By Mary Couturier – Broker of Record – Couturier Realty Group
Selling your home can be a thrilling but confusing time. This guide will lay out some essential steps that will help you to sell your house as quickly and painlessly as possible.
Placing a Price on Your Property
The first and most important choice you will make is establishing the perfect asking price for your property based on current market conditions.
The Advantages of Setting the Price Just Right
- Your property will be shown to more potential buyers, so it will sell faster.
- Your home will not lose any saleability.
- The closer you are to the market value; the more offers will come your way.
- A well-balanced price can strike up competition between potential buyers.
- The real estate community will be more willing to show off your property to potential buyers.
The Consequences of Overpricing
Even though many believe they can set a high price and lower it later, it could actually have a negative effect on their property.
When a listing price is too high, it’s not likely to get many offers. Over time, the price will decrease in market value, but some buyers might be weary of it because it’s been up for sale for so long.
Not only that, but if the property’s listing price is too high, buyers looking in a lower price range won’t see the house or make an offer.
Prompt Action is Needed
When a property is put up for sale, there is tons of activity around it. Possible buyers will be looking intently at new houses up for sale.
If the home is priced too unreasonably, then buyers will move on to the next house, and by the time the market value drops, most of the promising buyers are gone.
Setting Your Market Plan
A home is not an everyday commodity, it can even be a person’s largest asset. Accordingly, selling a house is a very intricate process. To make the process a lot easier, a plan is needed.
Your Realtor can prepare your own unique plan that contains everything you need to market your property.
The 6 Significant Elements of an Offer
1. Price
Based on the Market and the area, the price in the offer may be different from the listing price.
2. Deposit
A deposit shows the serious intent of a buyer to carry through with the sale, and the deposit will be deducted from the final purchase price. Your Realtor will advise you on the appropriateness of the deposit that is being offered.
3. Terms
The terms include the final purchase price that is being offered. The terms will also include the financing details, such as the buyer’s decision to assume a mortgage or to finance their own.
4. Conditions
Offers could be firm or conditional. A “firm” offer means that the buyer is willing to buy the house in its present condition. A “conditional” offer means that the transaction cannot be completed until all conditions are fulfilled. The most common conditions are an inspection of the property, the buyer’s financing being approved, or the sale of their home.
5. Inclusions and Exclusions
Inclusions contain all the items that are being left with the house upon closing, for example, a stove or fridge. Exclusions are all the items or fixtures that the seller will be removing from the property before or upon completion of the sale.
6. Closing Date
Usually, the closing date is when legal possession of the property and the funds switch hands, unless it’s a special case. Each province has their own regulations about closing dates, your Realtor will be aware of any regulations in your area.
Listing Agreements
The first step is to enter into a Listing Agreement with your Realtor. A Listing Agreement is a contract that obligates the Realtor into taking an active role in marketing your home and binds you to an established marketing fee that must be paid upon a completed closing. Your Realtor may ask for some of these documents:
Plan or Survey of Location Certificates
A survey of land illustrates the lot size and the location of any buildings on the property. It also shows any encroachments or easements from abutting properties.
Property Tax Receipts
Most Listing Agreements require that current annual property tax assessments be shown.
Other Documents
Your Realtor may ask you for yearly heating, water, and hydro expenses. If any renovations have been done, they may ask for the home improvement costs.
Note: In some provinces, a property condition disclosure statement is required.
We Are with You Every Step of the Way
We assure that our Realtors will provide priceless knowledge and experience and will be absolutely committed into making the adventure of selling your home as straightforward as possible.