1
Needs Analysis
The first question to ask is “why are you selling your home?”
Are family needs growing? Is it a downsizing move? Is it relocation or an improvement in living conditions? No matter what your situation is, it’s a good idea to begin the process by answering the following questions:
What is your time frame for selling?
What would be the ideal situation once your property is sold?
These questions will be a good starting place to determine what ROI you are expecting and what your next steps are in your homeownership journey.
2
Pricing Strategy
One of the biggest mistakes I see from homeowners are unreasonable price expectations. This can clog up the selling process and potentially cause clients to lose out on a great offer. So when you’re thinking of selling, be conservative in your expectations and hire a trusted agent to help you determine and get a fair market value for your home. A professional agent will complete a comparative market analysis to determine a fair price for your home, arrange an appraisal so that we can get our clients the very best offer possible.
3
Getting the property ready
Did you know that you can get more for your home than the first assessed price? There are lots of ways to create a more desirable property for potential buyers and increase your listing price and most of them are purely aesthetic! Here are some tried and true ways to increase your property value:
Fresh paint
Clean the windows inside and out
Removing odours
Complete repairs
Organize and declutter closets and rooms
Landscape/tidy outdoor living spaces
Property upgrades
If you’re interested, your real estate agent may suggest using a professional home staging service. Staging is a common practice that is proven to increase home market value by depersonalizing a home so that potential buyers can imagine themselves living there. Any staging service will be at the behest of the homeowner and only approved suggestions will be implemented.
4
Marketing Your Home
Marketing your home is an essential part of successfully selling your home! While marketing materials like flyers, newspaper listings and ‘FOR SALE’ signs are effective, they are useless without a cohesive strategy. Your realtor will be able to create a marketing plan so that all the elements work together to find the right buyer for your property.
5
Receiving An Offer
You’ve found an interested buyer and they’ve written you an offer! But how do you know if you should accept it? While this is an exciting time, it can also be stressful! Because an offer is a legal contract, it’s important to read the entire document thoroughly with your realtor to understand all the aspects of the offer. Your realtor will also ensure that the offer is written in according to accepted practice, covering all essential areas including but not limited to:
legal description of the property
offering price
amount of the deposit
financing arrangements and timing
a list of fees and who will pay them
inspection rights and possible repair allowances
clauses that place restrictive conditions on the value of the offer
the method of conveying the title and who will handle the closing
a list of appliances and fittings that stay with the home
the closing date and any other time related conditions
6
NEGOTIATING TO SELL
Whether you’re happy with the offer or not, there is always some level of negotiation in selling a home. First and foremost, effective communication between both parties is essential to ensure a smooth sale of your home. Your realtor will handle all aspects of the offer process, including negotiations may include:
Price
Deposit
Financing
Home inspection results & responsibilities
Historic details concerning improvements to the land
Appliances and fixtures
Insurance
Closing and occupancy time frame
Tax liabilities
Restrictive conditions that may or may not be acceptable
7
Pre-Closing Preparation
When you’re this close to the finish line, it can get stressful! It can feel like there is still so much to do like:
Coordinate the necessary documentation with your solicitor
Communicate with the mortgage company
Create a time frame for repairs and improvements
Arrange all the necessary vendors to ensure that you uphold your contractual responsibilities
Locate a new home for you
But don’t worry! Your realtor can help you coordinate the efforts to ensure that everything is done on time and if you’re looking for your next home, your realtor can help with that too!
8
SIGN, SELL AND CELEBRATE!
Congratulations – you’ve successfully sold your home! It’s finally time to move on to the next chapter in your homeowner journey – which is something we can help you with!