The most recent seller study conducted by the Ontario Real Estate Association (OREA) reveals common concerns sellers have when selling a home. Here are the top 5.
1. The State of the Market: Of all sellers surveyed, the largest number, about 77% said that the state of the market is a bothers them. REALTORS® have a responsibility to help sellers understand how local conditions can affect the sale and pricing of their property. The best way to do this is to have your salesperson prepare and review a comprehensive market evaluation of your home and examine a market conditions report that indicates average time on the market, months of inventory and other supply and demand factors.
2. Understanding the Process: This issue was raised by 61% of sellers. For most people, selling their home is not an everyday occurrence. Even if they have sold a home before, the process can still be complex and requires sound guidance and advice.
3. Understanding the Legal Documents was cited by 61% as somewhat troubling. The volume of documentation continues to mount and today, a simple Agreement of Purchase and Sale alone is at least six pages in Ontario.
Fixing up the Home was voiced by 60% of sellers. Preparing a home for the market can be a big job and may require some expense. It can take from as little as a few weeks to months, depending upkeep, maintenance, decluttering and decorating needed to make the home competitive.
4. Days on the Market. 50% find this to be an issue, and 59% get nervous if their home is on the market beyond 45 days. Again this can be eased with a review of market conditions.
*To read the entire OREA Press Release, please go to the following link: http://www.orea.com/en/About/Press-Releases/Press-Releases/September-6-2012.
**Source Century 21 Newsletter, Volume 9, issue 2.