about the area in which you’re thinking of buying. Would you want to live there?
Keep your home sparkling when selling. Your home is more likely to sell faster, even in a slower market, if it’s well maintained, free of clutter and pristine. Make sure to spruce up the outside, too.
The value of your home is determined by the purchasers. Your home is worth what someone will pay for it. This is true no matter what the market conditions are.