Selling Your Home
There are quite a few reasons why a seller is inclined to place a house on the market, but we all have a common goal: the desire to obtain as much value from their property as possible in a quick and efficient way.
(Remember, if the property is considered your primary residence, you are exempt from paying a capital gains tax.)
In starting the process to sell your home, he or she should raise questions on why the move is being made.
Are you in need of more space? Work relocation? Better community and resources?
A reflection on the reason for the move will give a solid basis for the search of your next home.
Buy or Sell First?
The toughest dilemma you will face is whether to buy first or sell.
There is a risk of being in-between properties if you’ve found a new place before selling the old one.
Or a risk of finding a place to stay if closing dates are difficult to negotiate.
You must try to stay ahead of the curve. Having a good idea of the prospective neighbourhood and the type of property as well as balancing your budget and household needs.
As soon as your current property is active on the market, reach out to your sales agent and begin your search for a new home.
Using the “sale of existing home” as a condition of your offer would be advisory if you’ve found a property before you sold your current home. This will allow you to have the choice of not to proceed with buying if ever you are unable to sell your house within the allotted time.
However, vendors often agree that it is a difficult condition to agree upon and will sometimes come with their own set of conditions.
It is also often considered a risky strategy if you are awaiting the funds from a sale of a property to be able to close on a prospective home.
Furthermore, for an allotted time, using the “purchase of a new home” as a condition would be advised if you were able to find a buyer before you’ve found your next property. This puts you in a better position to negotiate future endeavours while being assured that you have a place to stay.
Making Your House More Sellable
Home decor tastes vary from person to person. Our individual styles may not be what your potential buyer has in mind. Therefore, to be able to make your home more appealing in this competitive market, your sales agent will work with you to reflect on current trends and decor.
Advertise Your Home on MLS®
Your sales agent has access to place your home on this database. It is a powerful tool that allows other sales agents searching for homes in the area to find yours.
Arrange Showings
To be able to provide future buyers an at-a-glance resume of your home, your sales agent will have you prepare a home feature sheet.
This sheet will highlight the different aspects of the property such as area size, rooms and dimensions, features and renovations as well as municipal taxes and utility costs.
Buyers will then be able to refer to this sheet on visits and use it to compare different properties.
The Open House:
Your sales agent might ask for an open house to take in more visitors. More than likely you will not have to be there to guide potential buyers but you might feel a bit of pressure in having your house look its best in the event of a series of open houses.
The Viewing:
Your sales agent will inform you of a potential buyer interested in visiting your home.
After agreeing upon a visiting time, make sure you provide the above mentioned feature sheet and your sales agent’s business card.
Allow the visitors free rein to view and ask questions about your home. Have their sales agents help answer questions as well
Choosing the Right Representative
In the real estate market, a real-estate sales representative is a professional who has knowledge of all aspects of the market. When you purchase a home, you may want to list with an agent who is an expert in your area. If you have been thinking about buying a home, you must find an agent who is an expert in the location of your choice. Potential buyers may call this same representative to inquire about the market and houses currently listed for sale. It is likely that you will find a few agents who know your preferred neighborhood well. Speak with them and ask questions. You want to be comfortable with your agent, after all, they are going to be representing your interests.
Non-Exclusive or Exclusive listing Arrangement?
You are granting your agent the exclusive right to find a buyer for your home if you enter into this type of agreement with your agent. A listing agent is the only one who is entitled to receive commission under this type of agreement, as no other real-estate agents are permitted to bring prospective buyers to your home.
During a sellers’ market when there are more buyers than available homes, this may be an attractive option
Understand Market Conditions:
In a rapidly changing market, you need to know what’s happening across the board, and within certain areas as well. Understanding how these trends impact the local and overall real estate markets will enable you to optimize your real estate sales.
When you meet with your agent, ask him or her about the current market conditions. We have developed the following comparison to help you understand the three significant market positions.
- A buyer’s market is when the supply of homes is greater than what the market demands.
- Characteristics: Several properties on the market with few buyers. Homes stay on the market longer than anticipated. Prices are essentially unchanged, or perhaps declining.
- Implications: Buying a home usually takes buyers extra time, and they usually have more bargaining power when negotiating.
- In a seller’s market: Homebuyers outnumber homes available for sale
- Characteristics: With fewer homes on the market, there are more buyers. Homes usually sell quickly. Prices usually rise in the market.
- Implications: Buying decisions must be made fast. Conditional offers will most likely be rejected. Prices in this type of market are usually higher and continue on an upwards trajectory.
- In a balanced market: Market supply corresponds to the market demand.
- Characteristics: There is an equal supply of homes for sale. Vendors accept offers that are fair. Home sales are relatively swift. Prices remain consistent.
- Implications: Buying and selling are not as tense as they normally would be in the other markets. There are a lot of choices for home buyers.
Home improvement tips that will help you:
When listing your home for sale, it makes sense to make your home look its best on the inside and out. But you shouldn’t be signing up to do any major renovations in order to sell your home (unless absolutely required). It is easy to bring your home’s worth up by adding minor touches and making a few changes.
You can do some simple things to make your house look more valuable and make a wonderful first impression by keeping these simple points in mind.
- Exterior of your home: ensure the law is kept in a good condition, clear out your garage and driveway, re-paint your exterior, plant colorful flowers, wash your exterior.
- Front Door: Keep your entrance clean, make sure the door bell is in working order, ensure all screens are in good condition, a fresh coat of paint on the door may help, check the locks.
- The right mood: Smell is important, open the drapes, turn on the fireplace/AC, ensure the area is well lit.
Maximize open space by ensuring each area in the home is kept clutter free, conduct any maintenance required and ensure your home is clean. Ensure you remove any pet odors and stains.
Closing the Sale:
During closing there will be a lot of packing and organizing. Make sure you don’t pack anything that was agreed to be sold! Unless there were certain items you specifically requested, everything must remain in place.
It is your responsibility to transfer the home in the same condition as it was at closing. This applies to any and all items mentioned in the agreement. In the event that a major catastrophe occurs at the home, you are responsible for telling the buyer, and then the buyer can walk away from the deal and have the deposit refunded. You should not make any repairs until you have learned what the buyer wants to do. Alternatively, the buyer can close and receive the proceeds from the insurance.
The Closing:
A legal contract binds both buyer and seller to close the deal. The buyer can sue if either party fails to do so for whatever reason. It is possible to seek compensation if the buyer walks away from the deal.