When time comes to sell your Oakville home, owners must decide whether to pay the higher commissions associated with listing their property on the Multiple Listing Service ( MLS Oakville ) operated by the Canadian Real Estate Association (CREA).
The typical fee for selling a home through MLS Oakville is about 5% of the Oakville home value. Since commission charges will result in thousands of dollars in fees, one must consider whether substantial savings could be made by selling your Oakville house privately.
CREA has numerous real estate members across Canada which started the data sharing service in the 1960’s before computer networks allowed easy access to the information. The MLS system allows Oakville MLS realtors from different agencies to offer properties for sale to their Oakville clients. The value of deals has grown from about $1 billion in the 1960’s to $132 billion in 2008. Based on an average 5% fee, this would generate about $6.6 billion income for real estate agents.
On a Oakville home selling for $500,000, is the Oakville home owner well served by paying $25,000 to a Oakville MLS realtor? When considering to sell your home privately or listing it on MLS Oakville, the following should be considered.
Putting your Oakville home on the market at the right price is of paramount importance. Although you can scan your neighbourhood and check out listings over the internet, you cannot be assured that your Oakville house is comparable to those previously sold in your area. MLS Oakville realtors will have details of recent comparable properties and have a better sense of the pulse of the current Oakville real estate market. This process also avoids pricing your home based on an emotional attachment you may have.
Selling your home will likely be the largest financial transaction that you will undertake in your life. Thus you may feel uncomfortable not being familiar with the legal responsibilities that are required. Legally you must disclose certain facts about your residence. Your lawyer can also assist you with these obligations.
A MLS real estate agent can also view the condition of your home objectively and make recommendations the can economically spruce up its appearance that can generate significantly more value for you. However, this service can also be obtained from individuals that can “stage” houses for a fixed fee.
Selling your home requires a great deal of time to hold open houses and give tours. Your personal time may be wasted on individuals that are not legitimate buyers. An experienced MLS real estate agent can assess potential buyers to determine their legitimacy.
MLS Listing your home on MLS provides the maximum exposure for your home. Not only is it made available to numerous agents, but with the internet, your home can be seen by thousands of potential buyers.
So there are a number of factors to consider before deciding to sell your home through MLS. Although saving commission fees is one factor, it is not the only determination one should make for such an import decision.
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