Selling Your Home

Finding The Right Realtor

Very likely, your home is among your most valuable assets, if not the most valuable. Choosing a realtor to handle the sale of that asset is an extremely important decision. The realtor should be a full time salesperson, an experienced marketer and a seasoned negotiator. The realtor should be aware of prevailing market conditions, the number of listed properties that may compete with your property for buyers, area values and current lending rates. Ideally, the realtor should have knowledge of area amenities such as schools, churches, shopping, recreation and transportation.

It is important that you feel confident in your expectation that the realtor is acting in your best interests. Ask for testimonial or references. Don’t hesitate to ask how long the realtor has been selling real estate, what area he specializes in and why you should choose that realtor to sell your property.

Market Conditions

Market conditions can affect your position as a seller. Market conditions generally fall into three categories: the buyer’s market; the seller’s market; the balanced market.

Buyer’s Market: Occurs when supply exceeds demand. Homes take longer to sell. Prices generally drop and sellers have less negotiating leverage.

Seller’s Market: Occurs when demand exceeds supply. Homes sell quickly and prices rise. Competing offers may result in a price paid higher than the asking price.

Balanced Market: Occurs when supply equals demand. Prices are stable. This relaxed atmosphere allows buyers to view several homes before the buying decision.

Pricing Your Property

After choosing the realtor, without question, the single most important decision you will make is choosing the right asking price for your property. The reasons are as follows:

1. Your property sells faster, because it is exposed to more qualified buyers.
2. Your home doesn’t lose its marketability.
3. The closer to market value the asking price, the higher the offers.
4. A well-priced property can generate competing offers.
5. Real Estate Professionals will be enthusiastic about presenting your property to buyers.

Preparing Your Home For Showing

First impressions are lasting impressions. It is important that sellers make every effort to create that positive first impression on buyers who view your property. Preparing your home for showing includes de-cluttering and staging. Often the home will require painting or general repairs before it can be marketed. Among my many services, I provide staging and consultation designed to present your home at its very best. You are invited to call me for my brochure “A Guide To Selling Your Home’. The brochure contains a list of interior and exterior ‘fix-ups’ and preparations common among homes being prepared for sale.

The Major Elements of An Offer

1. Price. The price offered depends on the prevailing market conditions (buyer’s market, seller’s market or balanced market ) and is usually differs from the asking price.
2. Deposit. Also known as ‘the consideration’, the deposit shows good faith and will be applied against the purchase price of the home when the sale closes. Upon presentation of an offer, I will advise you the suitability of the amount of the deposit being offered.
3. Terms. Terms include, among other things, the price the buyer is offering, the closing date he’d prefer and how long he is giving you to accept this offer.
4. Conditions. These might include “subject to home inspection”, “subject to the buyer obtaining financing” or “subject to the sale of the purchaser’s property”.
5. Inclusions and Exclusions. They might include appliances and certain fixtures or decorative items, such as mirrors, window coverings or pool accessories.
6. Closing and Possession Date. In Ontario, generally the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified.

Hire a Legal Professional

The legal professional represents your interests and will process the legal documentation required. It is imperative you have a lawyer handle the closing of your property. If you already have a lawyer, inquire whether or not he/she specializes in real estate transactions. If the answer is yes, inquire about the cost. As an alternative, I can provide you with names of legal professionals in the area who specialize in real estate.