Making the big decision to sell your home can be one of the most exciting parts of your life. After all, it’s a huge transaction that will usher in a major change for you and your family. It’s easy to look at the selling process at a high level and think you have it all figured out. What could be so difficult about selling a home?

As it turns out, selling a home can be complicated, and trial and error is not a great strategy. It’s one of those things you want to get right the first time. As experienced real estate professionals, we’ve seen it all before and know firsthand how to guide clients towards making the best, most beneficial decisions.

If you’ve recently decided to sell your home, here are a few of the most common mistakes you might run into–and how to avoid them.

1. Not Undergoing A Home Evaluation

Receiving a professional home evaluation should be the very first step in every home seller’s journey.

When a real estate agent provides you with a professional home evaluation, they combine their years of real estate knowledge and experience along with an in-depth Comparative Market Analysis to determine an accurate estimate of a home’s current worth.

These estimates aren’t just pulled out of thin air—they are the result of diligent research and hard work, and are among the best methods for determining an accurate pricing strategy.

Although you might have a price in your head that you’d like to get for your home, it might not be realistic. Incorrect pricing strategies often result in lacklustre listing performance and eventually disappointing final sales. It’s better to start on the right foot with a professional home evaluation.

2. Skipping Staging

When it comes time to showcase your property—whether it’s through high-quality photo and video or in-person open houses—ensuring your home looks great is essential to its selling success. A key step in achieving that is through professional home staging.

While you might have a keen eye for design, the talents of professional stagers go beyond the superficial. Professional stagers work to create open, fluid spaces that strategically allow guests to navigate a home freely and without restriction.

Stagers also know how to stage homes as neutral spaces, allowing the most potential buyers to be able to picture themselves living in a home versus picturing themselves living in your home.

A good understanding of the real estate market is essential to a successful sale. Here are some informative posts that will help:

• How to Negotiate a Real Estate Contract
• Pre-Qualification vs Pre-Approval: What’s Better?
• 7 Amazing Benefits of Working With a Real Estate Agent

3. Ignoring Curb Appeal

Making sure the exterior of your home looks its best is just as important as staging the interior.

First impressions count for a lot more than sellers may realize. No matter how appealing a home might look inside, every buyer’s initial opinion is based on the exterior.

We always recommend sellers put a little time and effort into boosting their home’s curb appeal ahead of home showings. Simple tasks like weeding, minor landscaping, painting touch-ups—even laying down a new welcome mat—all go a long way in enhancing buyers’ first impressions.

4. Pricing Too High

Perhaps the most important part of a successful home sale is getting your pricing strategy correct—the first time. While some sellers have their hearts set on receiving a certain price for their home if they enter the market too high initially, they could risk their listing attracting little to no market interest right off the bat.

We can help you determine opening list prices based on several factors depending on recent market activity, local competition, and our professional home evaluations. While we may advise our clients to either list below, at, or above their home’s current market value, our pricing strategies are always intended to result in the highest possible sales price.

5. Using A Non-Local Agent

Hiring a local agent with lots of selling experience within your neighbourhood is essential.

When you hire an agent with a track record of successful sales in your community, you can feel confident you’ll be working with someone who truly understands how to sell a home in your local market.

From understanding buyer profiles to creating effective local marketing campaigns, even networking with residents and other agents in the area, hiring an agent with local insight and expertise almost always results in a much smoother, more lucrative home sale.

Are you thinking about selling your home? Our team of experienced real estate professionals can help you achieve the best results. Contact us here to start a conversation about your upcoming sale today!

It’s happening again. The Office of the Superintendent of Financial Institutions (OFSI) is planning to modify the mortgage stress test. Proposed on April 8th, the new rules are set to take effect on June 1st. While many Canadians know that changes of this kind have an impact on home affordability, some are unsure about how they work.

Here, we’ll delve into upcoming modifications to the stress test—and what they mean for buyers…

What is the mortgage stress test?

The federal mortgage stress test, set by Canada’s top banking regulator, is a way of determining how much home you can truly afford. It’s about accounting for worst-case scenarios. What happens if you’re let go from your job—or interest rates rise suddenly and steeply? Considering these “what ifs” can help prevent buyers from defaulting on mortgages they can’t afford.

The test is essentially a qualifying rate, and it applies to every buyer (with the exception of those who go to certain alternative lenders, a move that can come with some drawbacks). It means that many would-buyers may find themselves unable to purchase that home they’ve had their eyes on. Currently, the average qualifying rate among the country’s top banks is 4.79 per cent. That’s almost certainly about to change.

What are the changes being proposed?

Let’s get into the nitty-gritty. The OSFI has proposed raising the qualification rate to either 5.25 per cent (the five-year benchmark), or the borrower’s qualified rate plus two percentage points—whichever is higher.

These changes are intended to add some balance to Canadian real estate markets. They’re meant to reduce upward pressure on prices, help tackle household debt, and prevent buyers from getting into some sticky financial situations. Of course, they can also greatly reduce your purchasing power—an added frustration in an already heated market.

Looking at the big picture

Home buyers who enter the market after the changes are passed will need to prove that they can handle the “stress” of the new, higher rate. Unfortunately, many will not make the cut. As a result, we may well see a flood of purchasers pushing to close before June 1st.

We feel that the best time to purchase is when you’re really and truly ready. If that’s now, that’s great! If it’s not, your best best bet is to work with a talented team of professionals who can help you out down the line.

The right mortgage broker can help you get a firmer understanding of the factors that impact your qualification. They may suggest steps like reducing your debt to improve your purchasing power.

On the real estate side, a skilled local real estate agent will know your area—and the local market—inside and out. Whenever possible, they’ll help you find homes within a realistic price range that check off your must-have boxes. Are you ready to take the first step?

Ready to buy your next home? We’ll help you tackle every detail—and ensure you know what to expect. Get in touch to get started!

No doubt about it: when the market heats up, home sellers are in an ideal position. These circumstances typically result in multiple offers and even bidding wars. If you’re fortunate enough to sell under these conditions, you can almost certainly expect a good result. That said, there are steps you can take to help ensure even further success!

If you’re preparing to sell your home in a seller’s market, here are some tips for doing it right…

Price for the market

Even when the scales are tipped in your favour, it’s still important to list for the right amount. It could make the difference between a good sale price and a great one.

From demand and competition levels to regulatory shifts, there are many factors to consider. For example, the OFSI recently proposed changes to the mortgage stress test. A knowledgeable real estate professional will know how this type of change could impact your target demographic (if at all).

Your agent will also look closely at recent sold prices for similar properties—and consider your goals. If receiving multiple offers is one of them, they may suggest setting a price slightly below market value.

Don’t skimp on preparations

It’s much easier to sell in a seller’s market, but that doesn’t mean you should forgo home preparations. Sure, some buyers may be willing to overlook flaws when they don’t have a wealth of options. But as a rule, it’s still going to be the stand-out properties that receive the best offers.

From performing a thorough cleaning and decluttering to staging with the right furniture and decor, taking steps to make your property shine is crucial. A full-service agent can help you prep your home—and tailor its look and feel to maximize buyer interest.

Be careful when considering an offer date

Some sellers choose a specific date and time—and make it known to potential buyers that they won’t review any offers until then. This move can, in some cases, result in more bids. While that’s a definite pro, there’s also a potential downside to consider.

Some buyers are extremely wary of bidding wars, and they do what they can to avoid them. That may include opting out of making a bid on a property when there’s an offer date in place. Your real estate representative can help you weigh the pros and cons—and decide what makes the most sense for you and your sale.

Review your offers carefully

In a seller’s market, you have the opportunity to look beyond offer prices. You can afford to be a little picky, especially when there are two or more bids that are close in terms of dollars and cents.

A high deposit amount, favourable terms and conditions, and move-in timeline flexibility are some of the most common bonuses that buyers will provide. If there isn’t one offer that stands out, you may want to make a list of the pluses and minuses associated with those you’re seriously considering.

Know your next steps

When there are multiple offers on the table, there are several paths you can take. First, you can accept one bid straight out of the gate. You can also enter into negotiations with one buyer and set the other offers aside, or bargain with one and reject the other bids. Lastly, you can ask alll potential purchasers to submit their best offers.

In a hot market, you should be prepared to deal with competing buyers. That means understanding the negotiation strategies available to you. Luckily, your agent can discuss your options to help you make a truly informed decision!

Ready to make the most of a seller’s market? If you’re preparing to sell, we can help you secure a result you’ll be happy about—get in touch to learn how!

Do you have a parent or older loved one who could benefit from downsizing? Perhaps they’re having trouble maintaining their vast square footage, or they could benefit financially from moving to a smaller space. Either way, selling a home that’s full of memories is never easy. Fortunately, approaching the issue in the right way can make it less overwhelming.

Learn some tips for helping your loved one make their move with ease here in our guide to downsizing.

When helping someone else with real estate, it’s important to remember that you’re not alone. Here’s What Resources Are Available When Selling a Family Member’s House.

Preparing for the talk

It’s always challenging to delve into the downsizing process, but it can be especially difficult if your loved one is resistant to the idea. When that’s the case, it’s crucial to approach that initial conversation with great care.

Be upfront about your concerns while highlighting the positive aspects of a potential move (like a lower-maintenance lifestyle and the opportunity to put money towards living life to the fullest). You can find more tips for broaching the subject here.

Above all, remember that you’re not meddling. You’re helping someone you care about take a critical next step.

Bringing options to the table

Making a major life change can feel daunting in the beginning. Fortunately, you can make things easier for your loved one by helping them imagine the possibilities that go along with downsizing.

What kind of beautiful smaller living spaces are available? How much money could your family member save for their dream vacation if they weren’t pouring it into their house? Look into the potential savings, along with the costs associated with condos or assisted living residences you think they’ll love—and be ready to discuss.

If and when your relative is ready to sell, a qualified local agent can help them understand how much their living space would likely sell for in the current market.

Start decluttering well in advance

When selling a home—especially one that’s been in the family for years or decades—a very thorough decluttering is crucial. Sorting through memories can take time, so be sure to get started as early as possible.

Here are a few tips for helping your parent, grandparent, or older relative pare down their possessions.

Go room by room

Chances are, there’s going to be a lot of ground to cover. Your best bet is to start early (several months before your loved one will likely move) and begin with the most cluttered room in their home. Beware the trap of simply shifting belongings from one area of a property to another.

Donate, donate, donate

From duplicate appliances to sweaters that haven’t been worn in years, many of the items that should be donated are obvious. Look into local charities that could take them early on. If there’s one that your family member has a connection to, even better!

Honour the memories

If your relative has been in the same house for a long time, they’ve created a lot of memories there. During the decluttering process, take it slow—and be open to talking about the experiences attached to various items.

There are also some great ways to display much-cherished belongings in a new, smaller space. From framing old photographs to purchasing stylish shelves, consider turning decluttering into a fun family project.

Getting a property in show-ready shape is one of the most important steps toward securing a great price. From decluttering to working with professional cleaners, every part of the process counts.

Why does the right real estate agent matter when buying or selling a home? Find out in the posts below:

• 7 Amazing Benefits of Working with a Real Estate Agent
• Fact Vs Fiction About Working With A Real Estate Agent

Work with a local expert

You want to work with an agent who has a proven track record of securing successful results. Your loved one’s home is likely their largest investment, so getting the highest possible return (through top-notch staging, polished marketing, and negotiation know-how) is key.

If a home purchase will be part of the downsizing process, it’s best to work with an agent who also knows what to look for in a smaller property in your relative’s price range.

The truth is, your family member should feel free to ask questions when you’re zeroing in on the right agent. That’s what the interview process is all about! Speaking to a professional’s past clients can also help you understand what working with them will really be like.

Preparing your home for a sale can be complicated, but it doesn’t have to be. When downsizing, clients often want to simplify the process. The posts below can help:

• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results
• Do I Really Have to Update My Home Before Selling It?

Thinking about estate planning

Talking about wills can be pretty uncomfortable—which is why many people put it off. Of course, just because your older loved one isn’t bringing it up doesn’t mean it hasn’t been on their mind. Once you start downsizing, it’s the perfect opportunity to start a conversation about their financial wishes, whatever they may be.

Make sure your family member knows that your goal is ensuring their peace of mind. One of the most helpful things you can do may be introducing them to a qualified financial planner with the right expertise.

If someone in your family is ready to downsize, there are steps you can take to reduce the headaches that often come with the process. We’re here to help.

Ready to learn how we can simplify the downsizing process? Get in touch here or call 905-332-9223 to take advantage of our expertise!

Top-Selling Real Estate Team Invests in Future & Historic James St N

HAMILTON, ON (March 1, 2021) – Woolcott Real Estate, one of Hamilton’s largest real estate teams, today announces it is opening a second office location on Hamilton’s James Street North. The new office space, slated to open on Monday, March 1, 2021, is taking over a sprawling former bank at 303 James Street North.

“Hamilton has long been underestimated by people and businesses outside of the city,” says Drew Woolcott, broker of record, Woolcott Real Estate / Re/Max Escarpment Woolcott Realty Inc.

“When we came across the building at 303 James Street North, we jumped on it immediately as it was the perfect space for our team to expand into,” Woolcott continues. “We are strong believers in Hamilton and all it has to offer, and this building was the ideal project for us to invest in and grow with the city.”

The building at 303 James Street North has had a long, rich history. Though its earliest use has yet to be uncovered, it is known to have served as a branch for the Bank of Hamilton as early as 1894. In 1969, it underwent an extensive renovation under the helm of famed Hamilton architect Trevor Garwood-Jones and went on to house a Bank of Montreal branch. Its final iteration, prior to Woolcott Real Estate’s takeover, was as an illegal cannabis dispensary in early 2020.

“The space was a real diamond in the rough, and we were thrilled to have the opportunity to restore it to its former glory and help it shine along with its peers on the strip,” says Woolcott. “It has been a true labour of love keeping the old character while modernizing the space.”

Woolcott Real Estate itself has long-seeded roots in Hamilton. Drew Woolcott was born and raised in the city, and it was in the early 1990s when he was living in the downtown core that he began building his real estate busines.

“Hamilton is really home to me,” says Woolcott. “It’s where I spent my formative years, where I met my wife and had my oldest kids. I am always drawn to the grit of the city and find myself coming back to the excitement of Hamilton time and again.”

The idea behind the design of the space was to create an experience-focused office that was comfortable for agents, clients and the general public.

“Our goal, post-COVID, is to have this office space become a destination for Hamiltonians to drop in and learn about real estate in an unintimidating, casual environment,” says Woolcott.

The design features soft meeting spaces, a coffee bar and drop-in desk spaces for real estate agents to use.

Woolcott Real Estate’s new office space will be staffed from Monday to Friday, with a licensed real estate agent on duty from 9 a.m. to 5 p.m.

ABOUT THE WOOLCOTT TEAM

Woolcott Real Estate is one the top-selling real estate teams in the Hamilton-Burlington area. With a roster of 25+ experienced, dedicated real estate agents and a full-service support team consisting of marketing, staging and administration, Woolcott Real Estate creates a seamless, stress-free real estate experience for its clients. The team services buyers and sellers across Waterdown, Burlington, Hamilton, Flamborough, Dundas, Carlisle and beyond. In 2020, Woolcott Real Estate helped clients in over 500 real estate transactions. To learn more about Woolcott Real Estate, visit www.woolcott.ca.

###

For more information, visit www.woolcott.ca or contact:

Justine Woolcott

General Manager – Woolcott Real Estate

647-862-5565

justinewoolcott@woolcott.ca

No doubt about it: selling a home is hard work. Buyers have options, which means sellers who want to get top dollar need to ensure that their property stands out. No matter the market, it starts with a tailored, data-backed marketing campaign. Luckily, with help from a true real estate professional, you can ensure that all eyes are on your home.

If you’re ramping up to sell, check out our five modern real estate marketing tips…

Make it stand out

In a digital world, capturing attention can be a monumental task. It’s all too easy for buyers to scroll and click past properties with potential, which is why making a stellar first impression is crucial.

From detail-oriented staging to stunning professional photography and videography, taking steps to create compelling visuals is key. They say a picture is worth a thousand words, and that’s definitely true when it comes to real estate marketing. Pro tip: drone photography can further bolster your home’s appeal by providing a bird’s eye view!

Create beautiful print pieces

While buyers are increasingly going online to find the right home, polished print materials can still go a long way when they’re considering which properties to tour.

To start, a magazine-quality marketing book that tells the story of your property (and showcases it in photographs) can be very powerful. Of course, promotion in the right places is another surefire way to attract attention. For some homes, that could mean household-name newspapers (like the Globe and Mail).

It could also mean options offered exclusively by a team that has a strong local presence. For example, we market our listings in our own full-colour publication (sent to over 140,000 recipients via Canada Post) and in weekly print ads across our communities.

Leverage digital and social

The best modern real estate marketing strategies combine print and digital. While there’s no harm in talking about your listing on your social media feeds, you can generate way more interest if you have help from a local agent with a large online presence (think thousands of engaged followers on their accounts).

We can’t forget about advertising! From Facebook to Instagram, eye-catching ads can help ensure that your home gets abundant clicks, impressions, and unique views. If you’re not social media savvy, that’s okay—your agent can help you understand the bigger picture.

Don’t forget the basics

Of course, many buyers prefer a direct approach. These home hunters tend to go straight to the source—which usually means websites like realtor.ca. That said, while it’s important to distribute your listing amongst the heavy hitters, syndicating it far and wide will only help more buyers find it!

Crucially, your property needs to be on the MLS—the database that brokers use to share listings. To maximize its exposure, your agent should put it in every relevant database. For many local properties, that includes those for the Hamilton-Burlington, Toronto, and Ontario inter-regional real estate boards.

Work with a well-connected agent

To extend your marketing reach as far as possible, your agent should use a tailored combination of the modern real estate marketing strategies above. They should also have strong industry connections, which will allow them to start reaching out to buyers who could be a good match for your home—even before it’s listed.

When you’re considering a potential agent, try to get a sense of whether they’re part of a network that could benefit your sale. Do they have a strong presence in your area? Are they part of a team that includes buyer’s agents? Is there a talented sales manager at the helm? These are questions you should feel free to ask during the interview process.

Marketing a home takes experience, finesse, and extensive local reach. From our 20,000 email subscribers and nearly 50,000 monthly website views to our proven ability to create marketing strategies, our team has what it takes. Are you ready to get started?

Interested in learning more about our selling process? Get in touch. We’re happy to answer all of your questions—and help you put your property on the market if the time is right!