Questions to Ask When Selling a House

To arrive at a market value for your home our team of REALTORS® will first find as much information as we can about your property, then we will look at recent sales of similar properties. Based on this information we will recommend an asking price that could generate an offer on your property.

Buyers will shop homes that fall into their price range and usually don’t have as high a negotiation range as sellers expect. It’s best to price your home closer to where you expect it to sell and be firm on your asking price. If the market is shifting, it’s important to stay in close contact with your Real Estate Agent to adjust with the market.

A property will normally sell in less than 40 Days in a seller market, it could take 41 – 90 days in a balanced market, and more than 90 days in a buyers market.

A sellers market favours the seller. That means properties are in short supply, prices are on the rise, and multiple buyers are trying to secure the same property in a bidding war. Sometimes buyers write offers without conditions.

A balanced market is where the buyer and seller are on equal terms, prices are relatively stable, and there are usually conditional offers where buyers have time to consider their decision.

A buyers market is when the market favours the buyer. Sellers are competing for fewer buyers and prices are dropping. Buyers are able to negotiate terms that are better for them.

Material latent defects must be appropriately identified to prospective purchasers. Our strategy would be one where we don’t inappropriately stigmatize the property while protecting the seller from a future lawsuit.

If you have the ability to do the work in a timely manner then yes, there are many small upgrades that will enhance your property enough to sell at a higher price. There are a number of important steps that you need to take to get your house on the market and a skilled real estate agent can help focus your efforts on the right projects to get the best results.

A home should be staged to allow prospective buyers to envision a home they live in. Sometimes a few small changes recommended by your Agent is all that is needed, other times professional advice from an expert stager can help a property sell for a significantly higher price.

A seller should only advertise their property for its intended use under the zoning bylaws.

Real estate agents earn their commissions when a property sale is complete. Sellers can negotiate fees with Agents.

Sellers should budget for the following closing costs:

• Lawyer fees,
• Land transfer taxes,
• Real Property Reports with Compliance Certificates,
• Movers fees, and
• Mortgage Payout expenses/penalties
• Condominium documents need to be purchased if there is a condo sale.

The buyer should budget for the following closing costs:

• The cost of a home inspection,
• Lawyer fees,
• An appraisal (if applicable),
• Movers fees,
• Goods & Services Tax (GST),
• Adjustment Costs (Property Tax),
• A deposit,
• Down payment, and
• Title Insurance.

Commissions are normally part of the purchase price. Buyers should also remember they will have to set up utilities, pay for home insurance, and be prepared to maintain the property.

Your property taxes must be paid in full to your proposed possession date. An adjustment is made by lawyers at that time.

Once an offer is accepted, the buyer may have a diligence period to complete a home inspection, obtain financing, and consider condominium documents if needed. In some cases an offer may come in subject to sale of another property. These time frames take between 1-3 weeks.

Once conditions are waived/removed most buyers expect to take possession in 15 to 45 days. If a property has a renter that has not been given formal notice, 90 days is needed. Prior to possession day a seller is required to provide a Real Property Report (RPR) with municipal compliance to their lawyer, and RPR takes 1-3 weeks to be drafted and processing at the municipality may take up to 10 days. This RPR needs to be presented to the buyer’s lawyer before possession day.

If all of this is completed, a seller should meet with their lawyer 1-2 weeks before possession day. The lawyer needs sufficient time to organize for mortgage payouts and to take care of any registrations on the property that need to be managed. A seller should have their possessions removed and the property clean and tidy the day before possession. All keys, lock codes, door openers, and any important documents should be in a safe place on possession day. The front door key should be with the seller’s agent to provide to the buyer’s agent on the day of possession or earlier.

Bidding wars will happen in a hot market or when a property is listed below market value. Some people underlist a property in hopes of generating a fast sale over more cash. If well executed, underlisting a property could generate enough action to get more than market value.

• A property should be presented professionally on the MLS system. A seller representation agreement must be agreed to.
• Then the property should be well staged, photographed with magazine quality imagery, measured with floor plans, and a virtual tour of the property completed.
• A write up of the features of the home will be generated for the MLS, social media, blog posts, and printed feature sheets.
• Quality printed feature sheets will be prepared for home buyers viewing the properties.
• Postings pushed to social media assets
• Postings to buy and sell sites that are utilized in each local market place.
• Data shared to national and international websites from royallepage.ca to REALTOR®.ca to other branded and local brokerage websites.
• Open houses when mutually agreed upon
• Competitive positioning and pricing review on a regular basis
• Solicit Feet back from prospective buyers
• Coordinate showings

Your Agent will coordinate showings with the sellers and prospective buyers. We will ask you for times that are best for you and try to find times that are convenient. Our primary goal is to get buyers into your home.