6 Steps To Selling Your Home
We understand that buying or selling your home will be the biggest transaction of your life, and we're here to guide you every step of the way ensuring the smoothest process with an optimal outcome.
When's The Right Time To Sell?
Ask yourself,
- Is it a buyers or sellers market?
- Which season is the best time to sell?
- How quickly do I need to sell?
Step 1:
Find The Right Realtor
Realtors advise, negotiate, market and deal with many factors of the real estate transaction on your behalf. They are also experts in market research, and understanding the good and bad of a property. Take time to research local Realtors. Get an idea of who you are most comfortable with, and who will best represent you.
Step 2:
Determine Your Properties Asking Price
Your goal is a fair market price. Setting the price too high can scare potential buyers away in a scenario which leaves you with no offers and no ability to negotiate. A knowledgeable Realtor will evaluate the home and advise you on a fair price which will generate interest in the property.
Step 3:
Prepare Your Home For Sale
This can include a simple mop and sweep, or it may be time to break out the paint supplies, and give your home a small makeover. A refreshing coat of paint has the ability to add value to an offer price.
Our mantra is unclutter, depersonalize, accentuating your space giving buyers the opportunity to envision themselves in the home. Always remember to keep it clean and tidy. This will only add to the attraction of your property and garner more interest in your beautiful home.
Step 4:
Prepare Your Financial Information
For all the buyers out there, it is essential to get a pre-approval, so you begin looking at homes that are within your budget. The last thing any buyer needs to do is bite off more than they can chew.
In regards to selling, find out what it means to discharge your mortgage and the process in doing so. Speak to your mortgage lender about the different mortgage options when it comes to purchasing your new home or fees associated with a mortgage transfer. They will be able to answer any questions, so there are no surprises down the line.
It may also be beneficial to speak with your accountant regarding Capital Gains Tax (The profit made after selling your home). If a home is "Primary Residence" you will not be charged additional Capital Gains Tax. If a property was rented out or is a vacation home, a percentage of profits may be taxed.
Step 5:
Allow The Realtor To Market The Property
In a digital era, Realtors understand the tools that must be utilized to market the property in effective ways.
Some of these include, social media such as Twitter, Facebook and personal websites. Real estate related software such as MLS, City Blast and Zillow. Even the "old school" techniques such as flyers, and for sale signs are extremely effective.
Allowing your realtor to hold open houses will also expose your property to potential buyers. This will give buyers an opportunity to walk around and explore the home. With our listings we always hold an open house as this is the moment people will connect with the property and decide that this is the home they see themselves and/or their family in.
An experienced salesperson will understand the market in the area and advertise to get your property in the public view.
Step 6:
Time To Close The Deal
Congratulations, You're almost at the finish line!
Closing a deal can be quite complicated, but luckily your Realtor and Lawyer will be tackling most of the closing situations.
Ensure that you contact your lawyer and inform them that an agreement has been signed, so the lawyer can disperse and allocate closing costs correctly. Contact any service or utility providers and have the services transferred to the buyer, or if appropriate, cancelled. Make sure to satisfy any conditions in the agreement, so the house closes smoothly for each party involved. Your Realtor will inform you of any other responsibilities that should be addressed before the closing date.
Lastly, sit back and be proud of all the hard work you put into this successful investment.
Source: OREA (Ontario Real Estate Association) www.howrealtorshelp.ca
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