Home Sellers Guide to Selling Real Estate in Ontario
Are you thinking about selling your home in Ontario? This is always going to be an important decision. That's why you need to ensure that you are approaching it the right way. There are various elements that should be considered before and during the process of selling your home. Here are some of the key points that you need to think about.
Considerations Before You Sell
There are a few considerations that you should think about before you sell your property on the market. First, consider whether it's the right time to sell. This can refer to the right season as well as the best economic situation. If the
real estate market
in your area is healthy, then you are more likely to sell your home in Ontario fast and for the right price. When you speak to a REALTOR®, they should be honest about your prospects of selling your home quickly and the type of sale you can expect.You should also consider the cost of selling your home. The cost of selling a property can be surprising for some first-time sellers because a portion of anything you earn will go on:
- Appraisals
- Closing costs
- Moving expenses
- Restorations
- And more
As such, it's important to estimate the costs carefully before you start to think about selling.
Get to know the Ontario Real Estate Market
Next, you need to make sure that you are getting to know your local real estate market. You should look at whether or not houses are selling in your neighbourhood and if there is a lull in the market.
You may also want to explore the type of prices that homes are currently selling for. When doing this, it's essential to research homes and properties with similar features to your own within the same neighbourhood. This could include room sizes, luxury features, and yard types. By looking at comparable homes, you can see how much your home could likely sell for.
Hire a REALTOR® Experienced with Helping First-Time Sellers
You do need to make sure that you are finding the right REALTOR® when you are selling your property. A REALTOR® will guide you through this process and ensure that you are making the right decisions. Selling a property can be a confusing, complex, and daunting task. This is particularly true if you are a first-time seller. Ideally, you should select a REALTOR® who has experience in this area. They will understand all your fears and concerns. They will also have the answers to countless queries and questions that you may have as a first-time seller.
Don't just choose the first REALTOR® you stumble upon when searching the market. Instead, aim to sit down and discuss your sale with at least three REALTORS® who have fantastic reviews and referrals. You must choose a REALTOR® who makes you feel comfortable and who you can trust.
Are you going to Buy or Sell First?
Is it better to buy or sell first? This might sound like a chicken or egg scenario but there is a right answer here. You should sell your home before you buy a new one. Why is this the right choice?
If you sell your home first, you'll have a better chance of claiming your dream property. Realtors who represent sellers will always work in the best interests of their clients. This means they will prioritize hot buyers. A hot buyer will include someone who is chain-free or has nothing to sell or someone who has a house under offer. If you don't fit into either of these categories, then you will not be the REALTOR®'s first priority when showing your home. This could mean that you miss out on a great property that you love.
Of course, the fear here is that you are going to end up without a home. However, selling your home doesn't mean that you need to move out. Instead, you just need to accept an offer. The sale will then be subject to you finding the place you want to buy.
How to Prepare your Home for the Real Estate Market
It is important to ensure that you make the right impression of your home when you put it on the market. If you make mistakes here, then you can miss out on a quick sale at the price you need.
To prepare your home, consider curb appeal. You need to ensure that your home looks inviting and welcoming. Elements of curb appeal can include cleaning the windows or completing landscaping work. The right landscaping will ensure that your garden area looks far larger overall and more spacious. You can also redecorate elements of the home such as the front door.
Any maintenance work or repairs must be completed before you put your home up for sale. Even areas that you think will go unnoticed will often be picked up by a potential buyer. This could be both minor and major issues such as problems with the roof or wear and tear around the exterior and back of the property.
Decluttering is also a smart choice. Decluttering is another way to ensure that your home looks larger and more modern. You may want to use a storage solution if you are choosing to sell first and buy later.
How do we prepare for Open Houses?
When your house is showcased on the MLS® real estate market, an open house becomes a quick and efficient marketing tool. Instead of showing your home to one buyer at a time, you are now opening it up to multiple buyers. They will be provided a quick view of your home without committing to a full showing. There are many benefits of this option. It is helpful if you work with a busy schedule or do not want multiple viewings on your home throughout the week.
From a sales perspective, REALTORS® will typically use an open house to build interest in a property and boost buyer traffic. After the initial open house, buyers are invited to schedule a private viewing. This also helps to weed out any viewers who aren't serious about a purchase.
When preparing for open houses, it is important to ensure that you will be away. Your family can not be on the property during the open house. This can make potential buyers feel awkward and could stop them from committing to a purchase. Realtors can use automated feedback software so they know how buyers felt without needing to be there.
The property will typically be prepared a week before. This can include cleaning the home, restyling it, decluttering, and getting rid of any junk.
Pets can be a turn-off for buyers so these will also need to be temporarily rehomed before the open house is scheduled.
If your home needs maintenance work, this must be completed before the open house. Any maintenance work required will make your home seem like a fixer-upper.
Finally, your REALTOR® will prepare all your marketing materials before the open house viewing. This will ensure it is quick and easy for potential buyers to get the information they require and take the next step.
Should we Stage our Home?
Another point to consider is whether to stage your home. Home staging will involve using a professional service to ensure that your home is styled in a way to accentuate the best features. It can include adding modern or contemporary furniture, changing the color themes, and decluttering. The reasons to take extra steps are simple. Staging your home can ensure that your home sells more quicker and for a higher price. That's important because the market in Ontario has started to stagnate due to rising interest rates. You may need to pull out all the stops to ensure that you do gain the attention needed from buyers.
One study from the Real Estate Staging Association found that staged homes spend 73% less time on the market compared to homes that are un-staged. Similarly, the same study also revealed that 85% of staged homes sell between 5 and 25% more than the original asking price. This will of course depend on the home staging service that you use and whether they provide the high-quality solution you need. Some REALTORS® will provide a staging service. Alternatively, you can choose your own company.
Do you have a REALTOR® to Guide you through the Process?
As mentioned, selling your home can be a daunting process. That's why it's essential to find the best REALTOR® who can guide you through the selling process. When choosing your REALTOR®, make sure that you consider their successful sales rates, reviews, referrals, and their costs compared to other options on the market.
The Selling Process
The process of selling a home in Ontario has several stages you should think about that your REALTOR® can help you with.
- — Ensure that you are ready financially and that it's the right time
- — select the best agent who you can trust and who will represent your needs.
- — Work with your REALTOR® to value your home and choose the right asking price.
- — make the necessary changes to ensure that your home will gain the interest of buyers.
- — Determine with your REALTOR® who your home will be marketing to and prepare to list the property for sale.
- — Your REALTOR® will arrange showings and potentially an open house with potential buyers.
- — Your REALTOR® will present you with offers. You can access the offer, counter it, or reject it. A professional REALTOR® will help you make the right choice.
- — Once you have accepted an offer, you will agree to all the terms of the contract.
- — The buyer will be provided with a set time to fulfill items including inspections, financing, and home insurance. Once the conditions are removed the home is sold.
- — The date decided for the transfer of funds and ownership. You must be ready to move out before this date.
Finding the Best Real Estate Agents in Ontario
We hope this helps you understand everything that you must consider before selling your home in Ontario. Remember, choosing the best REALTOR® will ensure that this process is stress-free and help you avoid some of the common pitfalls of the sales process.
