SELLING YOUR HOME
WHAT TO EXPECT WHEN SELLING YOUR HOME
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, and 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 lender before you can proceed.
Questions to ask your lender:
- Is my mortgage portable?
- What are the costs involved in selling my home with respect to breaking my term?
- Find out what your options are
Meet With a REALTOR®
It’s important to partner with a REALTOR® 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. A good REALTOR® can help you price your home to SELL, answer questions like “When is a good time to sell?” and someone who has in-depth knowledge of the real estate market.
Listing 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
The estimated value of your home
Marketing And Promotion
The next step will be to sign a Listing Agreement, 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.
Closing
After the hard work of marketing and promoting your home pays off, you’ll hopefully have a few offers on the table. Once you’ve accepted an offer, your buyer will want to conduct a home inspection and (potentially) negotiate the cost of any repairs. Finally, your lawyer and REALTOR® will walk you through the paperwork and legal bits needed to close.
Congratulations! With the sale of your home complete, you can now begin looking for a new place.
HOW REAL ESTATE AGENTS PRICE HOMES
- Pricing is a bit of an art and a science. It might seem like homes are arbitrarily priced, but they're not. We have to take EVERYTHING into account.
- Did you know that two identical houses located across the street could be valued very differently. One could be in a top school zone, while the other isn't.
- Here are three criteria's I use when pricing a home for sale or putting together an offer:
1) Comparable sales - How much have other, similar homes in the area sold for? Are those homes in better/worse condition? Do they have extra features?
2) Market conditions - In a hot market where there isn't a lot of inventory, homes sell for more. In a slower market, the price gets adjusted to match.
3) Location - Homes in good school districts with access to public transit and close to stores generally sell for more.
If you've gotten an online estimate... you can't always trust it. They’re notoriously off base. The only way to get the accurate value of a home is to have an agent tour it with you. Text or call me at 416.476.9678 and we'll set up a time for me to provide you with a professional evaluation of your home, it's FREE with no obligation.