FSBO V1 (Canada)

How do you determine which comparable sales you should use and which to ignore? The following comparable sales should not be used. Very few of these properties sell for a fair value. Power of Sale/Power of Attorney: In Canada, bank foreclosures are rare. In many provinces, they aren’t used at all. Rather, a Power of Sale or Power of Attorney is used, which doesn’t involve the court right away but rather allows the lender (bank) to take control of the property and sell it within weeks, rather than the months-long foreclosing process. Regardless, POS properties are often prices well below market value and should not be used as a benchmark for pricing your home. Ugly Homes: These are homes that are unappealing and aren’t kept up. People buy homes because of emotion. Logic doesn’t always apply. As a result, a well-maintained home will sell for more money. We have seen well-maintained homes sell for 10% to 15% more than an unappealing home. We have seen professionally staged homes sell for 20% more than a non-staged property. Yes, the condition of a home counts. Don’t use an ugly, outdated home as a comparable.

IT'S ALL IN THE TIMING

Timing is a slippery slope. If you take too much time with a sale, holding out for the perfect offer, you’re probably doing yourself a disservice. Buyers probably will notice your home just sitting there and will offer lower prices. Market statistics suggest that the first offer is most often the highest.