People sell their homes for many different reasons. Still, each seller has one thing in common: the desire to get the highest price possible from the sale; selling as quickly, simply and conveniently as possible. Note, that if your home is your principal residence, you won't have to pay capital gains tax on profit from the sale. If, on the other hand, you are selling a secondary or investment property you will have to pay tax.
Before you begin the selling process, evaluate all the reasons for selling. Do you have too few rooms or too many? Has your job moved? Are you escaping the city? Are the neighbours driving you away? Or are you simply looking for a change? A complete analysis of your current position will set a good foundation for your next home hunt.
Buy or Sell First?
That's tricky. After all, if you find a purchaser for your existing home before you've found something new, you may find yourself living out of a suitcase for a time. On the other hand, if you find your dream home before you've sold your existing, you may miss out on a home you love, or, for a time, be faced with carrying two mortgages.
So how do you manage? Do your homework and have a solid sense of the community, neighbourhood and style of home for which you are looking. Do an honest evaluation of your family's needs and have a rock solid understanding of your budget and borrowing capacity.
While increasingly difficult in our current market, if you've found a new home you want to purchase before you've sold your existing, it is recommended that your agent write a "sale of your existing home" into the conditions on your offer. Then, if you don't sell your house within a fixed time, you can choose to terminate the offer.
If you've found a purchaser for your home before finding your new home, write "purchase of a new home" as a condition when you sign back the offer. Generally, as a buyer with a sold home, you will be better positioned to negotiate the price on a new home.
Make Your House More Sellable
While our homes are our castles, tastes vary widely and not everything about your home is going to appeal to all buyers. Your REALTOR® will work to give you an impartial analysis of your home: how it relates to other competing homes on the market; how your home reflects current design and style trends; the general care, condition and upkeep of your home.
Overall, your Sales Representative will work with you to effectively position your home on the market, in comparison to the other homes, so that your sale will take place as expeditiously as possible.
Advertise Your Home on MLS®
This service is only available through and to real estate brokers and agents and it is the primary source for the listing of properties for sale. It is a powerful tool allowing your agent to perform timely searches of available property inventories, using a database of powerful analytical tools to help find, compare and price properties that are right for you.
In addition to sprucing up and keeping your home clean during the listing, have your Sales Representative prepare a home feature sheet. This one-page synopsis highlights lot size, room dimensions, features and upgrades, as well as utility costs and taxes. Prospective buyers will refer to the document while viewing your home, and it makes a great reference when the buyers are trying to remember and compare all the properties that they have viewed.
The Open House:
Not usually a convenient experience, you may have a series of open houses over the time of your listing, bringing pressure to keep your space tidy and clean, with people exploring all areas of your home; on the upside, you won't have to be there to act as a guide, your agent will handle the process.
When a Sales Representative has a buyer interested in your home, they will first call to make an appointment with your Sales Representative. If you're lucky, you'll have time for last-minute tidying. Of course, you can say no to the showing if the prospective purchaser wishes to come at an inconvenient time.
It is normal for you to vacate your home during the showing, allowing the potential buyer and their agent to experience the home without you present. The buyer's Sales Representative will stay with the prospect throughout the showing and is responsible for ensuring the care and protection of your home and property while they are in your space.