How to Get Bids in a Sellers Market

How to Get Bids in a Sellers Market

1. Price your house below the competition – If you price your house lower than the comparables, in the area you will draw a lot of interest from potential buyers.

2. Open house – This is key to drawing in people to see your house. Make sure it is advertised with a lot of signs, Internet, etc.

3. Get info – Make sure you obtain contact numbers and email addresses for everybody that comes to the open house. Contact everybody that came and let them know you will be accepting offers at a particular date and time.

4. Set a date to receive offers – Once you have done step 1,2 and 3, you can wait for any offers and ask people or agents to present their offer in person.

5. Choose the best offer, price, terms and date. Do not disclose specific information to other offers. Be ethical. It is great to get the most for your house but it does not have to be at the expense of nice people trying to buy a house they like. Ask each offer if they are happy with their final offer and if they would like to change anything to make it more attractive to the seller.

Condo renovations are an excuse to spend money

Condo renovations are an excuse to spend money

I was recently visiting a friend who has just spent over $20000 in condo renovations in an attempt to keep up with the Jones’. I was trying to justify the renovations and yes the place did need some sprucing up but to spend that kind of money on a kitchen, floor, and new bathroom was crazy. They thought they were going to increase the value of the place by 30-40 thousand dollars. Its a good thing that people don’t ask dogs about their opinions because I probably would have bit them, for all of the nonsense of increasing their value. Being a Real Estate side kick has its advantages of knowing some things about value of properties. Yes, it would add a little value to the property, but what people forget to remember is that it is usually the building, the area and desirability that truly affects the value. Think about this, the condo next to you is selling for $200000. You bought yours for $190000. Your condo needs some renovations compared to the other one. You put $20000 into the condo for renovations. How much do you think the condo is worth. $210000? In your eyes it might be. In a buyers eyes it is worth 5k more or $200k. Most times people do not see the price you paid for renovations no matter how expensive it is. What you pay and think a renovation is worth is not worth that in the eyes of the buyer. It might even decrease value.

Here is are 5 bites to condo renovations which are cost effective:

1. Paint – Don’t go crazy with the colours. Stick to something light and neutral
2. Laminate floor – They make good laminate cheap floors these days
3. New vanities – A new sink or toilet can overhaul everything.
4. Steam clean carpet: Instead of buying a new one, try to rejuvenate the old
5. Paint Cabinets in kitchen. Rather than replace your cabinets, paint them.

Do not over spend in a condo, you most likely will not get the value in return.

Artie’s “Bites”

Artie’s “Bites”

Arties “Bites”

  Ace of Sales

I would like to introduce myself. I’m Artie The Real Estate Mascot. Each week I will be delivering Real Estate “Bites” on the best techniques and methods for effective buying or selling Real Estate.

I will also feature different Houses in my neighbourhood which I think are great buys. I take a lot of walks so I know which houses are the best. I will not be bribed with doggy bones or treats from any agent of company to feature a property. (My owner included) I will feature any house across any company or agent. My “Bites” will be simple and usually common sense. I hope you enjoy my “Bites” every week and I would love to hear feedback from you. I will also feature a question of the week and I will post the best answers from the previous week at the bottom of my Bites. Agents or Readers are welcome to send answers.

This weeks Bites are:

10 easy ways to get your home ready to be flipped:

1. Do your homework: Ask your agent or do research about the area and recent sales

2. Upgrade landscaping: Remove old or dying trees, bushes and flowers.

3. Spruce up the exterior: Paint doors, garage doors, flaking windows, and shutters.

4. Renovate the kitchen and bathrooms: Modernize, upgrade & don’t look cheap.

5. Replace/upgrade flooring: Hardwood, laminate, & ceramic-carpet is out!

6. Paint: Just paint anything. Its cheap and don’t be lazy. Best & Cheapest way to add   value.

7. Change switch plates: Nothing ages a property more than old, outdated switchplates

8. Install crown moldings: Adding crown molding can reinvent any interior & huge value

9. Modernize lighting: Pot lighting & the newest designs are a must. Check for knockoffs.

10. Upgrade plumbing and electrical: If you can afford it, the cost is well worth it!

Remember the goal to flipping is to make money. Be realistic about profit margins before you begin. You can’t sell a million-dollar home in a moderately priced neighbourhood where homes go for a maximum of $600,000—no matter how much marble you use.

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