Exclusive and Non-Exclusive Listing Arrangements
An exclusive listing arrangement means that you are granting Murry exclusive access to find a buyer for your home.
With this type of agreement, no other agent will bring potential buyers to your home, because only the listing agent is entitled to the commission. You can arrange an agreement with Murry to have your listing posted to the MLS® after an agreed period of time.
You may consider this type of arrangement in a seller’s market, where there are more people interested in purchasing a home than there are homes available.
A non-exclusive listing arrangement means that your listing will be posted to the MLS® system and other real estate agents have the ability to bring potential buyers to your home. The advantage of this type of arrangement is the exposure of your home. Your listing will be syndicated to various websites, including remax.ca, allowing potential buyers and agents to consider your home. Non-exclusive listings are the most common type of agreements in the Canadian real estate market.
Local market conditions can affect the sale of your home. Understanding the current real estate trend can assist you in making decisions while selling your home. There are three market states:
- Buyer’s Market
There are more homes on the market than there are buyers.
In this type of market buyers will spend more time looking for homes. There are more homes on the market, giving the small number of potential buyers more to choose from. The prices of homes can be stable or perhaps dropping. Seller’s will find that buyers have stronger leverage when negotiating.
- Seller’s Market
There are more buyers than there are homes for sale.
With fewer homes on the market and more buyers, homes sell quickly in a seller’s market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the sellers negotiating power, and conditional offers may be rejected.
- Balanced Market
There are the same about of homes for sale and buyers.
There is equal competition between buyers and sellers. This means that there are reasonable offers given by buyers, and homes sell within a reasonable time. With less tension between buyer and seller the prices of homes remain stable.
Your Asking Price
Before you put your home up for sale, you must know what your house is worth. To determine your asking price you must consider comparable sales in your area and the current market condition.
Murry can gather information about sales in your neighbourhood, and based on that information can assist you in determining an asking price that will accurately reflect the market and comparable listings.
Depending on the agreed upon strategy with Murry, your listing price may be slightly higher than the value of your home, however this allows for some negotiating space between you and potential buyers. If you are in a rush to sell your home, setting the price slightly lower than what your home is worth will attract attention. However, some buyers may be concerned if the price is too good to be true.