Have you been thinking of putting your home on the market? With talk amongst experts that 2014 promises to be another amazing year for real estate, and with home prices still continuing to soar across the GTA, Peel Region and Southern Ontario as a whole, you are not alone.
So where do you begin? Many homeowners find the process overwhelming, but it doesn’t have to be that way. Like with any decision, knowledge is power. To help you get a better understanding of what is involved in selling a home, we’ve taken the time to answer a few of our most frequently asked questions.
1. Do I need a Realtor to sell my home, and how do I choose one?
Realtors, or as many people refer to them, real estate agents, go through a rigorous schooling and training process. They can negotiate like pros, and are usually focused on a particular geographical region, meaning they understand the market, inventory levels and price points that exist in that particular neighbourhood. Not only that, but they can provide much needed support when it comes to preparing the home for sale before it hits the open market. Do you absolutely NEED a Realtor to sell your home? No. That being said, homes sold privately usually take much longer to sell, and on average don’t yield as much of a return.
When choosing a Realtor, there are many things to consider. Asking friends and family for referrals, interviewing them to determine their proposed course of action to sell your property, and ensuring there is a connection are all important things to consider. The good news is that you have found your way to our website to read this blog, so luckily, your search for the world’s best Realtor team can now stop. (we joke, but really, check out our testimonials!)
2. What steps do I need to take to prepare my home for sale?
The first thing you need to do is be mentally prepared. Detaching yourself emotionally from your home is a good idea… I know easier said than done, but starting with the simple things like boxing up family photos and other personal items can help you do this. From there, your Realtor will be able to analyze your home, others that are on the market in your neighbourhood, and then determine how yours shapes up next to the competition, providing recommendations for improvement. Some homes may just need a good de-cluttering, while others may require some minor repairs, redecorating and ‘staging’. This process could take anywhere from 1-3 weeks, but is well worth it. Once ready for the public eye, a good real estate team will arrange for professional photography, determine price, and start marketing your home!
3. How do I know what price to ask?
As homeowners, we usually have a general idea of what we expect to get for our home. That being said, that ‘idea’ is usually steeped in emotion and personal opinion. Your Realtor will complete a Comparative Market Analysis (CMA), providing you with comparable homes that are on the market or recently sold to help you determine a listing price for your property that also includes consideration of your timing and needs. Try to be strategic and analyze market trends, for example, slightly underpricing is often known to attract multiple offers, adding potential for larger profit.
4. How long will my home take to sell?
There is no guaranteed answer to this. Depending on the time of year, market trends and the level to which your home is being advertised. Ideally, homes that are being consistently marketed to the general public through a variety of mediums will sell faster and for more money. If your home is on the market for longer than 30 days, your Realtor should be sitting down with you to re-evaluate the strategy and possibly reduce the price. At the Stuart Sinclair Team, we have a proven marketing system that we keep you updated on each step of the way, meaning there is never a question in your mind about how your home is doing.
5. What paperwork will be involved and what happens if I accept an offer?
Your real estate team will be there to help with the administrative component of your sale. Any offers that come in will be reviewed with you in detail. Your Realtor should help you weigh the pros and cons, and do the hard negotiating for you. If an offer is received that ends up becoming an actual sale, you’ll be coached through the process of dealing with any conditions, their fulfillment, as well as arranging a support team of lawyers, inspectors or other professional that may need to be involved in the closing of the transaction. The thing to remember is that your Realtor is there to help so that the process goes as smoothly for you, the seller, as possible.
While these questions cover some of the basics, they are by no means all encompassing. If you’ve got a question that you want answered or are looking for more information in order to get started, please feel free to ask. At the Stuart Sinclair Team, we don’t just want to be your Realtors for a particular transaction, we want to be your Realtors for life. If you’ve been thinking of selling, it’s never too early to get started, and we’re always happy to help. Even if you aren’t thinking of selling anytime soon, but you have other questions related to the market and homeownership, we’re here for you! Don't ever hesitate to contact us.
All the best!
-The Stuart Sinclair Team
info@thestuartsinclairteam.com
www.TheStuartSinclairTeam.com
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