Selling your home can be a huge responsibility and often a life changing event. It is important to understand the process and steps involved in selling your home.
Here is a step-by-step guide to help you sell your home.
STEP 1 - 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.
STEP 2 - Find a REALTOR® who is right for you
The REALTOR® you choose to sell your home can be the most important descision you make. Choose a REALTOR® who knows the area well and is willing to provide you with honest feedback about your property. A good REALTOR® will market your home to its maximum potential and will advertise your property in an effective way to attract as many buyers as possible.
STEP 3 - 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.
STEP 4 - Determine your home’s asking price
The right asking price will attract buyers and pay you a maximum return. Setting too low a 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.
STEP 5 - Add some specialists to your team
Similar to when you bought your home, it’s essential to have a lawyer or a notary public handle all the various documents that change hands and make sure your best interests are being protected at all times.
STEP 6 - 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 clutter, clean and repair as much as you can, within reason. Remember, weigh the cost of all your improvements versus the potential financial return.
STEP 7 - 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, internet advertising, high quality feature sheets, full MLS exposure, agent tours, professional photographs, custom floorplans, an effective pricing strategy and through your REALTORS®’ relationship with other REALTORS®.
STEP 8 - 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 lawyer or notary public.
STEP 9 - 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’s 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!
STEP 10 - 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.
selling a home