It’s a seller’s market. Despite current economic uncertainty, the housing market is hot! In fact, house sales in Nova Scotia, year to date, have surpassed those from 2019. If you are thinking about preparing your home for sale, now is a good time to do it! Home sales in Nova Scotia are reporting a massive rebound with a 10.4% increase from this time last year. Dollar value of homes sold is also on the rise. Great news if you are a seller, right?
Meanwhile, overall supply of residential properties is running at the lowest levels in 15 years. The number of available homes for sale has dropped significantly, a decline of 35.5% from the end of June 2019. Woah. In short, inventory is an issue. According to the Nova Scotia Association of REALTORS®, it’s estimated that there is 2-3 months of inventory. This represents the number of months it would take to sell the current listed homes based on the current rate of sales activity. Typically, there is an 8-10 month inventory expected at this time of the year. So, bad news for buyers, right?
It’s a Seller’s Market! Or, is it…
This type of situation can put buyers in a difficult position in terms of bargaining. Sellers are receiving multiple offers. Often, leading to bidding wars with houses going for above the listed price. In fact, over the last 30 days in Dartmouth, Nova Scotia, 72% of homes sold over asking price! Even in present circumstances, as buyers are snapping up homes, they are expecting more. From pre-inspections to cash holdbacks for upgrades and repairs. So, despite it being a seller’s market, home owners should be preparing their homes for sale with these expectations in mind.
How Sellers Can Prepare & Organize Their Home for Sale
You’ve decided to sell your home. Whether you are: empty nesters downsizing, are relocating due to a military move or separation, are building a new house for your growing family or have decided that a yurt on an island is more your style you still need to prepare your home for sale. I asked Real Estate Agent, Alexia Jonniaux with the Da Silva Gosse Group at Keller Williams Select Realty, to share her expert advice.
1. Get Your Finances in Order-Before you decide to buy or sell a home, acquire your credit report. It gives you the opportunity fix behaviours that may drive down your score and affect access to financing. Obtain mortgage pre-approval in advance. It’s good to have a budget.
2. Call an Expert-A Licensee/Realtor® acts on behalf of the clients to assist with: paperwork and real estate forms, developing a comparative market analysis of your property based on local active homes, past home sales and expired listings. A Realtor® provides professional advice on pricing and staging your home correctly. They are responsible for listing and marketing your house, presenting offers and aiding with counter offers as well as managing any arising issues along the way.
“I don’t sell houses. I provide professional advice and services to home owners to help them sell their property.”
Alexia Jonniaux, Realtor®
3. Basic Repairs & Renovations-You need to get your house market-ready. Improving your home should not hurt the value but, it shouldn’t break the bank either! Low cost improvements such as a fresh coat of paint, updating cabinetry hardware and replacing outdated light fixtures go a long way. Fix broken things, fill cracks or holes in drywall. Fewer than 10% of buyers want to do significant work on their new home. Upgrading from fuses to a breaker panel is money well invested as a seller.
4. Disclose Everything-Be upfront. As a seller, pre-inspections can be a useful tool. A $600 well and septic inspection could save you tens of thousands of dollars. Especially if you accept an offer knowing what will show up on the buyer’s home inspection. As a seller, you need to be aware of what requires upgrading or repair. You don’t want any buried oil tanks* or no septic tank* type situations. *This happened recently to someone I know!
5. Declutter, Declutter, Declutter-Alexia explains that it’s a case by case analysis when it comes to real estate advice EXCEPT that: “People don’t realize how much they have until we point it out. To declutter can involve hard decisions for sellers as well as time.”
Alexia says, with humour, “You do not hire me to be your best friend but to provide professional services to sell your property. I tell the truth, for sellers to get top dollars on the sale of their house. Sometimes it involves emotional decisions. I’m there to guide and help them.”
While HGTV and Minimalism may preach depersonalization by removing all pictures, Alexia believes it’s okay to leave a few here and there. “It’s important to demonstrate life. Most sellers are still living in their home. You don’t want it to feel empty and cold, without soul.”
Remove excess and oversized furniture. Pay special attention to the cleanliness of kitchens and bathrooms. You want to showcase the best features of the property like the view and design elements such as hardwood flooring.
6. Understand Selling & Closing Costs-A list of common real estate costs include: commissions, mortgage fees, pre-payment penalties for paying off your mortgage early, deed transfer tax, yearly property tax portion, and condo/Home Owners Association fees, equipment buyouts (furnaces etc.), home inspections, repairs and legal fees. These are important to know when estimating the costs of selling.
Top 10 Areas to Declutter & Organize When Preparing Your Home For Sale
According to Alexia, these spots are the most important areas to declutter in your home before viewings or Open Houses. Remember, your goal is to maximize space and get the best price possible on your investment. Research shows that a staged home will sell 2-3 times faster and earn 3-10% more than an unstaged property.
1. Front Yard-Primp and tidy for a positive first impression. Mow the lawn, weed the gardens, power wash siding and clean the gutters (depending on the season, of course). Add flowers and a welcome mat for a splash of colour. Maximize that curb appeal!
2. Storage Rooms-Places where we typically like to hide our mess include: attics, garages, utility rooms, closets and backyard sheds. These spaces need to be clean and orderly. The buyers need to be able to see where they can store their junk too!
3. Entryway & Hallways-Remove as much visual clutter as possible, this is the first impression of the inside of your home. Provide a place for viewers to remove shoes and hang coats. Remove any busy photograph galleries and artwork that give hallways a crowded feeling.
4. Bedrooms & Play Areas-Confine stuffed animals to children’s rooms only! That’s right, it’s time to tuck Mr. Binkers, your childhood teddy, away for now. Limit the number of toys, use a nice bin for quick & easy clean up. Keep nightstands and dresser tops clear of clutter. Oh, and this should go without saying but, make your bed.
5. Living Room-Showcase the main living area. Pair down throw pillows and table accessories. Edit bookshelves. Eliminate piles of magazines and newspapers. Open curtains/blinds to let in natural light. This may be touchy but I’m going for it, an overabundance of religious iconography can turn off potential buyers. Consider pairing down for now.
6. Kitchen-Clean and organize the pantry, cupboards, cabinets and drawers. Clear off countertops and reduce visible appliances. Empty the dishwasher. Clean out the fridge, freezer and under sink area to help demonstrate storage opportunities for the new owners.
7. Closets-Streamline closets. Box up off-season apparel and remove extra hangers. Aim to demonstrate available storage space for new owners. A general downsize of hanging clothing and accessories is encouraged.
8. Bathrooms-Beautify by removing tooth and makeup brushes, keep vanity tops as clear as possible. Replace old caulking, hang fresh towels and keep toilet lids closed. Relocate personal medications.
9. Home Office-Dedicate some time to work in office; clear off your desk, tidy computer cords and file or shred old papers. Create an appealing study area free of distractions. Secure private documents.
10. Laundry Room-Put away cleaning products. Ensure washer and dryer are empty. Deal with any full laundry baskets. I have a friend with a large family, when they had an unexpected viewing for their house she would pack the laundry in the trunk of their vehicle. Clean or dirty, there’s always laundry!
Buying and Selling a Home during a Pandemic
Something else to consider when you are preparing your home for sale is that we are in the midst of a worldwide pandemic. Duh, as if you can forget. When Covid-19 restrictions were first announced, the real estate industry responded immediately. Sellers had the choice, based on their comfort level, to withdraw their listing from the marketplace. However, anyone whose home had already sold, didn’t have the option to delay their move! Operating in a pandemic can be tricky but safety measures were implemented. And, for the most part, they are still in place as options for both buyers and sellers.
Serious brokerages require potential buyers to sign mandatory liability waivers prior to viewings. Sellers have the right to request that visitors wear masks and gloves. Prior to restrictions relaxing, Realtors® were the only ones permitted to switch on lights, open doors and touch any surfaces. Surfaces were disinfected immediately afterwards. Imagine not being able to peek inside the medicine cabinet on your own! Inspections took place with only the inspector present and the Real Estate Agent to represent clients. Additional ongoing risk prevention methods include: virtual consultations and viewings.
So, you’ve decided on the yurt but need help preparing your home for sale?
If you find yourself overwhelmed with preparing your home for sale, getting ready to move or are in the midst of unpacking in your new house, A Sorted Affair can help! We’ll help you manage your move. Reach out to kelly@sortedaffair.ca or call, (902) 209-3939. Let’s sort it out together.
Yours in All Things Sorted,
Kelly
Guest Spotlight
Alexia Jonniaux provides a positive client experience whether you are buying or selling a home. You can trust in her expertise, market knowledge and strong negotiation skills to support you through closing and beyond! In addition to her vast knowledge of the real estate industry, she is also fluently bilingual in French and English. Merci, Alexia pour vos conseils!
Connect with Alexia:
Sources & Such
The Canadian Real Estate Association: https://creastats.crea.ca/
The Nova Scotia Association of REALTORS®: https://www.nsrealtors.ca/
Real Estate Listings in Canada: https://www.realtor.ca
I imagine selling your home would be overwhelming to anyone. Your expertise would be very valuable. This information is helpful and would give anyone the right direction to follow. Why do it alone. Just call Kelly.
Kim, you are so lovely and kind. Thank you for your ongoing support. I deeply appreciate it and YOU!
Kelly
Kelly helped prep my house for selling. Loved every minute of it. My house looked great and we sold quickly!
You forgot to mention how much fun we had too! Lol. It was a very satisfying project, I’m so glad I could help! xo