When you are ready for the sale of your home, we will prepare a comparative market analysis (CMA) of similar properties in your neighbourhood and/or condominium to provide you with a full understanding of the value of your home.
When To Sell
Amongst others, there are seasonal factors that come into play. For example, most families don't think about selling their homes around the holiday season at the end of the year, while many consider spring and summer to be a good time.
Deciding when is the best time to sell your property depends on various economic factors that we can guide you through. However, it’s worth noting that it may still be wise for you to sell your house in a buyers' market and get a slightly lower sale price. This could be because the home of your dreams has become available and you don’t want to miss it, you may have found a great value that will no longer be available in a sellers’ market, or perhaps because you have found a preferred mortgage deal that you don’t want to miss by waiting for the right market to sell your house. It may make long term financial sense to sell your home at a slightly lower price today.
The listing price of your property is one the most deciding factors in determining how quickly and at what price your home is sold. Setting the wrong price (ie. overpricing your property) will usually cause buyers to ignore your home, and consider other comparable homes more seriously. Setting a high price with the aim of reducing it down the road if the home doesn't sell is not an ideal scenario either, as it will make the home look unfavourable compared to others in the neighbourhood.
When we are setting your home's price, it's important to leave subjectivity out of the equation. You may have a slew of great memories in this home that would make it seem like a much more special property than it would appear to a buyer considering it objectively. Also, keep in mind that any upgrades you have made to the property were at least partially done for your personal satisfaction, so don’t expect to receive the full investment back on your resale. Normally, you can expect to receive 40% to 60% backon some upgrades, though some upgrades may return even less.
Benefits To Proper Pricing
There are several benefits to pricing your home correctly from the start, including:
- Faster sale: When your home sells faster, you save carrying costs, mortgage payments, and other ownership costs. It’s also less stressful on your family.
- Less inconvenience: If you have moved before, you know the energy it takes to prepare for showings, keeping the home clean, making child care arrangements, and altering your lifestyle. Proper pricing reduces this.
- Exposure to more buyers: At market value, you open your home up to more people who can afford the price.
- Increased sales associate response: When sales associates are excited about a home and its price, they make special efforts to contact all of their potential buyers.
- Better response from advertising and sign calls: Ad calls and sign calls to sales associates turn into showings and sales when price is not a deterrent.
- Attracts higher offers: When a home is priced right, buyers are less likely to come in with a low offer in fear of losing a good home.
Throughout the stage of selling your home, you will need several documents. Here are a few:
- Mortgage documents: required for closing your mortgage or transferring it to your new property. This would be a good time to begin negotiations on the terms of the next mortgage.
- Property survey: be sure to let us know if there have been any changes to the property that are not reflected in the survey.
- Your deed or transfer of title documents
- Tax assessment documents, utility bills, and condominium documents (if you live in a condominium)
- Other items and information: certain things can make your home more marketable. For example, if we are listing your home in the winter and cannot nicely photograph your professionally-landscaped backyard, any summer photos you have of it may be beneficial.
Buy My New Home Before Selling The Current?
This is often the choice for someone who is very particular about their new house. Keep in mind that should you choose to buy your home first, you should be extremely confident in the price you will obtain when selling. In addition, you should not be a nervous individual.
Selling first is a safer option. This is because you will know EXACTLY what you can afford. Approximately 75% of homeowners sell first, and then buy.
Offer conditional on sale of your current home?
If you are looking to buy a house that is new to the market, you should NOT submit an offer Conditional on Sale. This is because most homes sell within 30 days. If you put in an offer Conditional on Sale, the sellers will likely refuse and wait for a better offer. However, if the home you wish to purchase has been on the market for 6 months, the sellers might jump at your offer because there are no better options. The problem is that the houses, which have been on the market for 6 months, are not the homes you should be buying – they are the least desirable ones!
Costs Of The Sale
There are various costs associated with selling your home. After all, it is a large transaction. The usual costs are as follows:
- Lawyer fees: Usually between $700 to $900. This covers a review of the Offer to Purchase, as well as the preparation of all legal documents required to complete the transaction.
- Unpaid property taxes: You are required to pay off your property tax balance. If you pay your taxes every six months, you may be entitled to a prorated credit.
- Mortgage fees and penalties: You may be required to pay a penalty for canceling your mortgage contract early.
- Realtor commission: Sellers pay realtor commission to their agent as well as the buyer’s agent.
In most scenarios, sellers are looking to move into another home. In such a case, you would also have moving costs, as well as various other charges related to purchasing and moving into a new home.
Common Selling Mistakes
Placing the Wrong Price on your Property High listing price will cause some prospective buyers to lose interest before even seeing your property or it may lead buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and may end up being sold at a lower price.
Failing to “Showcase” When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs, clean and make sure everything functions and looks presentable.
Trying to Sell to Lookers
A prospective buyer who shows interest because of a “for sale” sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are 6-9 months away from buying, may still have to sell their house or can’t afford a house yet. Your realtor should be able to distinguish realistic potential buyers.
Our services are customized to the particular personal and real estate needs of each individual client. For example, we may provide you contacts for professional services such as cleaning or painting.
Selling your property requires a significant amount of marketing, which if done right will ensure your home is sold quickly and at the highest price possible. Below are some of the initiatives that we would execute to market your property:
- Your property will be listed on the Toronto MLS and Realtor.ca.
- It will be presented on our website, as well as several sites associated to Remax Hallmark.
- An exclusive property website, showcasing property features and photos will be made.
- A professional photographer will take photos of the home as well as a panoramic video of the area surrounding the property.
- Your house will be presented amongst others in my ads in Iranian newspapers.
- A sign will be placed on your lawn with the property website.
- Flyers will be distributed to the immediate neighbourhood to inform residents of the new listing.
- Weekly open houses will be held on Saturday or Sunday
- Your home will be promoted to our vast network of brokers that may have buyers
- looking for exactly your type of property. Additionally, an agent open house will be held shortly after the listing is live to further promote your home to brokers in the neighbourhood.
- Full colour brochures will be on display for prospective buyers to take. These brochures highlight features and photos of your property, and also describes the neighbourhood amenities to buyers.
Preparing The HomeAfter we’ve chosen the perfect date and price for your home and ironed out the details of the sale, the next step is to make sure your home is showcased to fully present its beauty. Keep the following in mind when preparing your home:
- Make a great first impression for your home, by keeping the lawn green and trimmed.
- Make sure the interior is bright and looks spacious, so remove any excess furniture or clutter. It may be perfect for your family’s needs, but you want to allow prospective buyers to imagine the home the way they would set it up.
- Make any necessary repairs, including fixing faulty taps or plumbing. A few dripped faucets are enough to make your home look old and unmaintained.
- Keep the home free of smell, including those from cooking (despite how good the smell it can be) and any strong air fresheners.
- Keep pets out of the house, or at least out of the way.
Offers And ContractsIn an offer presentation, the buyer’s agent presents the buyer’s offer to the seller and his agent.
PriceThe Buyer(s) have based their price on the following factors:
- Property condition
- Home improvements
- Market conditions
- Buyer’s motivation
- Multiple offers