THIS ISSUE: Sweetening The Odds / Tax Breaks From Your Sale ARCHIVES: www.privatelist.com/newsletter.htm I’m often asked what the PrivateList “success rate” is, usually by prospective clients. I generally respond that it’s somewhere between zero and 100%, the point being that the likelihood of your achieving a successful private sale depends on how YOU handle the tasks of pricing and exposure, NOT how others have handled them. On the other hand, realtors have no hesitation in suggesting that “studies have shown” that fewer than 10% (5%, 2% - take your pick) of private sellers succeed. And averages can help illustrate whether selling privately is in general as difficult as realtor claim. So, in preparing for a recent debate on CBC Newsworld’s Money Weekly (run April 7, 8), I dove into the three-year-old PrivateList database. The results? Of the total number of listings that have reached resolution (ie, are not still for sale), 10.6% were cancelled (outcome unknown); 6.50% expired unsold; 35.6% were turned over to a realtor (a few of them unintentionally) ; 47.3% SOLD privately.
To repeat, such averages in themselves say little about YOUR likely success, since they combine the outcomes for sellers of all kinds. Nevertheless, it has been instructive to ask a few questions of those clients who have thrown in the towel and listed with realtors, for a pattern emerges. In far too many cases:
Conclusion? Your odds of success as a private seller have less to do with general averages than with your willingness to
Are you selling your house so you can move closer to your work or attend a post-secondary educational institution? If so, you may be able to use many of the ensuing expenses to reduce your income tax! Claiming Moving Expenses, a document on the Canada Customs and Revenue web-site, gives all the details, but in general if your new home is at least 40 km. closer to your work or school, if both locations are in Canada, and if you will not otherwise be reimbursed for them, you can deduct from your taxable income a wide range of expenses, including:
You can even carry some expenses forward into the year after your move if necessary! If your house-sale or move is job- or education-related, here’s an opportunity you shouldn’t miss! FRIENDLY REMINDERS . . . Are the thousands of dollars you'll save by selling privately worth, say, an hour each week-end, spent reviewing your progress to date and mapping out your continuing campaign? It's important to maintain an active marketing focus until your property is sold. Therefore, each e-mail version of this newsletter links to a series of reminders, tips and tools that lead to a sale! To access these resources, press here.
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