I’m Selling My House. What Do I Need to Know?
I’m Selling My House. What Do I Need to Know?
You want to sell your house and move on to the next chapter in life. Congrats! Exciting times ahead. It’s very typical if you are not sure where to start when you decide to sell your home. So, if this is you now, or soon, then there are a few things you can do beforehand to streamline the process. Read on and find the answers to the question “I’m selling my house, what do I need to know?”.
Study the Housing Market
If you’ve lived in your current home for more than two years, then you have a good idea about what housing prices look like in your neighborhood. However, you might want to dig a little deeper by reviewing the local and regional housing statistics by the Canadian Real Estate Association (CREA) . Alternatively, search a real estate website’s Multiple Listing Service to look at the comparable homes in your neighborhood. This way you get an idea of what your competition looks like. It’s called a comparable or “comp” home because it is similar in size and has similar amenities or features. It doesn’t have to be located in your neighborhood precisely, but in the area would be good.
A great option is also to get informed by a local real estate agency. They are in the business every day for many years already and have expert insights and advice for you.
Things you want to ask yourself as you conduct research is:
- How many houses are currently for sale on the market in my postal code?
- What is the average number of days these houses have been on the market?
Features to make a note of are: number of bathrooms, bedrooms, unique features, lot size, and anything that you think will make that a comparable home to your own on the market.
You could even go as far as visiting open houses to get an idea.
Think of a Reasonable Asking Price
Pricing strategy is what sells the home. If your listing price is too high, your home will languish on the market for months, and no one will want it. Have you ever passed that house in the neighborhood that has had a “For Sale” sign in their yard for two months? You have to wonder why. Is there something wrong with their home? Do they have water damage? Is it a mess inside?
No. It’s most likely the owner is asking too much. This is where the value of a listing real estate agent comes into use. They know the prices of the neighborhood and outlying areas. Their job is to know the market and to price the homes at reasonable prices that will bring in buyers. An honest real estate agency will help you with setting a correct price for your home. They will not only help you with a professional appraisal, but they also offer a deal for your target price. For example, if your target price is not reached after a certain amount of time, you will get significant cash back on the fee (usually 2.5%) they charge. Some agencies go even up to 50% reduction.
Gather Your Team
You’ll need a listing agent or agency that can help you choose or offers the rest of your team. Your selling team should include a home inspector, legal services, a photographer, and home staging. If your home is in need of repair or painting, then the listing agent should help you find reputable painters, landscapers, and handymen. Some agencies include these services in their fee!
Pay Attention to Curb Appeal
You want potential buyers to be impressed upon arriving at your home. Most home sellers do not realize the sizable impression that is made when a buyer drives up to a clean driveway and sees a neat sidewalk leading up to a beautifully painted front door with updated numbering. Don’t forget to put out a brand-new welcome mat. If your yard suffers from a weed infestation or is just all dirt, then you may want to invest in having fresh sod laid out. This will make a positive first impression, and it lets the potential buyers know that the owners took care of their property.
The same can be said for the interior of a house. Make sure to remove all personal items including framed family photographs. You want the potential buyers to visualize this home as their own. When they see photos of other people, it dissipates that daydream. Make sure the closets are clear of clutter. You don’t want a buyer to see a closet overflowing with personal items. It makes them wonder if there is enough storage space for their items.
Consider the costs of selling a home before you think about a listing price. Try to estimate the potential profit or loss. These items can reduce your selling price:
- Closing fees
- Title charges
- Additional settlement charges
- Government recording charges
- Home repairs
- Preparation for sale: landscaping, home staging, legal services, photography, and more.
Whether you plan to sell your home right away, or you’re just reviewing options right now, it’s essential to plan ahead and get in touch with a reputable listing agency to guide you through the process.
At Justo, we care about a different and fair real estate system. This is why we offer you unique content that can help you make a right and balanced decision when it comes to selling your home. We’re ready to help if you’d like advice on finding a trustworthy agent to help you solve the question “I’m selling my house, what do I need to know?”.
As residents and local real estate experts in Toronto, we’re familiar with the local system and its pains. We offer a new way of selling a house in Toronto and the GTA.