1.  Begin in an area where you are the least emotionally attached. This will allow you to get rid of things easily. If you have not used it or worn it in the past year - it is time to get rid of it.

2. Before organizing you may need to get rid of some items by sorting your belongings into different piles such as Keep/Toss/Sell and Give away

3. If time permits, organize a little bit each day by setting aside 30 minutes to tidy up.

4. If you just cannot imagine getting rid of your favourite items, you can put them in suitable storage containers.

5. Before buying anything new ask yourself whether you need it and ask yourself if you already have it/or something similar to it. This will avoid making unnecessary purchases. Always remember that when you buy something new, remove something old in order to avoid clutter.  

6. If all else fails, get a storage unit to keep your treasures until your property is sold.

*Remember less is more when your house becomes a model home!

Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate sales professional. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer's recommend selling your own home yourself in today's market. Here are a few of the reasons why:

1. You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.

2. The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long... there must be something wrong with the home.

3. The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor... and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate sales representative does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. Real estate professionals are trained on how to overcome buyers remorse--a very common occurrence.

4. Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.

5. Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.

6. Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.

7. The majority of qualified buyers are working with experienced real estate professionals.

8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.

9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.

10. Expected savings in broker's fees will also be greatly reduced if you offer a selling commission to entice real estate sales representatives to bring potential buyers.

11. If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer's fees will be considerably higher.

12. Only real estate sales representatives have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to real estate sales people. Further, real estate sales representatives are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.

13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.

14. Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer's to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Real Estate professional can act as a great mediator. Lawyers MUST act only on their client's instructions and are not paid to negotiate.

Relax. Conflicting emotions are normal. Separation anxiety is part of the process. Thsi is a business transaction. Evaluate it with as little emotion as possible. Remember your reasons for seeling. Remain cool.

I will walk you through the offer step by step. If you have any questions, please ask. The reason I go trhough this carefully is make sure you understand and to make sure that the details of the property are listed accurately.

Your eyes will be attracted to the price. This is where most people become emotional. Remain cool, and listen to what we are telling you before making any comments or decisions. Although price is a major component, it is not the only consideration.

Once we have reviewed the offer, we may ask the other realtor to leave so that we can discuss it in private.

With any offer, you have three options. You may accept it, reject it or sign it back as a counter offer. After you have made your decision, the realtor representing the buyer will take back your response to the buyer.

If you accept it and sign the buyer's offer, you have a legal and binding contract to sell your home, subject to conditions.

If you reject it, the buyer still ahs the option to re-submit another offer for you to review.

If you counter-sign, the buyer has the option to accept your terms, at which point you have a legal and binding contract to sell.

PURCHASE PRICE - what the buyers is offering for your property. It is usual for this price to be somewhat below the asking price shown on the listing. This is determined by the property's value to the purchaser in comparison with other property's the purchaser has seen, or is aware have sold in your location.


DEPOSIT - Normally made to demonstrate that they're serious about their intent to buy. It provides you with some assurance that the buyer will go through with the sale when the closing day arrives. Don't normally exceed 10%.

COMMON POINTS OF NEGOTIATION
Buyers offer less than your asking price in an attempt to discover the bottom end of your price range. How you respond can mean the difference between a successful sale and a lost opportunity. If you counter too high a price, you may scare the buyer away and kill the sale. If you receive an unreasonably low offer, you owe it to yourself to counter with a price you can accept.

As a realtor, I help you assess each offer, taking into consideration such factors as the prices that comparable homes in your area sold for recently, the length of time your home has been on the market, the general level of buyer interest in your property and your specific objectives.

One other note about price: the first person to make an offer on your home offer represents your best prospect. Why? Because buyers who make an offer on a property soon after it comes on the market will generally offer a better price since they don't want to lose out to other buyers interested druing the initial flurry of activity. Another point to remember is cost of hanging onto a house longer may be offset by a marginally higher price later on. The additional taxes, maintenance and utility costs may not be worth it.

Possession date - next to the price, is often the most frequently negoitated item of an offer. If you have purchased, it is fortunate if the buyer agrees to your proposed possession date. Often buyers, have their own date in mind, particularly if they have sold their home.

Again, I can help you balance the buyer's needs with yours and work towards obtaining the things that are most important to you. If there is some inconvenience experienced with the closing date, it can give you some leverage when the price is being negotiated.

Conditions - are assessed by their risk, whether the buyer will be using it as leverage to renegotiate, and the market.

COUNTER-OFFERS
Negotiating an offer successfully means compromising on items where both you and the buyer are reasonably satisfied with the outcome.

It is advantageous to reply with a counter-offer rather than reject the offer completely. It indicates a desire to negotiate seriously and keep the process going. Do remember, that altering the original offer, means that the original offer ceases to exist, and that there is a risk in responding with a counter offer. It releases the buyer from his original commitment.

As you negotiate, remember your ultimate goal: to meet your sales objective. Ask yourself when encountering difficult issues, "Am I really willing to lose the sale over this?" Heed my advice and listen to your own objective inner voice.

You'll do just fine.

ESTIMATED PROCEEDS FROM SALE
Sale Price                                 $
Refund of pre-paid costs:
Utilities
Heating oil/propane
Homeowner's insurance
Real Estate taxes
Condominium maintenance fees
Municipal assessments
Other
Other Income
TOTAL INCOME                          $

PAYMENTS
Balance of Mortgage Loan           $
Interest on mortage since last pymt.
Mortgage prepayment penalty
other lender fees
Real estate tax proration
Other Taxes
Removing Liens on Property
Real Estate Commission
Legal Fees
GST on professional fees
Other payments
TOTAL PAYMENTS                           $
NET PROCEEDS FROM SALE             $


ESTIMATED COST TO PURCHASE
Purchase Price                              $
Less: Down payment
Mortgage Required
Plus: mortgage insurance if high ratio
TOTAL MORTGAGE REQUIRED         $

ESTIMATE OF COSTS TO ARRANGE MORTGAGE
Application Fee                              $
Appraisal Fee
Mortgage Broker's Fee
Land Survey Fee
Legal Fees (including GST)
Inspection Fee
Closing Costs
TOTAL COST TO ARRANGE MORTAGAE $

OTHER COSTS
Mortgage Life Insurance                   $
Homeowner's Insurance
Other
NET COST TO PURCHASE                  $

It is a good idea to create a timetable to ensure that your moving day goes perfectly. This plan includes suggestions for what you should do as movind day approaches.

If you own a house and you are planning to sell it - it must be put on the market well in advance of any other arrangement. It would be beneficial to sit down and discuss the move with your family beforehand; be sure to include your children in the discussion, especially since a move can be particularly stressful for children.

Owners of condominiums should check with their boards for information on restrictions that may be imposed on the move.

If you rent an apartment, make sure to check your lease to see when you are reuqired to notify your landlord of the move. If there is no formal date, then give six to eight weeks notice before the moving date. You want to be able to get back your security deposit, which may mean that you have to allow some time to fix any damages. Otherwise, the costs will be deducted from the security deposit or you may not get any of it back.

You should follow this/or create a similar schedule. Leaving everything until the last minute will only create chaos and make your moving day stressful.

SIX TO EIGHT WEEKS BEFORE THE MOVE
1. Shop around for a mover. Ask friends and check other sources for companies. Once you have created a list, look into them.
2. Determine what additional charges are to be expected at the origin as well as destination. These include stair carry charges, etc. This will help the mover prepare an accurate estimate and will help you budget.
3. Schedule a time to have the movers come in and give estimates.
4. Plan a garage sale to reduce the mount of stuff you will be taking with you. Make a floor plan of your new home, to help you determine what to keep and what you want to dispose of. Remember, some of your furniture may not fit into your new place.
5. Talk with your homeowner's insurance agent about coverage for your hosehold goods while they are in transit
6. If you are going to ship itmes of extraordinary value, try to see if you have sales slips for them. If not, take photos/videos of each of the items and get professional appraisers to document their worth.
7. Check into other shipping methods that may save you money.
8. If you are going to move by yourself, start collecting newspaper and boxes.
9. If you must travel to your destination by plane, bus or train, shop around for the best deal.
Notify the post office of your new address
If you are moving to a different province, find out how to apply for a liscence. Your current license may be transferable.
10. Start gaterhing important documetnation.
11. If needed, select a new school for yuour children, and obtain copies of school transcripts
12. Clear up any outstanding tax bills.
13. Start closing closing accounts that you will not need in your new location.
14. Start thinking about applying for credit in your new location
15. Contact your insurance agents and ask how one may transfer insurance so that protection is continuous.
16. If needed, ask dentist/doctor to prepare medical records for transfer to your new community
17. Contact the utility companies at your new location. Tell them the date that you would like services to begin.
18. If you have any borrowed items, return them.
19. If your old home has not yet sold, make all necessary repairs and changes to make your house more sellable.

FOUR WEEKS BEFORE THE MOVE
1. Select the moving company you're going to use.
2. Start packing hardly used items. For e.g. if the move is during the summer, pack winter clothing and extra blankets. Becareful not to pack something that you may need to use before the move.
3. If you need a storage unit, think about which one you will be using.
4. Make final decisions on what you are going to take and what you are going to leave.

TWO WEEKS BEFORE THE MOVE
1. Continue to pack what you can. Designate an empty closet or the garage as a temporary holding area.
2. Send out rugs, curtains, etc. that need to be cleaned.
3. Call utility companies and tell them when you need your services turned off.
4. If you are taking your appliances with you, arrange for servicing of appliances if you are having them moved by speicalists.
5. Have your car fully serviced, if you haven't in a while.
6. mail change-of-address cards
7. Call the moving company to confirm the details regarding the move.
8. If needed, confirm the travel plans you have made.
9. If the first garage sale wasn't very successful, advertise a second one.

ONE WEEK BEFORE THE MOVE
1. start to pack suitcases
2. check your home for remaining items you may want to throw out.
3. make sure you have gathered all the documentation you need/want to take with you.
4. empty the propane tank for the BBQ, clean the girll and pack loose parts
5. If needed, hire a babysitter to watch the children on the day you must pack.
6. if you are due a refund for security deposits on utilities, rent, etc. alert parties of your new address or if you can, have the money sent to you before the move.
7. if required, drop off boxes to be shipped from the bost office.
8. cancel newspaper delivery
9. make final arrangements for moving pets if the move is far.
10. pay any outstanding bills/fines.
11. dispose of houseplants that you are not bringing with you
12. dispose of/consume food that you are not taking with you
13. arrange to have remaining items dry cleaned, or do a couple of loads. That way you can concentrate on unpacking at the new home rather than on catching up on your laundry.
14. pack pictures, paintings, mirrors and other items that are hanging on the wall.
15. pack jewelry and other valuables.

ONE OR TWO DAYS BEFORE THE MOVE
1. If your home will be vacant fora while after the move, alert neighbours of this.
2. call utility companies to confirm service shut off
confirm any reservations you've made - e.g. rental car, etc.
3. If you chose to have your home professionally packed, the packers should arrive one or two days before the big day.
4. Dispose of/give away any remaining items that you don't need
5. confirm arrangements for a babysitter you may have hired.
6. all packing should be nearly completed, but double-check if all boxes are labelled properly. (e.g. "FRAGILE", "LOAD LAST", etc)
7. Begin cleaning the house.
8. begin loading the car.
9. defrost the refrigerator, and clean.
10. If you are moving far, and you need a ride from a friend or relative to an airport or the train station, confirm the arrangements.
11. Write out your new address and tape it in a prominent location in the house. The new occupant may need to contact you, or forward mail to you.
12. Retrieve any items from the laundry, dry cleaner or other services.
13. Take apart large furniture pieces that can be disassembled.
14. to make it easy for the movers, give them a map of where you are moving to.

Are you wondering what you can do to sell your home quickly without spending a lot of money in home renovations? All you may need is some practical advice on how to showcase your home to attract potential buyers. A buyer makes a decision whether or not they want to buy your home within 5 seconds of walking in the front door. The idea behind home staging is to prepare your home to appeal to the widest audience of viewers. Like a display suite, your house should encourage buyers to visualize living there. If your home is cluttered, out-dated, or is not selling, you may want to hire a professional home stager who can make your home more attractive to buyers. If you want to know the basics of home staging so you can make changes yourself, here are some useful tips.



1. Think of your home as a commodity. Remember, it is not going to be your home anymore and should be marketed as a product. When looking at your home, you should decide on a general theme that emphasis the best features of your home and portrays an overall mood.


2. You don't get a second chance to make a first impression. Clean up and revamp your front entrance way. It is the first place a buyer will see. Polish doorknobs, replace burnt out bulbs, and repaint the door if it is stained or scratched.


3. Do a thorough cleaning before putting your house on the market. Spotless walls, windows, carpets, flooring, and appliances make a lasting first impression. Key areas are the kitchen, bathroom and front entry. If your carpets or vinyl floors are stained, especially in high traffic areas, you should consider replacing them.


4. Consider the outside of your house. Does your siding need washing, your gutters cleaning out, or your hedge need trimming? A tidy outside raises less concern about maintenance issues.


5. Remove any clutter. Small appliances on countertops, knick-knacks, jam-packed bookshelves can be packed away in preparation of moving. Family photos should also be packed away so that the potential buyer can more easily visualize their own possessions in your home. This also includes removing any excess furniture so your home has a spacious airy feeling. You may want to rent a temporary storage unit for furniture and other boxes that take up room in your closets or storage spaces.


6. Arrange the furniture in your home to showcase its best features. Put a few pieces on angles to create cozy corners, and a less boxy look.


7. Remove any area rugs that are covering attractive flooring and a fresh coat of paint can do wonders for a dingy room. Try using currently fashionable colors to update your home's décor. Cream or neutral colors warm up a room making it feel giving a homey impression.


8. Vacant homes should have the heat or air conditioning on for showing purposes. It reduces the stale odors that accumulate inside of a vacant house and gives a more inviting impression to potential homebuyers.


9. The mood you create in your home is also dependent on odors. If you home has an unpleasant or mildew smell you will want to remove the source of the odor. Open up the windows to let fresh air inside your home before you show it. If you are going to use a scented candle or incense, try and use mild varieties as strong smells can irritate sensitive noses.


10. Baking bread, playing soft music, and adding additional plants to your home, are all psychological cues that make a potential home buyer feel like your home is a nice place to live in and they will spend more time previewing your house. Outdoor planters and indoor floral arrangements are visually pleasing.


11. Consider your lighting. Natural light makes a home feel more welcoming, open and appealing. Drapes and blinds should be opened and mood lighting left on in darker rooms.


12. Take a look at your possessions. Stained or tattered items should be removed from view. Fresh towels, made beds, and clean throw rugs are a must.


13. Fix any small repairs, including leaky faucets, squeaky doors, and loose door handles. They may seem insignificant but minor repairs add up in the mind of a potential buyer.


14. If you have pets, ensure that their dishes, sleeping areas, and litter boxes are clean. Any noticeable pet hair should be vacuumed, and dog droppings removed from the yard.


15. If you know the mood you want to create but do not have the furnishings, consider renting them. Large pictures, designer coffee tables, and accessories that enhance your homes overall look may increase the appeal of your home without seriously denting your pocket book.

Showing a house is a lot like going on a first date: you try to look well groomed even if that's not how you normally look! The old adage about first impressions being the most important is just as true for your home as it is for you. A clean house gives prospective buyers the impression that the whole house is well maintained including the out of sight items such as plumbing or heating.

Most sellers know that a tidy home can help their home sell faster but 'clean' is a relative term. What one person finds acceptable could send another running for the door. Real estate agents and brokers have seen it all: ring around the bathtub, clothes on the floor, pantyhose hanging off the shower curtain, sinks full of dirty dishes, living rooms littered with toys, dust bunnies behind the sofa the size of prairie tumbleweeds…

There are three main incentives to keeping your house in perfect showing condition: your home may sell faster, you may get more money for it and by removing the clutter you will allow people to focus on any improvements you've made to your home. (It's hard to see the new tile floor in the bathroom when it's covered in wet towels!)

Long before the first open house, take stock of your home. Do you have piles of magazines you've never finished beside your couch? Are your closets and drawers overflowing with clothes you're hoping will come back in style? Do you trip over a pile of shoes when you walk in the door? Be brave and pack up anything you don't use on a regular basis and give away whatever you haven't used or worn in the last five years-bell-bottoms couldn't possibly make another comeback! A good guideline to aim for is the uncluttered, unobtrusive look of a hotel room.

While you may feel that achieving such a high level of cleanliness is seemingly impossible for amateurs your efforts will pay off! Begin by washing the walls, windows and doors and shampooing carpets. If you have hardwood you may want to get them professionally cleaned and varnished. Put a drop of oil in squeaky joints. Polish brass hinges and doorknobs.

Pets should be kept outdoors or in cages during showings for everyone's safety. If you have a cat, ensure that the litter is changed or cleaned daily. Cat odour can be a great hindrance to the sale of your home since people may worry that the odour will be permanent. Open windows shortly before a showing if possible.

For the exterior of your home, a fresh paint job can do wonders. If painting your entire home is prohibitively expensive consider making small updates such as painting the window frames in a contrasting colour (ex. white against a deep blue) or just touching up rough spots. The garden is another outdoor area many homeowners overlook despite the fact that it is the first thing prospective buyers will see. Keep the lawn and bushes trimmed. If you were never much of a gardener you can still have fresh flowers by cheating a bit-make a quick trip to the garden store. Most small annual flowers are available for less then $2 per plant. Choose flowers in only two or three colours to create a sense of uniformity in your garden. Attractive flowerpots on the window ledge can be a nice touch depending on your style of house.

Don't be surprised if people also want to see the garage. Some buyers feel the garage reflects the general maintenance of the entire property. Unfortunately, if you are like most people you enter your garage half expecting to be attacked by your belongings. If you have no where else to store the items you don't want to give away, at least try to put them in boxes piled neatly along one wall. Designate one area for bikes and other sporting equipment.

Once you've completed these tasks, it's important to maintain the neatness of your home (inside and out) on a daily basis while you have it up for sale. Open houses often take place on short notice. If you start with a clean house, it's easy to wipe off a counter or run the vacuum over the carpet to get it into good condition and ultimately complete the sale.

Selling your home can be very stressful to many people. To make the whole process smoother, it helps to be prepared. The following suggestions will help you prepare your home for potential buyers.

Create Space
Prospective buyers are usually looking to upgrade. They have outgrown their home. Perhaps they need more bedrooms for their growing family or just find their current living space too cramped. As the seller of a home you need to show them what they want space. In order to showcase the space you have to offer, consider removing unnecessary furniture and cleaning out your closets, storage rooms or your garage. Also, keep curtains and blinds open to create an open, airy look.

Create a blank canvas
Once you have cleared up the clutter in your house, it is time to paint. Often, a new coat of paint goes a long way when you are showing your home. Choose a nice neutral colour such as an off white. Not only does it cover over old marks but it also freshens the place up. As well, it is often easier for prospective buyers to visualize their own decorating preferences when they have a "blank canvas" to look at. They are more likely to purchase a place that they truly view as theirs rather than somebody else's.

Fix it Up
Prospective buyers want to move into a house where all mechanical systems are fully functional. In order to ensure everything is working properly, you should have your mechanical systems inspected by licensed contractors. If there are minor repairs to be made they should be done at this time. You should have your furnace and air conditioner cleaned, fix any plumbing leaks and make sure all electrical outlets are in working order. Fixing minor repairs will show the buyer that the home is well maintained. Covering up minor problems warns potential buyers that you could be also hiding something a lot more serious.

First Impressions
Last The first glance prospective buyers will have of your house is from the outside. So once you're done inside, move outside and ensure that your home looks appealing from the street. Make sure the lawn is always cut, garden edges are trimmed and shrubs and trees are cut back. As well, replace broken or rusting gutters. Flowers go a long way in improving the overall look of your house. If the season is right, consider planting some pots or hanging baskets. Also, ensure that children's toys aren't strewn all over the lawn.

Achieving that perfect display home condition is not really as overwhelming as it sounds. Some sellers use professional "fluffers" to improve their home's appearance and sale price. Talented fluffers are masters of illusion. They have large storehouses of furniture and accessories or rental arrangements with various stores. After evaluating your home, they may decide to swap your old sofa for one that will make buyers take a second look at the room. After the house is sold the loaner sofa goes back to the store. The same goes for the expensive Persian rug, matching vases or sculpture. While you may not be prepared to use a fluffer or go to these lengths to update your home, there are a few simple ways to get a similar outcome.

Painting is an inexpensive update which can make a dramatic impact on your home. Colour and light are usually the first things people become aware of upon entering a room. Painting with light tones can make a room seem larger and brighter. Select colours on the wall can highlight those in the furniture, rugs or accessories. Usually this is done with complimentary colours (yellow-purple, blue-orange, and red-green) used sparingly or in light tones. Pale yellow walls, for example may highlight royal purple cushions on a sofa.

Flowers are another easy way to make a room seem more appealing. A thirty-dollar investment in a few bouquets can make your home seem cheery and well attended to in the eyes of prospective buyers. If you run out of vases you can always try the rustic look: a clean mason jar (labels removed) with a large bow around the top or pop cans inside a deep basket then covered with florist's moss. Try a large bouquet in the living room or dining room and delicate arrangements of a few flowers in each other room.

Take an objective look at your furniture and decide if you have too much clutter. Why pay to move items you may not even like? More importantly why keep that questionable furniture in your home during an open house? If you have a ratty chair that needs to be reupholstered or items which clash with the majority of your furniture it may be time to take action.

Consider renting artwork. If you have a large blank wall, a captivating painting can imbue the entire room with new energy. Galleries typically rent artwork for 4% or the retail value per month with a minimum two-month rental. You'll find artwork ranges from $400 to $4000 so take a close look at the number of zeros on the price tag!

A few small changes may not transform your home into something you'd find on the celebrity pages but they can make a dramatic impact on buyers.

Establishing your Asking Price
Deciding what price tag to put on your home is never easy. Price is often the determining factor for potential buyers. Location, layout and amenities are important but in the end most of us have to look at the bottom line. Many sellers like to think they can start with the price they originally paid, add a healthy mark-up and wait for the offers to roll in. A lot of those sellers will have to adjust their price once their home is on the market.

Try to put aside your subjectivity
The cherished memories you may hold of your home are basically unimportant to buyers. Usually they're more interested in creating their own memories. An unsentimental look at the market value of your home can save time and disappointment.

The amount you actually spent for home upgrades is worth mentioning in the listing information, but their reflection in the selling price can be somewhat distorted. The new carpet, paint, or deck you added may increase the value (and shorten the time your home is for sale) but don't expect to be reimbursed dollar for dollar for those renovations. As design trends change you may also find that certain renovations are either more or less desirable. (Do you remember shag?)

Arrange a Comparative Market Analysis (CMA)
It is standard practice for a seller to ask real estate agents to visit and evaluate their home. Ask for a comparative market analysis showing the selling prices of similar homes in the neighbourhood, those currently on the market and those that didn't sell. A CMA presented by an experienced agent can provide a realistic price estimate of your home. Remember however that CMAs are not set in stone. Some agents under-value your home in hopes of creating demand. Others will flatter you with over-inflated estimates in order to get your listing but later suggest a price reduction. You may want to get a number of CMAs and augment it with your own investigative work.

Conduct your own market research
When homes in your area have open houses take a look. Use this opportunity to compare your home to "the competition" in terms of price, location, square footage, and amenities. Once you look at several listings you should be able to make an educated guess as to the market value of different aspects of your home. If you are months away from actually listing your home, visiting open houses may also help you discover which renovations could be profitable and appeal to today's consumers.

Calculate the price per square foot
There are many factors to take into consideration when determining market value. Price per square foot is a good starting point. You can get a fair idea of the average price per square foot of homes in your neighbourhood by reviewing properties sold or for sale recently. Remember that there is more than one way to count square footage so it's a good idea to ask your agent what method is commonly used.

Consider market conditions
Real estate is one of the most secure investments you can make but prices can rise and fall independent of the quality of the individual properties. If you attempt to sell your home when the market dips you'll find you may have to lower the price below your expectations. Interest rates, the state of the economy and the local job market should be considered before you put your home on the market. The time between price peaks varies due to local and national market influences. These characteristics will assist you in determining if there is any market timing opportunities.

Finally, consider your own needs when setting your price. Are you in a hurry to sell? If so you may want to knock one or two percent off the market value. Is there a minimum amount you can afford to accept? If you have the luxury of time you have more leverage. Keep in mind however, that a house that is on the market too long or has a large price reduction at some point, may be viewed as "damaged" or "stale goods."

Your best strategy may be to establish a fair asking price from the start. Most buyers will make an offer lower than the listed price in a bid to see how low you'll go. However, those who have researched the market will be willing to meet you near your terms.

Of course what most of us tout is location, location, location. It is important to understand how price and location fit together. When it comes to selling, the importance of pricing a home is superior to everything else. A simple illustration is to picture a home for sale in the best location you can imagine. Then put a price on it that is too high by market comparison. The result will be that the home may be admired by many but no offers will come since the price is attracting the wrong crowd. To further illustrate, take a less popular location and market-price it, the buyers will be lined up with offers. Location factors in to correct pricing the way other important features do when assessing the likely sale price of a home. Correct pricing then, when it comes to selling, plays the leading role followed by strategic marketing and negotiating in order to obtain optimum value.

Location is paramount on the other hand when assessing where the highest rate of appreciation might be expected over a period of time. Locations that are superior for neighbourhood, proximity to schools and shopping, receive a steady demand on the part of buyers and usually produce a higher increase in value and of course a quicker sale when that time comes.

When buying, there is a trade-off for location. A home for sale on a main street for example will usually have more features for the price, than the same home on the nearby crescent. So a main street may be just what a consumer prefers knowing that they are getting more of the features they want for their money. On the other hand, a buyer may prefer to take the "crescent" home with less features for the money preferring the added safety that accrues to that location, where small children may be a concern.

It is by and large a matter of choice and most folks whether buying or selling want to come away from the process feeling they were well informed and pay or receive a fair price.