Owning a house is like ‘being in a long-term relationship’, so it can be hard to break up! 

I believe that relationships are more important than transactions. I started a career in real estate in 2006 with REMAX Crown Real Estate In Regina, and since that time, I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you and your real estate goals and to be 100% accountable to you. In my latest blog post, I acknowledge that selling a home you love is NOT easy. 

Breakin' Up Is Hard To Do! 

So goes the famous Neil Sedaka song... and sometimes that is the truth!  

You grew up in that home, or you raised your own family inside those four walls, so when it’s time to move on, downsize or sell for a multitude of reasons, it can very hard emotionally to let go! 

Another reason why a breakup with your home is hard to go through can be explained by the Endowment Effect. This economic theory finds that people overvalue what they already own. They are comfortable with the status quo and feel threatened by change and the unfamiliar, which makes losing or parting from what they have particularly difficult. Now, they believe that their loss is more than it actually is.

Sure, this house was perfect, but the home selling and buying process isn’t finding “the one” that sticks around forever. It’s more about finding the home that fits your needs best based on your current situation. That gets easier if you can feel good about your next decision and give yourself closure over the past—so let’s dive into 5 tips to help you work through it.

Tip #1: Make sure you’re ready to ' FOLD It' from a financial perspective

When you mix money and love, things get complicated. Just ask the 1 in 5 partners who choose to keep their finances separate. Applying this division of church and state to selling the house can suck some of the emotion out of the process.

Above how you feel about the selling situation, you need to figure out the hard financials and timing of this sale. Can you afford to sell this home and buy another, and is now the time to do it?

You can start by getting a ballpark figure for what your home would go for in the current market. Then, factor in your expenses like home prep, repairs, and agent commissions. Make sure that after you sell the house, you’ll have enough money to pay off the mortgage and then some, ideally enough for a sizable down payment on the next house.

Then, find out if it’s the best time to sell your home in your market. Depending on where you live, seasonality makes a big impact—in fact, data shows that selling at an opportune moment can help you increase your profits significantly.

Take away?
 
Similar to a relationship break-up, selling a home shouldn’t be a rash, spur of the moment decision. 

Tip#2: Reframe your mindset to focus on your ‘Why’

The first question I ask my seller clients is, “Why Are you Selling?”

Maybe you crave the carefree lifestyle that apartment/ condo living can provide, perhaps you want to move to be closer to the grandkids, or maybe you have to buy somewhere bigger to give your family more breathing room.

Take Away?

Focusing on the logic of your reason and your why, makes it easier to harness your attention to the future. Reframe your home sale as change (good change!) rather than loss. Then, selling your house becomes an opportunity for you to move on to a different chapter of your life.

Tip #3: Keep living your best life BUT keep on keeping up with the Jones's 

The last thing you want to do after you decide to sell your house is to wallow in regrets and neglect home selling responsibilities.

Oftentimes, home sellers are also buyers, so their home purchase is contingent on their home sale. You must make sure that your home looks it's best. Then, take steps to detach from what you used to call your home. Trust your real estate agent and start the staging process. See how furniture works in different arrangements, change up the decor, and paint the walls neutral colors to begin depersonalizing the house without giving yourself whiplash. - you can find some helpful tips on curating curb appeal in the Regina real estate article I wrote about Selling A Home in A Slow Market 

Once you have put effort into making the property look it's very best,  you can channel your emotions and efforts toward figuring out what your future will look like, in terms of the house and your new neighborhood. That way, your next home becomes a productive distraction that will help you get over the initial home sale.

Take Away?
 
Be sure to keep up with maintenance and to work with your realtor to get the best price for both your existing property AND the new one!  

Tip #4: Do the Emotional work

So, when you sell your house, don’t be afraid to:

• Walk-through your home and revisit old memories.

• Reflect on how the house has served its purpose for however long you lived there.

• Talk about how you loved living here with your spouse, children, and family members.

This type of processing helps you to accept your emotions throughout the home sale. If you want to keep a snapshot of the home, take photos and use those as emotional anchors for you to look back on in the future.
 

Take Away?

It is healthy to mourn a loss!   

Tip #5: Get proper closure

When selling a house, you don’t want to walk away with unfinished business or bitterness. You might not be emotionally prepared for the change, but don’t demand buyers to overpay for your home or leave the home in a sloppy state. Be respectful to the next set of homeowners, and take the time to get everything in shipshape for the final walkthrough.

A proper goodbye can also include a “house-cooling party” that lets you invite friends and family to your home for one last time before handing over the keys. Those who are important to you also have a chance to say goodbye to you and the home. Just don't go crazy, as the last thing you want is wine stains on those newly cleaned carpets! 

Take Away?

Ready to sell the house you love? Partner up with me, I’m a top Regina RE/MAX Agent, and as an experienced Regina REALTOR® I can support you by inserting a degree of professional separation.

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side. I am a Trusted Regina Realtor and a REMAX Crown Real Estate Agent

I believe that relationships are more important than transactions I started a career in real estate in 2006 with REMAX Crown Real Estate In Regina, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals and to be 100% accountable to you. In my latest blog post, I share Your home is one of the biggest investments of your life. When you’re ready to buy or sell, choose wisely—choose me, James Wruth REMAX Crown Regina Real Estate Agent. In my latest Regina real estate tip I share 7 tips on how to sell your home in a slower market. 

7 Helpful Tips To Help Sell Your Home in a Slow Market

TD’s latest Provincial Housing Market Outlook, released at the end of June 2022 , projected that home prices in Canada are set for a further fall in the current rising-rates environment, with a 19% peak-to-trough decline anticipated between the first quarter of this year and Q1 2023. That report indicated little prospect of an overall housing market meltdown, a pointed to more of a slowing down.  Since as a seller, you can’t wave a magic wand to change the state of the economy or suddenly increase the pace of home sales, you’ll need to channel your competitive side and think of this as your next challenge. Even in sluggish markets, houses still sell. Make yours one that does with the right game plan that swerves to avoid these common mistakes.

Mistake #1: Minimal Property Preparation

You need to clean, declutter and stage your home or your dooming your sale from the start. No matter which type of market you’re facing, you’ll need to deep clean and declutter to meet the bare minimum buyer expectations. However, In a buyer’s market, don’t be surprised if you have to go beyond that to tackle a handful of repairs and upgrades to make your home’s desirability rise above the competition. As far as the final presentation goes, top agents will share that a staged home sells faster than an unstaged home, and good staging can increase your sales price.

Mistake #2: Maintenance neglect

You don’t need to break the bank on improvements that’ll cost more than they add in value, like a full kitchen or bathroom renovation. But in a slow market, you should deal with any deferred maintenance you’ve put off over the course of ownership, whether it be leaky plumbing, a wobbly ceiling fan, or mold issue in the basement. Look over your home very objectively. In a slow market, you’ll reduce hassles and increase your chances of securing an offer if you take care of outstanding maintenance yourself. But if you don’t have the upfront funds to take care of necessary repairs, you’ll have to disclose any known material defects and then compensate for the issue with an appropriate pricing strategy. 

Mistake #3: Amateur photography

In this digital age where 93% of buyers use online websites to house hunt, it’s critical that your online listing photos be on point. Make sure that the pictures taken reflect your home in the BEST light! 

Mistake #4: The Price Must Be Right

Overpricing can hamper your sale in any market condition, but when you’re selling in a buyer’s market it can completely kill your chances of selling at all.

So don’t make the mistake of simply listing at the same price (or higher) than recent comparative properties have sold for. Listen to your Regina real estate agent and TRUST the data to find the right list price to help your home sell fast even in a competitive market.

Mistake #5: Mediocre marketing

Great photos and the right price can only go so far to get your house sold—if no one knows about your listing.

Selling in a slow market isn’t easy, so putting your property in front of as many buyers as possible is key, The responsibility of selling your home does not come lightly to me. I understand the effort and challenges that surround the decision to sell your current property, and I will provide the real estate expertise, resources and strategies to guide you through it seamlessly. I have a broad marketing mix and I work hard to get the property in front of as many of the RIGHT prospects as possible!  

Mistake #6: Restricting buyers’ access to your home

No one likes to be told to get out of their own home, but that’s what you’ll need to put up with while your home is on the market.

Develop a showings strategy that includes quick and easy cleaning wipes, portable bathroom caddies, and lidded storage bins, so that you can quickly clean and hide away your toiletries and personal items on just an hour’s notice. Don’t refuse to have a lock box on your house, or demand outlandish access restrictions, like requiring half a day’s notice before showings. The more foot traffic, the better.
 

Mistake #7: Stubborn negotiations

Even once you’ve received and accepted a decent offer in a competitive buyer’s market, you’ll need to get through the buyer’s home inspection and the back-and-forth on repair requests. In a slow market, buyers are picky, and finicky, and not as committed to the home sale as the seller. They’ll walk away over the smallest things because they know there are plenty of other properties out there. 

Selling in a slow market: Have an expert at your side

If life were a fairytale, you sell your house whenever you want and at the price you want. In real life, sellers are at the mercy of the market.

Plus, every house is different. What it takes to sell your house in a slow market could be different than your neighbour’s situation. When in doubt, work with a top Regina real estate agent with experience in your area and property type to navigate tough decisions. 

Contact me today, I am here to help!  

• Read More Reviews From James's Clients Here 
• SELL Your Home With James Wruth. 
• See The Regina Real Estate Market Trends
• Search For A Home On James' Website 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side. I am a Trusted Regina Realtor and a REMAX Crown Real Estate Agent

I believe that relationships are more important than transactions I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals and to be 100% accountable to you. In my latest blog post, I share advice for folks considering investing in revenue properties in Regina, with a view to becoming a landlord. 

Things you need to know before you become a landlord.

If you’re looking to become a landlord investing in Regina real estate is a solid way to generate passive income! However, before you invest in Regina revenue property, it’s wise to know if you’re getting a good deal.

Here are some tips to consider when buying an investment property in Regina. 

1. Buy the right Regina property that is sure to rent easily.

- Select Your Target Regina Neighbourhoods Carefully - remember this is not where YOU are going to live

Consider the following before you invest:

• Is it a safe neighbourhood? ( Check out Regina Police Crime Map ) 
• What amenities are found locally
• What is the rental vacancy rate in that neighbourhood?
• How close are you to local shops, parks or recreational facilities? 
• How far away are you from the bus stop or transportation hub?
• If you are considering buying property suitable for a family are you close to schools? 

You may want to consider duplexes for the peace of mind they bring. With duplexes, you have two units, so if you go for a while without a tenant, it’s usually just one apartment, not both, so you still have some revenue coming in. As an experienced Regina realtor, I can provide a lot of support in your search! 

2. Treat your rental like a business

You can make good money being a landlord, through both monthly cash flow and appreciation on your property. But it’s not like buying a mutual fund. You need to be ready to handle the types of struggles you’d face with any business. You must have a budget for emergency fixes for example! 

Know your rights as a landlord in Regina! 
 

Greetings Friends,

I am pleased to be able to share my 2022 May Regina Real Estate Market Report! 

I believe in personalized one-on-one service to fully understand you, your real estate goals and to be 100% accountable to you. I also want to bring value before, during and after the sale of your home!  

If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today! 

How Does This Compare to National Data? 

May 2022 Monthly Housing Market Trends Report

Canada’s housing market saw a slowdown in sales during the month of April 2022 as rising rates tempered homebuyers’ appetites, right as Canadian home prices fell from record-breaking levels. For April 2022, the average home price in Canada's housing market was $746,146, up 7% from last year. While Canada’s average home price has risen by over $50,000 in the span of one year, home prices have fallen compared to the previous month. March 2022’s average home price of $796,068 means that the average home price in Canada has fallen by over 6% in just one month.

Meanwhile, the MLS Benchmark Price increased 27% year-over-year to $882,400 for April 2022, yet is down by 0.3% month-over-month. This marks the first time that Canada’s MLS Benchmark Price has decreased on a month-over-month basis in two years. The last time that Canada's benchmark home price has fallen month-over-month was in April 2020.

June 4, 2022