Topics we cover

1. What are the steps to selling your home?

2. How to price your home

3. How much are the legal fees

4. What’s the most profitable way to sell your house

5. How long do most houses take to sell

6. Do I need a REALTOR® to sell my home

Selling a home can be an exciting yet challenging experience, especially in a dynamic real estate market like Winnipeg’s. To make the process smoother and more profitable, it’s important to know the key factors involved, including pricing, legal fees, selling methods, timelines, and whether or not to use a REALTOR®. Here’s a guide on how to sell a house in Winnipeg in 2024, covering essential details to help you make informed decisions.

Here are the general steps to selling your home

1. Prepare Your Home for Sale

2. Set the Right Price

3. Market Your Home

4. Show Your Home

5. Receive Offers and Negotiate

6. Hire a Real Estate Lawyer

7. Complete a Home Inspection and Fulfil Conditions

8. Close the Deal

How to Price Your Home

Setting the right price for your home is crucial for attracting potential buyers and ensuring a timely sale.

The fastest way to know the optimal asking price for your home is to do a Comparative Market Analysis (CMA). A CMA is an in-depth report on a home’s current value prepared by real estate professionals. It considers factors like size, location, condition of the property, recent sales of comparable homes and amenities.

CMAs can be technical but if you’d like to get a quick estimate of the value of your home here is what you do:

1. Research Comparable Sales (Comps): Look at recently sold homes in your neighbourhood with similar size, features, age, and condition.

2. Use Online Real Estate Platforms: Check platforms like MLS®or realtor.ca for recent sale data on comparable properties.

3. Assess Local Market Trends: Determine whether it’s a buyer’s or seller’s market by reviewing recent sales volume and price trends in your area.

4. Consider Neighbourhood Factors: Evaluate the impact of your home's proximity to schools, parks, shopping centers, and public transit.

5. Account for Upgrades and Features: Factor in any improvements or unique features your home offers, like a finished basement, renovated kitchen, or large yard.

6. Review Market Timing: Consider whether seasonal factors, such as the busier spring/summer selling periods, could affect your home’s value.

7. Estimate a Price Range: Based on the data gathered, calculate a competitive price range that aligns with current market conditions and similar home sales. 

How Much are the Closing Costs?

Legal fees are a necessary part of selling a home in Winnipeg, as you’ll need a lawyer to handle the paperwork, title transfer, and financial details. In 2024, legal fees in selling a home in Winnipeg typically range between $1,000 and $2,500, depending on the complexity of the sale and the lawyer you hire.

 The legal fees generally cover:

• Property Tax Adjustments

• Handling the mortgage discharge.

• Conduction title searches

• Transferring the title & closing the sale

• Receiving deposit monies

Real Estate Law is not the glamorous side of law like what you see portrayed on TV. Many solicitors add this to their portfolio because it seems easy. Just like a surgeon that does many surgeries the lawyer you choose should be skilled in this and perhaps even their primary area of practice.

What’s the Most Profitable Way to Sell Your House?

To maximize your profit when selling a home in Winnipeg, you’ll need to focus on three key areas: Creating the most visibility and awareness in the marketplace and presenting your home in the best possible way.

Minimising Expenses

• Avoid unnecessary upgrades, but do invest in small repairs and cosmetic updates that can increase the value.

• Stage your home professionally or do it yourself by decluttering and ensuring the space is clean and welcoming. 

Choosing the Right Time

Winnipeg’s market tends to be more active during the spring and summer months, which could lead to more competitive bidding resulting in higher offers.

Marketing Effectively

Use professional photography, virtual tours, staging, video, traditional advertising and social media marketing to attract a larger pool of buyers.

 Consider Working with a REALTOR®

While hiring a Realtor® does come with a commission fee, their expertise in pricing, negotiating, and marketing can often result in a higher final sale price.

According to the NAR 2023 Profile of Home Buyers and Sellers, FSBO homes sold at a median price of $225,000, while homes sold with the help of a Realtor® had a median price of $345,000, showing a 53% difference in price.

See the report here

How Long Do Most Houses Take to Sell?

The time it takes to sell a home in Winnipeg can vary based on factors such as market demand, pricing, and the condition of the property. In 2024, the average time on the market for a well-priced home in good condition is about 30 to 60 days. Homes that are overpriced or need significant repairs may take longer to sell.

Factors that may influence the selling time:

Location: Homes in highly desirable neighbourhoods will sell faster.

Price: Homes priced competitively attract more offers and sell more quickly.

Market Conditions: A seller’s market can result in faster sales, while a buyer’s market may extend the selling period.

Do I Need a REALTOR® to Sell My Home?

You don’t need a REALTOR® to sell your home in Winnipeg. You aren’t legally required to use one. However, hiring one can make the process smoother, less stressful, and more profitable.

Here are the pros and cons of selling with and without a REALTOR®:

Pros of Using a REALTOR®:

• Expertise: A Realtor® brings valuable knowledge of the Winnipeg market and can help you set the right price.

• Negotiation Skills: Realtors® are experienced in negotiations and can help you get the best deal.

• Marketing Reach: Realtors® have access to MLS® (Multiple Listing Service) and other marketing tools, increasing exposure to potential buyers.

• Time-Saving: A Realtor® manages showings, paperwork, and communication with buyers, saving you time.

Cons of Selling Without a REALTOR®:

Limited Market Exposure: Without access to MLS® and other real estate marketing channels, reaching potential buyers may be more challenging.

Time-Consuming: Selling a home involves managing inquiries, scheduling showings, and handling paperwork, all of which can take a lot of time.

Lower Sale Price: Without a REALTOR’S® expertise, you may price your home incorrectly, leading to either a slower sale or leaving money on the table.

Pros of Selling Without a REALTOR® (For Sale By Owner – FSBO):

No Commission Fees: You avoid paying the Realtor® commission, which can save thousands of dollars.

Complete Control: You handle the pricing, marketing, and negotiations, allowing for more control over the sale.

When you’re ready, let’s discuss selling your home.

It’s great that you are looking to buy your first home. The process can be daunting.

My first experience wasn’t great. There were a lot of things I didn’t know. So, I’ve put
together this 5-step guide so your first time goes a LOT better than mine.

Step 1: Knowing if you are ready for a home?

I know you are already picturing yourself lounging in your new living room, but you first need to take a good look at your finances. Evaluate your income, expenses, and savings. And most importantly, get preapproved. 

Mortgage preapproval:

• Gives you a clear understanding of your current financial standing

• Tells you how much you can borrow

• May give you access to better savings over the long term through better interest rates

• Shows your seriousness to sellers so you get an edge in bidding

• Uncovers opportunities for mortgage refinancing

 Get preapproved first. It makes the whole house hunting process easier.

Step 2: Understanding Winnipeg's Real Estate Market

Winnipeg's housing market has its unique quirks and trends, so it's essential to do your homework. Take a look at what neighbourhoods are hot right now. Also, which ones might be up and coming? Trust me, you don't want to overlook a hidden gem just because it's not in the trendiest part of town.

Let’s talk about neighbourhoods a bit. There are 236 neighbourhoods across the city. That’s right 236. Too much to discuss here.

So, let’s look at just a few arranged from budget-friendly to the more opulent ones.

Osborne Village

Osborne Village is great for young people. It’s affordable, trendy and boasts many spots if you

just want to grab a coffee or even do some fine dining. They’re also bookstores, boutique
clothing stores, pubs, gaming and live entertainment spots. 

Homes in Osborne Village generally range from $150,000 – $300,000.
 

Norwood Flats 

Norwood Flats is just south of downtown, Norwood flats is also popular with young professionals

due to its proximity to work and entertainment areas. It’s also a top choice for families as

there are many school options and hospitals in the area. It also offers parks and walking trails.

Homes here generally range from $250,000 - $360,000.

Riverview

Riverview is rich with character homes, green space and amenities such as convenience, health centre and school. 

Home prices range from $360,000 – 650,000. A less budget-friendly option.
 

Crescentwod

If you like trees and green spaces this is for you. It has a variety of houses condos and apartments. But it’s rich with history and has a suburban vibe.

Homes in Crescentwood range from 400,000 – 1M+ it’s not cheap.

Step 3: Deciding on what you need in a hom

This is the fun part! Start by making a list of your must-haves and nice-to-haves. Consider things
like location, size, layout, and amenities. And don't forget to think about the little details that
can make a big difference: 

• Are there any schools nearby

• Are amenities within walking distance?

• How long is the drive to places you visit frequently?

• Is there a lot of traffic in peak times

• How safe is the neighbourhood

• Do you want to be in the suburbs or an urban neighbourhood 

Suburbs often boast spacious homes, yards, and a more tranquil atmosphere, ideal for families seeking a quieter environment and access to good schools. They provide a sense of community and safety, with ample parks and recreational spaces.

On the other hand, urban communities thrive with cultural diversity, vibrant nightlife, and endless entertainment options. They offer convenience with easy access to public transportation, trendy restaurants, and bustling city life. Urban living is preferred by many young professionals seeking excitement and career opportunities. 

Now go look at some listings. Find the home that’s right for you!

Step 4: Finding your new home

So you've found a few homes that check all your boxes. It's time to dive into the buying process.
This is where having a good real estate agent comes in handy. Realtors help you navigate the ins and outs of making an offer, negotiating, and closing the deal.

Realtors bring expertise, guidance, and make the whole home-buying process easier. They save time and reduce stress.

Realtors help by:
-       Scheduling viewings
-       Managing paperwork & legal matters
-       Leverage their network to get you better home options
-       Negotiate more favourable deals 

You don’t have to use a Realtor but they could save you a lot of headaches and heartaches.

Step 5: Making an offer on a new home

After you’ve found your desired home, now you have to make an offer. You'll need a real estate lawyer to help you prepare the documentation and walk the process through.

If you have a Realtor, they already know a few lawyers you can use.

Here's a general outline of the steps to making an offer on a home in Winnipeg:

1. Draft the Offer: Your agent will help you draft a written offer to purchase, outlining details such as the offer price, deposit amount, financing conditions, and any other terms or conditions you want to include.
    

2. Submit the Offer: Once the offer is drafted and reviewed by both you and your agent, it will be submitted to the seller's agent. The seller will then have the opportunity to accept, reject, or counter the offer. 
    

3. Negotiate Terms: Negotiations may ensue as the seller responds to your initial offer. Your agent will represent your interests and negotiate on your behalf to reach a mutually acceptable agreement.
    

4. Finalize Terms: Once both parties agree on the terms of the offer, the purchase agreement will be finalized, and all parties will sign the contract.
    

5. Provide Deposit: You'll need to provide a deposit, typically held in trust by your real estate agent or lawyer, as a sign of good faith and commitment to the purchase. 
    

6. Complete Conditions: If your offer includes any conditions (such as a home inspection or financing approval), you'll need to fulfill these conditions within the specified timeline.
    

7. Close the Deal: Once all conditions are met and any necessary paperwork is completed, the sale can proceed to closing. This typically involves transferring funds, completing legal paperwork, and officially taking possession of the property.
    

8. Celebrate: Congratulations, you're now a homeowner! Enjoy your new home in Winnipeg!

Buying your first home in Winnipeg is a wonderful journey. It’s sometimes filled with ups and downs, but with the right guidance and…a little bit of luck, it can also be one of the most rewarding experiences of your life.

Your new Winnipeg home awaits! 

Looking to get into real estate? Contact John Frank at (204) 330-0676 or email john@johnfrank.ca

Want more info? See my article “Are home prices dropping in Winnipeg”

Are Winnipeg home prices going to drop in 2024?

Remax Canada projects that in 2024 the average sale price for homes in Winnipeg is expected to remain constant. That means entry level home prices between $350K - $500K

The Remax Canada 2024 Winnipeg Housing Market Outlook explains that Winnipeg market is expected to remain balanced throughout the year. 

Here’s that they said:

The average sale price in the Winnipeg housing market has decreased by four per cent between 2022 and 2023 (from $419,596 in 2022 to $402,956 in 2023), while the number of sales has decreased by 14 per cent (from 6,979 in 2022 to 6,002 in 2023). The region is currently a balanced market, a condition that is anticipated to remain the same in 2024. Average residential sale price is expected to remain unchanged 2024, meanwhile consumer confidence is expected to increase throughout the course of the year, as such, the number of sales is anticipated to increase by three per cent.

So if you are thinking about purchasing a home. The best time is always yesterday.

Need information on downpayments? See my article in everything you need to know about downpayment’s here.

Looking to buy a home? Call John Frank at (204) 330-0676 or email john@johnfrank.ca.

Looking to buy a home?

Here’s what you should know about down payments in Winnipeg.

So you are gearing up to get a shiny new home. Congratulations! You earned it. 

You must be thinking, “How much is the minimum downpayment?”. And "How much should I pay".

So let’s talk about it. 

Minimum Down Payment 

The national standard in Canada is 5% for a home costing 500,000 or less. If the house costs more than 500,000 then the minimum would be 5% for the initial 500,000 and 10% for the additional price up to $999,999. 

Your lender may ask you to pay a higher downpayment if you are self-employed or your credit history isn’t so great.

Having the minimum downpayment is great but how much should you pay?

The Ideal Down Payment 

The easy answer is, as much as you can. 

People traditionally go for 20%. 20% down payment is good because it allows you to avoid loan insurance. Plus increasing your down payment reduces the total cost of your mortgage.  

Finding the right downpayment isn’t always easy. It requires you to find that sweet spot between cost and benefit. 

It’s always best to talk to an experienced Realtor or Mortgage Provider.

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Looking to get into real estate? Need additional info on down payments?

Call John Frank at (204) 330-0676 or email john@johnfrank.ca