What to Know About Selling Your Home

What to Know About Selling Your Home
November 04, 2019

Toronto real estate has always been a hot topic of discussion. Finding a home that matches your budget and lives up to your expectations seems to be one of the most challenging things for young people starting their adult lives. However, it appears that it is equally difficult for those who are looking to sell their homes. Whether you’re downsizing or moving somewhere for a change of pace, selling your home can prove to be a difficult task. Spectrum Realty Services has put together some suggestions to make selling your home a little bit easier.

1. Research the value of your home

Finding out the approximate value of your home will give you a point of reference through the entire process of putting your house on the market. Knowing this beforehand can be the deciding factor as to whether you want to sell. There are various ways that you can find out how much your house is worth. You can do this using online valuation tools and price index calculators. Evaluating similar properties in your area that have comparable amenities and similar square footage could also give you a good idea of what your home is worth. You can get a comparative market analysis done on your home through an agency. You can also speak to your accountant regarding the sale of your home and any tax issues you should keep in mind.

2. Hire a professional agent

Getting a professional agent who genuinely wants to help you achieve your targets for putting your house on the market will make all the difference. In order to ensure that you pick the right agent, you should research and interview multiple realtors to see who can help you the most. Hiring a Realtor® is vital because they are experts in the housing markets and will give you valuable advice to help you get the best deal possible. After you’ve picked a real estate agent, you will sign a listing agreement with the help of your agent.

Your real estate agent will then help you to list your house on MLS (Multiple Listing Service). This is how you will begin to market your home and will begin to draw the interest of buyers and their agents, and show that your home is on the market. Your real estate agent will also spend time and money marketing your home.

3. Decide on a price

After going through the process of evaluating the value of your home and consulting with your real estate agent, your next step should be deciding on a price.

Before serious offers start coming in, you should decide whether you should take part in a bidding war to assess the area for demand. A bidding war can take place when you list your house for a lower price than market value to spark a lot of interest. This could result in a higher volume of offers than usual.

4. Stage your home

Make sure your home is ready to sell by renovating anything that needs fixing or by just doing a deep clean. This will make your home all the more attractive to potential buyers. You can start with a fresh coat of paint, repair anything that needs to be fixed, do a thorough cleaning, and ensure there are no signs of pests. Creating a neutral space where potential buyers can imagine themselves in the home is a vital step. This can be accomplished by removing any clutter or personal things that make it seem like your home; it can also make your house appear more spacious. First impressions are key, and your real estate agent can provide you with ideas on how to get your home ready to put on the market. You can also go the extra mile and get your house staged professionally or hire a photographer to make your listing look even more attractive. This way, more buyers will be enticed to attend your open house. Your real estate agent will help you choose time slots for when the showings will take place so that you know when to be out of the home.

5. Receive and accept offers

If you don’t plan on having a bidding war, you can take your time to think through and consider each offer, since you may still receive multiple proposals at a time. Your real estate agent will walk you through the details of each offer to ensure you are satisfied with your result.

After accepting an offer, you will go through the essential paperwork with your real estate agent before sending it to your mortgage broker and lawyer.

Finally, you will remove all of your personal belongings and then give your house keys to the new buyer.

Here at Spectrum Realty Services, we’re committed to giving your family the best possible experience whenever we can. Whether you’re looking for a fun and festive event or searching for the perfect home, our experienced and dedicated team are here to help. For all of your real estate buying or selling needs, don’t hesitate to call us at 416-736-6500 and follow us on Instagram at @spectrum_realty for our latest updates.

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