Selling your home is a complex, multi-step process that calls for the expertise of a REALTOR®. There are many things you’ll need to consider, so to help you through it, here’s a general overview on what to expect and prepare.
Get Your Finances in Order
Don’t worry if you’re still paying off your mortgage, there are several options depending on what type of mortgage you have. However, you’ll need to talk to your mortgage specialist before you can proceed.
Meet With a REALTOR®
It’s important to partner with a Real Estate Agent you feel completely comfortable with. Don’t fall for the trap of partnering with the first REALTOR® who suggests the highest asking price. Shop around. An experienced REALTOR® will help you price your home to sell, answer questions like “When is a good time to sell?” and has in-depth knowledge of the local market.
Start your search for a reputable REALTOR® by searching online for the most visible and professional one or ask family and friends if they have a preferred agent. Visit your local real estate office and pay attention to advertisements and For Sale signs.
Also, look for a REALTOR® who offers a Service Guarantee. This will hold them accountable for doing the things they say they will do and provide you with the best service.
Become informed about the local real estate market and the selling process. Ask
your REALTOR® about the current market, neighbourhood sales, current stats and average days on market [DOM] for similar listings. Also, ask if they offer a Pre-Listing Package; normally a detailed package on getting your house ready to sell.
Pricing Your Home
Pricing your home too low or too high is not an option. Setting a fair price will attract more potential buyers and give your home more exposure. Your REALTOR® should be able to explain to you the multitude of factors influencing pricing including competitive pricing, current market stats and of course the estimated value of your home.
Stats taken from the Toronto Regional Real Estate Board says that “when you list a home 10% higher than true market value, you lose 50% of all potential buyers”.
Understand What You’re Signing
Before you sign any legal documents, discuss them in detail with your REALTOR® to make sure you fully understand them.
Your REALTOR® will want as much information on your property as possible, to share with potential buyers, such as the age and condition of the home’s systems [plumbing, electrical, roof, heat & cooling systems], any surveys or info on warranties. Supply permits for any renovations [if applicable] and pull out any relevant receipts. Talk to your REALTOR® about a Pre-List Home Inspection and a Seller’s Property Information Statement and consider having the mechanics serviced.
Purchasing A New Home
If your plan is to purchase a new home, then you will want to discuss your this with your REALTOR®. If you are looking to purchase in the same area, then they can set you up with an automated New Listings Alert. This fabulous new tool in real estate allows your agent to set you up with a digital Property Portal so all new listings, that meet your criteria, are automatically emailed your way.
If you are relocating to another area, ask your REALTOR® if they can refer you to a reputable agent in this area. Most will have a large network of REALTORS® throughout Canada, at their disposal.
Marketing And Promotion
The next step will be to sign the Listing documents, which gives your REALTOR® permission to post your property on MLS [Multiple Listing Service]. They’ll then begin marketing your home through a variety of mediums — digital and traditional — and inform other REALTORS® (representing buyers) that your property is on the market. Your REALTOR® can also help you prepare your home for staging and a professional
After the hard work of marketing and promoting your home pays off, you’ll hopefully have a few offers on the table. Your REALTOR® will assist with an offer, that you as a seller, will either accept, counter, or reject. If need be, counter back an offer making it as detailed as possible and outline what will be included with the purchase [chattels]. Once an offer is accepted, the countdown to Closing begins and the focus is now on meeting the contractual deadlines outlined in the offer.
Your buyer may want to conduct a home inspection and [potentially] negotiate the cost of any repairs or deficiencies.
Finally, your lawyer will walk you through the paperwork and legal directions needed to close and signing off on ownership, to transfer the Title of the property. This will take place at your lawyer’s office, so have this apt. set up well before Closing. Your REALTOR® will have emailed all legal documents their way.
Congratulations! With the sale of your home complete, you can now concentrate on looking for a new home.