As it does every summer we are starting to see a slowdown in the Estevan market.  It is no surprise to me as this has happens every year.  People are on holidays or those that have been looking for a house have found one and are already moving.  It is easy for frustration to set in, however there are some things that you can do to still make your home attractive to others.  It is true though that if you are holding on to the prices from the spring market and still hoping to get them that your house will sit for a fairly long time. It’s a whole new world for home sellers. So, how do you make your house stand out so it will sell when sales are slow?

1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs. But, when things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying. If your home is priced too high, you many never get buyers to even consider looking at your home.

2. Quickly cut the price if you don’t get action. Everyone wants to sell their home for as much money as possible. Nobody wants to “give” their home away. But homes that languish on the market in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a slow market with few buyers you may want to cut the price to more quickly make the sale

3. Find the right agent — it’s critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. They’ll help with everything from pricing to advising you on the other 6 other points in this article. I have had experience selling in a slow market and know what it takes to have a successful sale.

4. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn’t stand out from the rest then it’s time to get to work.

5. Consider home staging. The quickest way to add value to a home for sale is a fresh coat of paint. After, you may want to consider home staging—either do it yourself or hire an outside firm. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it home more appealing to prospective buyers.

6. Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don’t have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.

7. Offer flexible terms. Flexibility is the key now. You’d like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home but the buyers make a bid near asking price – but with the appliances. Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high – you don’t want to lose the only buyer who has looked at your home in a month.

Source: http://www.homeinsight.com/details.asp?url_id=5

As of late I have had many people approach me to purchase homes but they need to sell their home first before they can do so.  This can be one of the most frustrating situations for a buyer/seller combo as there are many factors to consider, and many different situations you could find yourself in.  Below are five things that you should do and experience throughout the whole scenario.

1. Prepare to be stressed

Buying a home is stressful. Selling a home is stressful. When you do both at the same time, the experience is super stressful, not to mention emotional and difficult on many levels. You’re potentially carrying two mortgages or trying to time the purchase with the sale. There will be a lot of sleepless nights, worrying over finances and pressure to make a decision. It’s enough to ignite a family war.

Accepting upfront that this process will be extremely stressful will help in the long run. Know that most homeowners go through this, and there is success at the end of the long, dark tunnel. Plan everything as much as possible in advance. Do your homework. And take care of yourself. You’re going to be busier than usual.

2. Meet with your agent early on

Owners often believe their home is worth more than what the current market will bear. That’s why it’s important to meet with your real estate agent early on, even months before you plan to buy or sell. Researching online valuation tools or doing basic research will help to guide you. But I will help you understand your home’s true current market value and marketability. A good agent is in the trenches daily and knows your neighborhood and market inside and out.

3. Learn the market where you want to purchase

After getting some hard numbers for your home’s sale you need to do the same on the purchase side. What’s on your wish list?  What are your priorities? Determine your needs and understand what you will get for your money on the purchase side. You need to know this to factor in how financing will work with the buy/sell. Also, understand that market. Is it more or less competitive than where you live now? How long can you expect to search for a home? This will factor into your sale timing. If you’re moving within the city or town where you live, your listing agent will likely serve as your buying agent. If you’re moving just outside your area, you may need to ask your agent to refer you to an agent knowledgeable about that area.

4. Know your numbers

Once you understand the numbers on both the purchase and the sale, you need to know your financing options. Many people today don’t have a strong-enough financial foundation to purchase another home before selling their own, so knowing this upfront can help you plan more appropriately.

Engage a local mortgage broker or lender and understand what kind of down payment you’ll need to make a purchase, given the price point and type of home you seek to buy. How much equity do you have in your current home, and is the equity available? Do you have enough of a down payment liquid and would a lender allow you to make the purchase before selling the home? Find out by going through the loan pre-approval process. A good, local mortgage professional is as valuable as a good real estate agent.

5. Make a plan

Now that you know your numbers, it’s time to come up with a plan and execute. The plan can vary greatly, depending upon any number of conditions. Some examples:

• Buying in a competitive market? Adding a contingency that your current home must sell before you buy probably won’t work.
• Selling in a competitive market? You may be able to negotiate with the buyer for a longer escrow or even a rent back. This would buy you time on the purchase side.
• Selling in a slow market and buying in a competitive market? Need the sales proceeds in order to do the purchase? Unfortunately, you’re in the worst-case scenario. Consider the option of selling your home first and moving into temporary housing. While not the most physically convenient, it could be less stressful.
• Need temporary housing? Start researching those options now well in advance

Understanding the variables

• There are so many variables that can come into play when buying or selling. Each one may affect your decision-making process. Identifying and planning for the variables as much as possible early on will help you avoid sleepless nights, stressful days, or fights with your spouse or partner.  In my experience with home sales, you lose a lot of negotiating power, you almost succumb to the seller, as you are asking for them to wait on you to sell your home.  There are a couple of different things that can be done. 

• Interim or bridge financing- Talk to your financial provider and see if you are able to pay a mortgage on both homes if you have too.  Although it is a little bit more pricey, you gain your negotiation power back, and most of the time your home will sell if it is priced competitively.  Then it is a matter of negotiating possession dates accurately so you do not incur that additional cost, or mortgage payment.

• Option Clause – In a majority of situations a clause will be incorporated into an offer which is called the option clause.  This allows sellers to still show and accept other offers on the same home you have an accepted offer on, however in the initial negotiation of your purchase you and the seller will decide how many hours after the other offer is accepted you will have to remove your conditions.  Most of the time a seller will allow between 48 – 72 hours for you. 

There are many different things that you will experience throughout the ‘domino effect’ but in the end the transaction should be as smooth as any other regular transaction should be.

For those who say that there is nothing to do in this town, they are sadly mistaken!  Recently, I read a Letter to the Editor in the Mercury where Michel Cyrene (Director of the Estevan Chamber of Commerce and Tourism Estevan) who was quick to inform those that there is nothing to do in town, there is.  For those who do not know what is going on in town and would like to find out, I would highly encourage you to visit tourismestevan.com. Here you will find a large calendar full of events that are going on every month, and throughout the year in the Energy City.  This being said, there were many events and initiatives that were going on in the month of June and I think it is important that some of the people involved should be recognized for all that they do!

1. Estevan Motor Speedway – Thank you to all of the volunteers and board members who put in countless hours to provide the residents and racing enthusiasts of Estevan with some high energy entertainment.  It always amazes me at the amount of people that are out there pre and post-race to get everything ready!  Good on you all!

2. Estevan Exhibition Association – Thank you for the amount of work you put in to make sure that we are able to have a fair every year.  My father was previously the President of the is Association and I know first-hand the amount of work and dedication it takes you to put the fair on!  Another exciting attraction for our residents!  Also, a shout out to all those who continue to organize the Idol competition which allows us to showcase some of Estevan’s musical talent!

3.Estevan Art Gallery – Unfortunately, I was unable to attend this event, but heard nothing but great reviews.  The work that the Art Gallery and all those involved in the Arts Council who work tirelessly to keep Art and Culture alive in the City is appreciated!

4.Woodlawn Regional Park Board, Nathan Puffalt and Becky Howie – A fantastic day that you put on to re-open Estevan’s biggest treasure, Woodlawn.  An amazing day was planned and you should be very proud of the accomplishment.  The re-building of Woodlawn truly shows the strength of this community and how well we can all work together when tragedy strikes!  Great work!

5. To all of the Community who took part in the United Way Day of Caring and to the Executive of United Way Estevan – Thank you for all of the work you did.  At ECS we are one of the agencies who benefit through Challenge Day, an initiative to combat bullying at our School.  The work you do is greatly appreciated.

6. Maureen Ulrich and the Souris Valley Museum Group – After combatting the effects of the flood, it is good to see this large tourist attraction back and in full swing!  It is always a great experience anytime I have attended.

7.Tanis Savill and the supporters of the Gown Drive at ECS – Your kindness, gratitude and initiative is something that leaves me speechless.  Again, it shows the strength and caring nature of this community and the people who live in it! Your story has been province and country wide! 

8.Kinsmen and Kinettes July 1^st Celebration – Thank you for allowing use to celebrate this Country’s Birthday with this city event you put on every year at your park in Hillside!  Thank you to the dedicated members who continue to help out with this.

This is not an exhaustive list there are many out there!  For those who continue to believe that nothing goes on in this city, I encourage you to check out the different websites out there that continue to showcase Estevan’s great events.  Also, get involved!  All too often I hear so many negative things about what goes on in this city!  My new motto is NO PARTICIPATION, NO OPINION.  Things don’t just happen; it takes a large amount of time and dedication to make it happen.  Sure there are efficiencies that can be found, but it takes time, volunteerism and dedication to find them.  I encourage everyone to seek out different volunteer opportunities and together we will work to grow this community into a stronger more proud community!