Sellers FAQ

When is the best time to sell my home?

Typically people like to have their house showing the best so in many cases Spring would be the best time to sell. That said, the end of summer leading up to winter is also a historically busy time for listings. In the Kamloops market, there really isn't a bad time to sell, probably just more inconvenient than anything. 

How is the real estate market presently?

This is a loaded question that requires time, knowledge and experience to answer. There are many market indicators that a top producing Realtor should be able to share with you to help explain the condition of the local real estate market.  One of the most important indicators on market conditions is average days on the market. How quickly are listings of various classifications selling. In a hot market, they sell quickly but in a slower market they may take more time to sell as the demand is less. 

What should I do to get my home ready to sell?

A frequently asked question from home sellers before listing is what steps should be taken before listing their home.  Not properly preparing a home for sale can put a home owner at a huge disadvantage. The expression “You never get a second chance to make a first impression” is absolutely true when it comes to selling a home.  When selling a home you must be sure that your home presents itself in the best possible light.  Making sure clutter is at a minimum, freshly painting rooms, installing new carpeting, or ensuring odours are non-existent are just a handful of things that should be done before listing your home for sale.

What should I disclose to potential buyers?

Disclose, disclose, disclose...The more you can disclose the better- Nobody likes “getting the raw end of a deal” when it comes to buying a home, car, or anything for that matter.  If you’re aware of defects with a roof, appliance, or home in general, you’re always going to be better off being honest and upfront.  If you have the ability to fix any known defects or issue before you list, this will save you a lot of potential agony down the road. This can avoid potential issues and/or lawsuits once your home is under contract, after inspections, and even years after you have sold your home.

Why is my assessed value different from what you say my home is worth?

The Assessed value is done for taxation purposes and is only done in the summer each year. It is not necessarily relevant to the true value of the home if the market is strong and climbing. There are some listings that sell for substantially over assessed value while there are others that sell for under assessed value. It really depends on the home, location, lot size, improvements made(if any) and the demand in the market. 

Should I price my home higher to leave room for negotiations?

Many sellers believe they should price their home $5,000-$10,000 higher than what a top Realtor suggests to leave room for negotiations and low-ball offers.  A well priced home will sell quickly and will sell for close to the listing price if not over asking.  There is no need to leave room for negotiations, as today’s home buyers are very well educated.  A seller who prices their home high to leave room for negotiations can actually be costing themselves more money than if they price it to reflect the suggested market value.

How long does a listing agreement last? 

Most listing agreements last a minimum of 90days but can last up to or over a year depending on the property and the market we find ourselves in. 

How much commission do you charge?

Sometimes commissions can be negotiable. This being said, the saying “you get what you pay for,” often is true when it comes to real estate.  If a Realtor offers a lower commission, do you think they will negotiate aggressively on your behalf when it comes to the price?  Also, if you were working for a reduced hourly wage from your “normal,” would you work as hard as you normally would?  Pay for all the professional photos, drone work, 3D renderings etc...the answer is likely not.  Choosing a Realtor based solely on the fact they offer the lowest commission amount is a number one complaint I hear from clients that leave other realtor's. Contact Andrew Karpiak to discuss his commission structure. 

How do I respond to low ball offers?

As far as I am concerned, every offer is an opportunity to have a discussion in the attempt to get a deal done. Never take a low ball offer personally. The goal is to look at all offers in an objective manner, discuss the pro's and con's and then when ready, submit a counter offer back. Don't ever let a prospective buyer walk away. 

Why do buyer's need some much time to remove conditions?

These days, the bank/lenders, that a buyer sometimes requires to secure financing to purchase a home, take upwards to 10 days to approve the financing condition. Our job as listing agents is to assess each offer we receive and ensure that the conditions that a buyer is placing on the offer are valid/justified and that enough time is granted to effectively remove those conditions. We don't want them too short and we don't want them too long. 

Why does a buyer's bank need to do an appraisal on the home?

The buyer's bank wants to make sure they have a third party valuation on the home their client is asking to mortgage. The bank wants to ensure the value is in the property in case the buyer defaults on the loan. 

What should I do to prepare my home for showings?

A home that is well prepared for home showings will likely sell faster than it’s competition.  Making sure a home is cleaned, de-cluttered, bright, and that no foul odours are present are just a few things that sellers must do to prepare their home for showings.

Will you be doing open houses?

It really all depends on the house and the market. During Covid, open houses did not happen at all and yet our market sold more real estate than ever before so the argument could be had that open houses really don't lead to house sales.