Kelowna! Our housing market has officially heated up…..it has begun, the controversial realtor practice of contacting homeowners in the hopes they MAY want to sell. Now homeowners are left with a choice they may have not even been considering, love it or list it?
My daughter and son in law received a letter recently (from a local realtor we will not disclose) They live in Dilworth, have an income suite and are 10 mins from downtown. They have no intentions of selling, but real estate in Kelowna is heating up and realtors are making sure they have enough properties to show eager house hunters. And lets face it, sale prices are enticing even the most comfortable home owners.
There is nothing illegal about realtors directly approaching you to sell your home privately, but that doesn’t mean all homeowners appreciate the attention. Lets face it our local market is strong and real estate agents dealing with clients trying to break into the market, the number of unsolicited offers is probably going to just keep growing in hot markets like Toronto and Vancouver.
Many eager house hunters are simply not willing to sit around and wait for product to come to them. While unsolicited offers may pay off for buyers, the real problem, as a seller, is it’s incumbent on you to determine fair market value for you property. The agent making the offer is just not on your side.
Risks aside, there are some advantages to selling directly and bypassing the MLS, which usually requires posting pictures of the inside and outside of your house online and open houses. On the financial front, agents soliciting business usually promise a break on commission too.
Whether this option come knocking or not, potential sellers be wary that this probably isn’t the safest strategy. Sellers really need to do their homework before agreeing to a private transaction — don’t get tricked into a quick timeline and don’t feel shy about requesting a large deposit of as much as 15-20 per cent.
As always, if you have any questions, especially if offers start knocking, never hesitate to get in touch, with me, a realtor, or a lawyer. For most of us the purchase and sale of a home is the biggest and most emotional transaction we will ever make. Everyone searching and selling needs to feel protected, happy and in control 🙂