How to Sell Your Home
If you have decided to sell your home, you should know the process that is involved so that you can do it the right way. Here are some tips on steps to follow when selling your home:
Decide When to Sell
When it comes to real estate, timing usually influences the selling price of your home. Factors such as how fast you want to sell, seasonality, and whether it is a sellers or buyers market, all play a major role in the final selling price of your home.
Find the Right REALTOR®
A good place to begin is the REALTOR® who assisted you to purchase your home. This is because they already know you and your house, hence you will be saving lots of time from the start. Alternatively, you can look for names of REALTORS® on “For Sale” signs that are in your neighbourhood. You can also ask your family members or friends. Ensure that you interview 2-3 candidates, then choose the REALTOR® you prefer.
Sign a Listing Agreement
When you sign a listing agreement, it authorizes the REALTOR® plus their brokerage to start marketing and sell your home. It'll define the legal relationship that's between the real estate brokerage and you. Also, it will establish a time limit for the REALTOR® to sell your house.
Determine the Asking Price of Your Home
The greatest mistake that a seller makes is usually overpricing their home. You should keep the price of your home in line with the other sold homes identified in a similar market analysis report. Make sure you consider whether the market is neutral, cold, or hot and price according to your market temperature.
Add Specialists to Your Team
Same as when you purchased your home, it is important to have a lawyer or a notary public handle all the different documents that change hands, ensuring your best interests are protected at all times.
Get the Home Ready for Sale
You should clean and declutter your home and improve curb appeal. You can hire a professional stager so that they can stage your house for showings. Alternatively, you can ask your REALTOR® to help you with that. You can use your furniture. Make sure you make the necessary repairs. If you are selling a home where your pets live, make temporary plans for them. Keep in mind that you'll only get one chance to make that great first impression: make it count.
Let Your REALTOR® Do Their Job
Your home is now looking great; it is time for your REALTOR® to start marketing it to potential buyers. That happens through the internet, listing on the MLS®, newspaper ads, open houses, a “For Sale” sign, and through the relationship of your REALTOR® with other REALTORS®.
Get Your Finances Ready
Will the person buying your house assume your mortgage? Will you discharge it? If you are purchasing a new home, find out if your mortgage is portable. What are the taxes involved? These are essential things that you should ask your REALTOR®.
Receive an Offer
Your REALTOR® will show you all the submitted offers; you can reject, accept or you can counter or sign back. Your REALTOR® will tell you the meaning of these terms.
Close the Deal
After successfully drafting a legally binding agreement, contact your lending institution as well as your notary public or lawyer, and consult your REALTOR®. Start satisfying all the agreement conditions that need you to take action. On the day for closing the deal, your notary public or lawyer is going to finalize the necessary details and you'll be given a cheque for your net proceeds.