The One Decision Can Actually Be Three

Alright, you’ve made the decision to sell your home. But before fully committing, it’s essential to have a clear plan for your next move. After all, you’ll need a place to live, and finding it promptly after selling is crucial. While temporary accommodation is an option, it’s not ideal, often expensive, and adds unnecessary stress. Refer to the “Buyers Guide” for detailed guidance on purchasing your next home if applicable. Regardless of whether you plan to buy or rent next, it’s imperative to determine your destination and the timeline for getting there. Where do you envision moving to, and by when do you aim to be settled into your new home?

What Can I Get For My Home?

In the earlier section, you determined your preferred location. Now, it’s crucial to assess where you can realistically afford to live. While it’s disappointing when our desires don’t align with our financial capabilities, professional guidance can often reveal unexpected possibilities. The true fulfillment of real estate endeavors is when aspirations can be transformed into tangible realities.

The Value Of Your Home

A great starting point is to conduct some independent research to gauge the current value of your home. You can begin by reviewing your latest property tax assessment or browsing listings of comparable properties for sale in your vicinity. It’s essential to recognize that this will offer only an approximate value, yet it serves as a useful benchmark for your expectations.

The Comparative Market Analysis

The true value of something lies in what someone else is willing to pay for it. However, the actual prices homes are sold for are often not readily accessible to the general public. Fortunately, a professional real estate agent has access to this information and can perform a Comparative Market Analysis (CMA) on your behalf. This analysis involves researching recent market trends, neighborhood activity, external factors influencing home values, listing and selling prices of comparable homes, and more. CMAs are provided at no cost and with no obligation, playing a crucial role in the home selling process. A thorough CMA, conducted by a skilled professional, offers detailed insights into factors affecting your home’s sale, guidance on selecting the right REALTOR®, and tips for preparing your home to maximize its value and expedite the selling process. Without a proper CMA, sellers risk losing out on potential profits or facing delays in selling within their desired timeframe.

The Fees and Expenses

The primary expense when selling your home typically revolves around the commission paid to the brokerage firm upon sale. Effective marketing entails substantial upfront investment, much of which is personally shouldered by your real estate agent. As the adage goes, quality correlates with cost. Therefore, rather than solely focusing on commission rates, consider the entirety of services, marketing strategies, and exposure provided in exchange. Scrutinize the marketing plan offered and assess its competitiveness in your local market. My “Triple Play Marketing Plan” can serve as a benchmark for your expectations. Generally, full service from a brokerage entails full commission. Additionally, sellers should anticipate other expenses, such as lawyer or notary fees (starting around $1000), potential mortgage pre-payment penalties, real estate commission plus GST, and mortgage discharge fees.

Listing Your Home

With everything in order, it’s now time to list your home on the market. Hopefully, you’ve already found a fantastic real estate agent to collaborate with, who will expertly navigate you through the necessary paperwork and contracts. You can anticipate signing forms to acknowledge your partnership with the real estate agent, documents for identity verification, MLS system data entry sheets, property disclosure statements, and most importantly, the listing agreement.

The Listing Agreement

Listing agreements typically span six months, although this duration may vary based on market conditions. In robust markets, shorter durations suffice, while softer markets may necessitate longer agreements. The length also hinges on the extent of your agent’s upfront marketing investment and your desired selling price. Generally, a more extensive marketing plan and higher price expectations correlate with longer agreements. Additionally, the listing agreement outlines specifics of the property, list price, commission rate, agent’s split, and the services committed by the listing brokerage.

The Property Disclosure Statement (PDS)

Before your house is listed on the market, you, as the seller, are required to disclose any known defects of the property. This step is crucial to safeguard both the buyer and seller against any potential surprises in the future. Failure to disclose defects related to the home, services, land, or permits could lead to extensive and expensive legal proceedings if discovered after the sale. The golden rule here is simple: disclose, disclose, disclose. Transparency is key to protecting all parties involved. The Property Disclosure Statement (PDS) covers a wide range of items, primarily focusing on issues and defects concerning the physical structure and systems of the home. Your real estate agent will assist you in completing this form.

Getting Ready To Show Your Home

Your agent will handle the majority of marketing tasks necessary to sell your home. This includes capturing professional-quality photographs and creating virtual tours. They’ll also draft compelling descriptions about your home and upload all relevant information online, making it accessible to potential buyers across various print media platforms. Additionally, a prominent for sale sign will be displayed on your front lawn. Lastly, your agent will coordinate showings of your home with you. The real question is, are you prepared?

The Preparation Is Key

Potential buyers understand that no house is flawless, but enhancing the appeal of your home can accelerate the selling process and increase its value. Maintaining a positive perception of your property is key, and remember, the effort you invest directly impacts the outcome. If certain tasks feel overwhelming, your real estate agent can recommend professionals to assist. Here’s a checklist to consider:
* Thoroughly clean your home, including bathrooms, appliances, and carpets.
* Use subtle deodorizers in each room.
* Address cracks or holes in walls and ceilings.
* Repaint, re-wallpaper, or touch up as needed.
* Remove dirt or mold, utilizing a power washer if necessary.
* Apply fresh paint where needed.
* Fill obvious holes or cracks.
* Clean windows.
* Ensure the front door, walls, porches, decks, and patios are clutter-free and well-maintained.
* Repair broken screens, lamps, and replace light bulbs as required.
* Check and clear gutters and downspouts.
* Tend to landscaping and mow the lawn as needed.
* Add colorful plants to enliven the space.
* Secure valuables.
* Pre-pack and store unnecessary items, including trinkets.
* Does your home exude a welcoming atmosphere?

Showings

Now that your home is in the desired condition, showcasing it effectively is essential for selling. Rarely does anyone purchase something sight unseen, and your home is no exception. While showings can disrupt your daily routine, it’s customary for the seller to vacate during this time. Buyers feel more at ease discussing your home when the owner isn’t present. Patience and cooperation during showings are vital, as accommodating schedules allow more people to view your home, increasing the chances of finding a buyer sooner. Additionally, all agents within the office where your home is listed will be invited to a scheduled office home tour. Your agent will coordinate and notify you of this. Throughout the process, your agent will keep you updated on the number of showings and provide feedback on your home.

Someone Loves Your Home As Much As You Do

And then it occurs – someone who has viewed your home submits an offer. Once again, you rely on your real estate agent to guide you through the negotiation process, always prioritizing your best interests.

the Offers That Are Presented

Offers serve as legally binding contracts delineating the terms you are willing to accept in exchange for transferring ownership of your home. While navigating this process alone can be overwhelming, your agent’s expertise and guidance will leverage the current market conditions to your advantage. It’s essential to establish a clear strategy with your agent for handling offers, considering factors such as your objectives, timelines, emotional ties to the property, market conditions, and the potential for multiple offers. Expect some back-and-forth negotiation, primarily conducted between the buyer’s and seller’s agents under your direction. This underscores the importance of hiring a professional to secure the best possible deal while safeguarding your interests. Rejection and counteroffers are common, with negotiations continuing until one party accepts an offer or opts to walk away. Remember, your ability to reject offers reinforces your negotiating position and empowers you throughout the process.

The Details

The details of the offers you receive will vary depending on your home’s specifics and each buyer’s individual circumstances. You’ll need to carefully consider the offer price, deposit amount, any additional requests, closing and possession dates, and any conditions attached to the offer. Conditions, also known as subjects, serve to protect the interests of both parties, though they typically favor the buyer. From the seller’s perspective, conditions require temporarily taking the home off the market while the buyer conducts certain investigations. Common subjects include securing financing, obtaining insurance, conducting surveys, reviewing disclosure information, and completing inspections. Your agent will advise on whether these conditions are reasonable. Upon accepting an offer with conditions, the buyer typically has a couple of weeks to address them. Occasionally, deals fall through if conditions aren’t met, despite efforts to avoid this. However, once a buyer is satisfied and all conditions are removed, congratulations, you’ve successfully sold your house!

Closing Times

There’s typically a delay between accepting an offer and the actual transfer of possession of the sold home. This intentional delay benefits all parties involved, providing time for logistical and preparatory tasks related to your move, both physically and administratively. During this period, numerous activities occur, both visible and behind the scenes. You’ll meet with your conveyancing lawyer to address title transfer details and potential tax matters. Arrangements are made to terminate services like cable, phone, and utilities. Cleaning and packing have begun in earnest.

The Big Day

It’s the momentous day, the culmination of all the legal and financial arrangements outlined in the offer. Your lawyer receives the funds, the home officially changes hands, and your real estate agent collects the keys from you. It’s been a cherished home, brimming with cherished moments and memories, a residence that will surely bring joy to its new owners. Now, it’s time for your next chapter, to create new memories in a place you’ll soon call home.