To attract buyers and ensure you receive a fair price, your Realtor will establish your home’s value.
They will review the assessed value on your Property Assessment Notice, a value determine by BC Assessment, the BC government agency responsible for classifying and assessing all BC real property, current to the previous July 1.
Then your Realtor will:
* Examine the exterior and interior of your property in detail, noting new features added since the assessment that could affect your home’s value
* Scrutinize the most recent comparable data for homes recently sold in your neighbourhood and homes for sale in your neighbourhood; *Analyze the economy. An improving economy may mean rising prices, while a declining economy may mean falling prices.
Based on this information, your Realtor will provide you with an estimate of the value of your home and together you can determine the appropriate selling price.
Most successful home sellers have something in common: they use an informed, expert Realtor to help them through the complex process of selling their home.
CONSiDERING SELLING COSTS
There is no set commission rate in the real estate profession, and any fee or commission paid depends on the services provided by your Realtor, which can vary significantly depending on your needs as a client or the business model used by the Realtor.
When is the commission or fee payable?
The Standard Multiple Listing Contract provides that the fee or commission is payable on the earlier of the following:
* Completion date under the Contract of Purchase and Sale; or
* The actual date that the sale completes.
GST applies to Realtor fees and other services.
Don’t forget to ask your Realtor about these costs when calculating the total cost of selling your home:
Adjustments, may include property tax adjustments.
Final maintenance and utility costs.
Lawyer or notary fees and expenses – attending to execution of documents.
Costs of clearing the title, including:
* Discharge fees charged by encumbrance holders
* Pre-payment penalties
Insurance – should maintain until the latter of either the date when you receive the proceeds of sale or when you vacate the property.
Home improvements, staging.
Real estate commission fee.