Frequently Asked Questions
Everything you want to know about Real Estate...you can find here!
(If you can't find it, reach out for the answer)
How Is the Right Price Determined?
This comes down to the individuality of each property. The most recent comparables in the neighbourhood are the starting point of the price of a home. Then factors such as renovations, location, interior & exterior features will also play a role. Most important is to get a real estate agent in to assist in pricing. "The Girls" offer a free in-house market evaluation.
Is There a "Best" Time To Sell?
The Spring is often described as the best time to sell your home, however the home itself can greatly vary on when might be the best time- as do market conditions. Reaching out to "The Girls" to assist you in timing is an key component for determining the best time.
Is Staging My Home Worth It?
Staging your home can be an excellent option for many Sellers. It is noted that a staged home can spend up to 73% less time on the market and can even fetch up to 25% higher selling price. However the answer to this question is not black and white. Some houses are prime and ready without additional staging while some only need a bit of "sprucing" up which "The Girls" provide complimentary to their clients.
Should I Make Repairs/Renovations Before Listing my Home?
This depends on your home's condition. Some renovations/minor repairs are worthwhile and will go a long way to helping with the sale. Others you may spend more money and might not be what the prospective buyer sees value in. "The Girls" are able to provide recommendations on what makes sense and have a list of trusted referrals to send your way.
How Long Does It Take to Sell a Home?
There is no tried and tested rule on how long a house will take to sell. It depends on the appeal of the home, the price and current market conditions. For the first half of 2023, "The Girls" listed properties sold faster by an average of 15.7 days on market.
Do I Need A Real Estate Agent to Sell My Home?
While a real estate agent is not necessarily needed to sell a home in Ontario- it does come with a lot of benefits. Least of which is the Errors & Omissions Insurance that each REALTOR® must carry. Another factor is the benefit of a Third Party assisting in your sale which allows for the emotion to be removed from the sale. Most buyers will have an agent representing their interests. As such, it is recommended that a Seller also has one representing theirs. "The Girls" are skilled in negotiation and have 20+ years in assisting Sellers through expertise and guidance with their home sales. Read about us to find out more.
Are Open Houses Effective?
Effective? This depends on how you look at open houses. Statistically 6% of houses are sold to a buyer who attended an open house. However they can still be a great way to market a property - especially for a new listing.
What's A Status Certificate?
A Status Certificate is a document prepared by the condominium management company to show the "health" of the building, both in terms of financial as well as maintenance as of the date that the certificate is issued. "The Girls" have listed and bought in many of the condominium complexes in and around Ottawa and are happy to give an overview of the buildings that might be of interest.
How Do I Start the Home Buying Process?
The Initial step to begin your Home Buying Process is to sit down with a REALTOR®. This allows you to get a full grasp of the process, what it means to have a REALTOR® working in your corner, the different relationships that are available to you and decide on the one best suited for your needs. It can be a daunting process buying a home and it should be as stress-free as possible. “The Girls” will always have an initial conversation to ensure that we are a good fit for each other.
Do I Need to be Pre-Approved?
It is highly recommended to have a pre-approval done as soon as possible. This sets expectations and allows you to know what you can afford, as well as knowing what to expect in terms of downpayments, monthly payments, etc etc. “The Girls” work with both banks as well as brokers to ensure the best possible fit/solution for our clients.
How Much Should I Budget for a Downpayment?
The budget question is best left to your financial advisor because they know your specific situation. The minimum downpayment currently is 5% and this also is determined by the price of the property. Keep in mind, if your downpayment is less than 20%, you will be required to purchase mortgage insurance.
What Should I Consider When Choosing A Neighbourhood?
As you look at neighbourhoods, you will want to ensure that it is a good match for your current needs. This could include schools, activities, access to medical care, close to public transportation, shopping & restaurants…this is by no means an extensive list but one to get you started. “The Girls” will discuss and prepare an individual plan to ensure your current and near future needs are met to put you in the best neighbourhood for you.
How Long Does the Home Buying Process Typically Take?
This is very much dependent on you and what you are looking for and how quickly you find it. There are some buyers in our clientele that found their home on the first outing while others have taken over a year (sometimes even 2!). What is important is that you find the right place for you. “The Girls” will never rush you to make a decision. This is one of the biggest decisions in your life and it needs to be right for you, regardless of how long it takes.
What are Closing Costs?
Closing costs are the amount that you should expect to have on hand for the completion of the sale. This can vary greatly depending on whether a 1st time home buyer, non-resident, etc. The Rule of thumb is to expect to pay between 1.5%-3% . Additional costs that are expected are title Insurance, property tax adjustments as well as others that may be individual or property related costs. "The Girls" have excellent resources in both financial & legal expertise that they can provide for further information.