Frequently Asked Questions: Sellers Edition

Choosing to sell your home can be an exciting and overwhelming experience. If you do not have any previous experience, you may have a lot of questions. To learn about the selling process, you can visit our page detailing it here. Even with understanding the process, you may have more questions along the way: this is totally normal. There are a lot of moving parts in the process, so we have outlined some common questions we have had in the past!

What does an appraisal mean when selling a home?

An appraisal is conducted by a licensed professional who determines the value of your home by conducting a thirty to sixty-minute visit in your home in which they examine the condition, dimension and amenities of your property. Appraisers should be an unbiased third party that simply evaluates your home and determines what they believe it would sell for. This may be more or less than what a REALTOR® would determine, or an online evaluator. Essentially, the appraiser is evaluating your property, not the entire market. 

How much is my house worth?

Your REALTOR® may price you're home different than what it is appraised for, and also different than an online evaluator may say. This is because a REALTOR® takes into account three variables:

-the condition of your home

-how it compares to other homes in your area

-the current market

This means that the price of your home may fluctuate based on when it was evaluated. Only an experienced REALTOR® will be able to take all these factors into account to determine the correct price to list your home. Without all factors taken into account, your house may end up selling for less than what its potential is, or being priced too high to generate interest. 

What does conditional mean when selling a home?

A conditional sale when selling a home means that an offer has been accepted, but there are still conditions that need to be met for the sale too close. This may be a property inspection, review of condo documents, lawyer review, review of the property disclosure statement, securing financing and securing insurance. Once these conditions are met - must be done by a certain date on the agreement, then the sale is finalized. 

How much are closing costs when selling?

There are a few closing costs to consider when selling your home.

-Lawyer Fees and Disbursements

The average cost of legal representation in Halifax is approximately $800-$1000, not including disbursements, which could be anywhere from $200-$400 Disbursements include courier fees, photocopying, title search, registration costs. It is a good idea to shop around, as there is no set cost.   

-Real Estate Commission

The typical Real Estate Commission in Nova Scotia is 5%. This is split between both the buyer's agent's brokerage, 2.5%, and the listing agent's brokerage 2.5%. Please note. The commission is plus HST.

What is an estoppel certificate in the sale of my condo?

An estoppel certificate is a binding statement prepared by the corporation at the request of a unit owner or purchaser. It indicates the standing of common elements fees and reserve fund assessments against the unit, whether they are up to date, paid in advance, or in arrears. The Condominium Act and Regulations specify which items must be included. For example, the certificate will also contain such items as the names and addresses of the property manager and the officers of the corporation, the financial standing of the corporation, the reserve fund balance, whether any major capital expenditures or increases in fees are planned, and if there are any lawsuits pending against the corporation. A copy of the most recent declaration and bylaws are to be provided with this certificate. When selling your condo, you as the seller are responsible for the charge associated with producing an estoppel certificate. 

What happens to my mortgage when I sell my home?

When you sell a house with a mortgage, the first thing to do is find out roughly how much you still owe on the loan. Knowing how much you owe, it’s time to figure out how much you’ll be making from your home sale after all is said and done — and whether it will be enough to cover your outstanding mortgage balance, plus all the typical closing costs. If you are breaking your mortgage, you may incur a mortgage penalty as well. It is always a good idea to speak with your mortgage broker or banker before listing your home, in case there is a penalty to pay for not completing your mortgage. If you have a fixed term such as a five-year fixed rate term, your lender may charge you a penalty called an interest rate differential. If you are breaking a variable rate term, the penalty is typically three months’ interest.

When is the best time to sell?

The common consensus in the Halifax real estate market is that is it best to sell your home in the Spring. The weather is starting to get nice, folks are out and about, and moving is generally easier. However, there are pros and cons to selling at any time of the year. A downfall in the spring is that there is more competition, as most people choose to list during the warmer months. If your home is near a sought-after school, it may be best to list it in the summer, so parents can secure the home for their children. When you list on off-season (winter) there is much less competition. Also, job transfers typically happen at the start of the year, meaning there are folks still house hunting in the middle of winter.

Who pays the REALTOR® fees?

The seller is typically responsible for the commission fee that REALTORS® charge. The percentage of the sold price is typically 4-6%. Half of this is paid to the buyer’s agent brokerage and a half to your representation. This cost is built into the sale price before the house hits the market.

How long does it take to sell a house?

According to our MLS system, homes sold in on average 38 days this past year. Our Halifax Market has been extremely hot, so this is short in comparison to previous years. If we look at the past decade, homes sold in on average 78 days. Most REALTORS® will agree that if a home does not sell within 6 weeks, then a price change may need to be made.

What is a title search?

A title search is the search of public records to ensure that the seller does in fact own the property. A search of all of the title records applicable will occur to determine if the title is valid. This will confirm the property’s legal ownership, the history of the piece of land and if there are any claims against the property.

What is the difference between list price and sold price?

The list price is the price that you and your REALTOR® decide to place your home on the market for. This will be the price that is advertised and submitted on the MLS system. The sold price is the price that the buyer agrees to pay with an agreement of purchase and sale. You are entitled to accept any price, however, your REALTOR® can advise you on making the best decision for your situation. Buyers can offer above or below the listing price, and whichever price you accept ends up being the sold price.

Why should I hire you to sell my home?

Our team is experienced, professional and dedicated. We do everything in our power to ensure the success of a smooth, stress-free sale. We want our clients to enjoy the process from start to finish, and receive the maximum return. We offer a variety of complimentary services for each of our clients as well, which can be found by visiting our Why Sell With Us page. You can also browse our Testimonials to see what our previous sellers have to say!

Still have questions? Call or email us today, we’d be happy to help!

Andrew Perkins

902-488-0012

Andrew@andrewperkins.ca

Weekend Projects to Increase Your Home's Value

When we hear the term “upgrade your home”, we often expect a large price tag to follow. This is not always the case. There are some quick and easy projects you can attempt in a weekend to make your home appear newer, and more appealing to potential buyers. If you are a homeowner, and not planning on selling, these upgrades will make your home feel brand new for you and your family. 

Paint the Cabinets

Installing brand-new cabinetry can be a serious expense. But, that doesn’t mean we have to live with old, faded or scuffed cabinets. Add a coat of paint to your cabinet doors this weekend to freshen up your kitchen space. Pair this with some new hardware, and your cabinets will look good as new. Our tip is, the harder the finish, the better: you want something that will be very easy to wipe down and clean.

Add a Seating Area Outside

Adding extra furniture usually makes space feel smaller, doesn’t it? Not necessarily. Adding a seating area outside will make your yard appear more inviting, thus larger, which can really up curb appeal. If you can, place your new seating area out of the sun so the furniture does not fade in colour or lustre.

Upgrade your fixtures

Opt for some modern fixtures such as black or brushed nickel finishes. Brushed faucets tend to hide fingerprints a grim a little better than polished ones. While you are at it, clean underneath the faucet before securing the new one so your sink looks brand new. Brass, nickel and bronze fixtures are known to withstand moisture and friction the longest. 

Add Outdoor Lighting

Add outdoor lighting that lines the pathway to your front door, or which highlights the garden to give your home a soft glow in the evening. Having this glow outdoors can be a security feature, can add a welcoming atmosphere to potential buyers and can add a level of comfort indoors. If you are going to add lighting outdoors, opt for some solar-powered garden lights to save on your energy bill, and to be eco-friendly.

Replace your doors

This option is obviously a bit more pricey than a coat of paint, however, if you have a little bit of extra money to spend, replace all of your inside doors, so they all match and are not scuffed nor dented. Choose a neutral colour other than white for a sophisticated, yet unique spin on your home decor. For an added level of cohesiveness, choose doorknobs that match your new faucets and hardware.

Use Smart Technology

Install keyless locks, wifi garage door openers, a video doorbell system or a smart thermostat. Buyers are eager for secure technology in their future homes, and to have these features already set up will not only make your life easier but will also make your home stand out among buyers when the time comes to sell. 

Will you be incorporating any of these upgrades into your weekend plans? Maybe you already have updated your homes in these ways before. If you have, let us know how it went!

Andrew Perkins

andrew@andrewperkins.co

902-488-0012

How to Save Money on Your Energy Bill

With the winter coming to an end, and with the extra time that we have all spent home this past year, many of us have seen an increase in our energy bills. It’s always a good idea to review your bills when you have some time and figure out how to reduce those expenses. When it comes to energy, there are so many quick fixes that you can do in your home that will reduce the amount of energy it takes to heat it.

1. Install a door sweep

Installing a door sweep to not only your entrance to your home but also to any doors that attach to a garage can trap a lot of potentially lost heat. Doors are a large area in which heat is lost, so this tip is a no brainer. Don’t forget to also weatherstrip any glass sliding doors.

2. Install a door on your fireplace. 

When you are not using your fireplace, a serious amount of heat can escape from the chimney. Adding a glass door that is tight fitted could aid in keeping the heat in. When you are not using the fireplace, simply shut the door.

3. Caulk those windows

Use silicone caulk to seal the outside of the window frames and weather-strip between the sash. Sealing the window frames can conserve heat as air typically leaks through these cracks. Caulking your windows will also make your home more durable to the elements. If this doesn’t seem to be enough, you may want to consider replacing single pane windows for double or triple pane, which can be up to 5 times more efficient at conserving energy. 

4. Install a programmable thermostat

We would be lying if we said we remembered to check the thermostat every night before bed. If you own a programmable thermostat, program it to lower 7 or 8 degrees for at least 8 hours a day - this will be probably when you are sleeping. This has been shown to cut heating costs by approximately 10 percent a year!

5. Downsize your cooking

Whenever you can avoid it, do not use your oven. Microwaves, toasters and toaster ovens function at a fraction of the energy cost of an oven. Try to make suppers in a crock or instant pot instead, which can be as delicious as an oven-baked meal. 

6. Take care of your dryer

The average person spends about 200$ a year on electricity just to use their dryer. Dryers typically use more energy when they are not cared for properly. If the vent is not clean, the lint screen is not clean or is there is debris under or around the dryer, it will not function efficiently and will use more energy to compensate. 

7. Switch out your shower head

Switch to a low-flow showerhead and reduce the time that you shower can save you over 100$ a year in energy costs. If you switch to a 2.5 gallon-per-minute shower head and only shower for 10 minutes, you could be saving 5 gallons of water each time, and that is 5 gallons less that needs to be heated

8. Add Motion Sensors/Smart Switches to lights

Installing smart switches will completely eliminate the loss of energy due to forgetting to turn off the lights after leaving a room or coming inside. Motion sensors on your porch lights outdoors also double as a great security feature as they will light up when anyone approaches, potentially warding off possible intruders.

9. Use your curtains to your advantage

Curtains are great at stabilizing indoor temperatures, as a lot of heat can escape through windows. In the winter, your curtains will aid in trapping heated air indoors, and prevent cold air from coming in. In the summer, those same curtains will keep your air-conditioned air within your home.

10. Switch your lightbulbs

Traditional light bulbs consume a lot of energy. Switch all of the light bulbs in your home to Compact Fluorescent Lights (CFLs) or Light-Emitting Diode Bulbs (LEDs) to use 80% less energy. These newer types of bulbs also tend to last at least triple the length of time in comparison to older styles.

Our province has some great programs in place to help Nova Scotians save on electricity. For low-income families, check out the Home Warming Program to have energy-saving technology installed at no cost to you. For others, (even renters), check out Efficiency NS for some free upgrades to your space to save on your power bill.

Andrew Perkins

902-488-0012

andrew@andrewperkins.ca

Halifax Sellers: What to Know When Preparing for Viewings

When your Halifax home is on the market, there is potential that many eyes will be peering in. You will of likely had professional photos taken, and a home staging completed. This kind of marketing will highlight all of your home’s best features, and you will want to keep your home up to those picture-perfect standards when curious buyers see the home in person. 

The most obvious step in preparing your home for viewings is to do a deep clean. While most understand this, they tend to overlook the fact that this deep clean must be maintained for the duration of their listing. 

There are several things that you can do to make it easier on yourself to maintain a high level of order and cleanliness while your Halifax home is for sale. Read through for some tips on how to set yourself up for successful home viewings!

Deep Clean

We all know that a house that is about to hit the Halifax market needs a deep cleaning. You are going to want to ensure that everything sparkles. The obvious areas are the windows, countertops, baseboards, floors, mirrors, surfaces, bathtub and toilet. Areas that are sometimes forgotten are the trash bin, arranging toiletries, wiping out cupboards, dusting behind furniture and organizing underneath the sink. You do not know what your potential buyers are going to look at when viewing your home, so you need to make sure you’ve got all of your bases covered.

Reduce your clutter

Removing clutter is an essential component of prepping your Halifax home to sell. You want your home to feel as spacious as possible to incoming buyers because space = value. If you are toying between leaving something personal on the mantle or putting it away, you should probably put it away. The less personal you can make your home, the easier it is for someone else to see themselves in it.

This goes for the closets too. Do not simply take all of your extra items and store them in your closet. Buyers will look in the closets to see if they would have enough space for themselves. A cluttered closet will not sell a buyer on your home.

Take control of odours

Smell is a very strong sense and can sway buyers to or away from your home. It is best to avoid scents in general so that they are not distracting to the buyer, and in case a buyer has a scent allergy. Try to cook milder dishes that do not leave scents lingering as well. If you insist on adding fragrance to your home, opt for candles or air freshers with very common smells such as fresh linen, lavender or vanilla.

Leave the home

It is often very hard for a buyer to picture themselves living in your home if you are present during the showing. It is also hard for their agents to receive honest feedback from their buyers on what they thought of your space. Sometimes, this feedback is crucial to adjusting your home or listing to lock in a sale. 

Not only should you physically leave the home, but you should also remove any family photos or decor specific to your family. This will aid the buyer in picturing themselves in your space.

When a showing is scheduled, step out, and enjoy some of the beauty Halifax has to offer!

Open Concept

Buyers in this day and age love open-concept homes. If your home is built like this, you are in luck. If it is not, however, you can still succeed! Ways to make your Halifax home feel more open-concept are to: remove bulky furniture, keep sight-lines open, and rearrange existing furniture to invite people into the room. If you are not sure how to do this, there are professional home stagers who can help you immensely. 

Freshen up your yard

The yard often gets forgotten when families are preparing their homes for buyers, but this is a very important aspect of the home to make presentable. Your yard is the first thing buyers will see when they pull up to your property, and first impressions often stick.  Be sure to keep your lawn mowed, tuck away trash and compost bins, clean your doors, arrange patio furniture in an inviting way and wash or hose your decks and steps.

A fresh coat of paint

A fresh coat of paint on the walls can do wonders when you need to renew a space. Walls get dirty and scuffed over time, and we do not want the buyers thinking about that when they are looking at your home. If you are going to paint your walls, opt for a light and neutral colour that matches everything, and opens up the space.

Do not leave anything broken in sight

This may seem like an obvious one, but it is still worth mentioning. You should fix things that are visually broken. This includes leaking faucets, missing tiles, broken handles or hinges and so much more. If you can see that it's broken, the buyer can too. 

Adjust the temperature

Make sure that the temperature in your home is comfortable when buyers walk in. If your home is too cold, the buyer may not feel like they can relax after a long day of work. If the home is too hot, they may think there is not enough airflow. The most preferred room temperature is typically between 20-22 degrees Celsius.

The bottom line

Your top priority as a home seller is to get your home sold. And not only get it sold but for top dollar. By following these tips, and any other tips that your REALTOR® or home stager provides will not only make it easier to reach your goal, but to make the process much smoother from start to finish. When your home is clean and marketable, it not only increases its value but can add a much more pleasant and excited buyer.

Thinking of selling your Halifax Home?

Give us a call anytime at 902-488-0012

Andrew Perkins