Here’s a step-by-step guide to help you sell your home.
- Decide when to sell.
In real estate, timing can influence your home’s selling price. Factors like how quickly you need to sell, whether it’s a buyers or sellers market and seasonality all play a role in your home’s final selling price. - 10 Questions to Ask Your Realtor (Click here)
- Sign a Listing Agreement
This authorizes your REALTOR® and their brokerage to market and sell your home. It will define the legal relationship between you and the real estate brokerage and also set a time limit for your REALTOR® to sell your home. - Determine your home’s asking price
The right asking price will attract buyers and pay you a maximum return. Setting to lower price means you could miss out on thousands of dollars. Setting too high a price will scare away buyers. Your goal is to find fair market value. - Add some specialists to your team
Similar to when you bought your home, it’s essential to have a notary public or a lawyer handle all the various documents that change hands and make sure your best interests are being protected at all times. - Prepare your home for sale
First impressions matter. Now is the time to see your home through a buyer’s eyes: get rid of the cluster, clean and repair as much as you can, within reason. Remember, weigh the cost of all your improvements versus the potential financial return. - Let your REALTOR® do what they do best
Your home has never looked so good and now it’s time for your REALTOR® to market it to potential buyers. This happens with a “For Sale” sign, open houses, newspaper ads, a listing on the MLS®, the Internet and, of course, through your REALTOR®’ relationship with other REALTORS®. - Prepare your finances
Will the buyer “assume” your mortgage or are you “discharging” it? If you’re buying a new home, is your mortgage “portable”? What taxes are involved? These are important questions to ask your REALTOR®, your mortgage lender and your notary public or lawyer. - Receive an offer
Although your Realtor will walk you through the process, be prepared for some stress. You will see every offer since it’s required that your REALTOR® show you every offer that submitted. You will have three options: you can accept, you can reject or you can “sign back” or “counter”. Ask your Realtor what these terms mean. Happy negotiating! - Close the deal
You were successful and have drafted a legally binding agreement. Are you done? Not quite yet. Contact your lawyer or notary public, contact your lending institution and consult your REALTOR®. Immediately start satisfying any conditions of the agreement that require action on your part. On closing day, your lawyer or notary public will finalize all the details and give you a cheque for the net proceeds.