There are a million different reasons why people sell their homes, but every seller has one thing in common: the desire to get as much money as possible from their existing residence as quickly and as hassle-free as possible. (If your home is your principal residence, you won't have to pay capital gains tax on any profits from the sale. If, on the other hand, it is an investment property, prepare for the tax man!)
Before you begin the selling process, really evaluate why you're moving. Do you have too few rooms, or too many? Has your job moved to another city and you're relocating? Are the neighbours driving you away? Or are you simply looking for a change? A complete analysis of your current position will set a good foundation for your next home hunt.
Buy or Sell First?
Buy or sell first? That's tricky. After all, if you find a purchaser for your existing home, before you've found a new one, you may find yourself living out of a suitcase if convenient closing dates can not be negotiated. On the other hand, if you find your dream home before you've unloaded your old one, you may be faced with carrying two mortgages for a time.
So how do you manage? Easy. Do your homework and have a good idea about the neighbourhood and type of home you're looking for. Do an honest evaluation of your family's needs and budget.
Speak to your Sales Representative and start your new home search as soon as your existing home hits the market.
If you've found a home, before you've sold your existing one, use "sale of your existing home" as a condition on your offer. If you don't sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.
Purchasing a home before you sell could be a risky strategy if you're counting on the proceeds from the sale.
If you've found a purchaser before you've found your next home, use "purchase of a new home" as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a "sold house" you will be in a better position to negotiate price.
Make Your House More Sellable
While we all believe that our home is our castle, our personal tastes may not appeal to everyone. Your Sales Representative will work with you to give you an impartial analysis of your home - how it relates to other "competing" homes on the market and how your home reflects current design and style trends. Your Sales Representative will also take a good look at the general condition and upkeep of your dwelling.
Overall, your Sales Representative will work with you to position your home on the market so that your sales experience will take place as expeditiously as possible.
Advertise Your Home on MLS®
This service is only available to real estate Sales Representatives. It is a database of all the homes for sale through Sales Representatives. Details about your home will be available to other Sales Representatives searching for homes in your area, in the range of your asking price.
In addition to giving your home the once over with a mop and dust cloth, have your Sales Representative prepare a home feature sheet. This is a one page synopsis of your home that highlights lot size, room dimensions, features and upgrades as well as utility costs and taxes. Prospective buyers will take a sheet and refer to it while viewing your home. Plus, it makes for a great reference sheet when the buyers are comparing properties.
The Open House:
This is usually not a pleasant experience. The upside is that you usually won't have to be there to act as a guide. The downside is that you might have a series of open houses over a few weeks, with people poking through all areas of your home. And you'll have the constant pressure of keeping your home looking its best.
When a Sales Representative has a client who is interested in your home, they will first call to make an appointment with your Sales Representative. If you're lucky, you'll have time for the last-minute tidying. Of course, you can say no if the prospective purchaser wishes to come at an inconvenient time.
During the viewing, make sure you give the viewer and the Sales Representative a feature sheet and get the Sales Representative's business card. Give viewers the freedom to wander around your home by themselves. Following may make them uncomfortable. The Sales Representative will stay with the prospects to offer some protection against theft or property damage.
Choosing The Right Sales Representative
Your Sales Representative is a trained professional who knows all aspects of the real estate market. A Sales Representative will save you time, money and aggravation.
As with purchasing a home, you want to list with the Sales Representative who is the expert in your location. After all, potential purchasers will be calling this same "area expert" to inquire about houses for sale. There will be a few Sales Representatives who are knowledgeable about your neighbourhood. Call them up and interview them. You need to feel comfortable with him or her, after all, they will be working for you.
Should You Go With a Non-Exclusive or Exclusive Listing Arrangement?
If you enter into this type of arrangement with your Sales Representative, you are giving him or her the exclusive right to find a purchaser for your home. With this type of agreement, no other Sales Representative will bring potential buyers to your home, because only the listing Sales Representative is entitled to the commission.
You may consider this type of arrangement in a Sellers' Market during which time there are more people interested in purchasing a home than there are homes available.
Understand Market Conditions
The real estate market is in constant flux, not only as a whole but in particular areas as well. Knowing what is going on in the overall and local real estate markets will help you understand how these conditions can affect the sale of your home. We've designed the following comparison to help give you an overview of the three significant market positions. When you meet with your Sales Representative, ask about the current state of the market.
The supply of homes on the market exceeds demand.
High inventory of homes. Few buyers compared to availability. Homes stay on the market longer. Prices are stable or perhaps dropping.
Buyers spend more time looking for a home, and when they negotiate, they usually have more leverage.
The number of potential buyers exceeds the supply of homes on the market.
There is a smaller inventory of homes with many buyers. Homes sell quickly. Prices usually increase.
Prices may be higher or perhaps climbing. Buying decisions must be made quickly. Conditional offers may be rejected.
The number of homes on the market is roughly equal to the demand.
Demand equals supply. Sellers accept reasonable offers. Homes sell within a reasonable time period. Prices generally remain stable.
There is less tension among buyers and sellers. There is a reasonable number of homes to choose from.
Simple Home Improvements that will help you clean up
It simply makes sense to clean up both the interior and exterior of your home before listing it for sale. But that doesn't mean you have to undertake major home renovation projects on order to sell your home. With a little effort you can increase the perceived value of your home by a great margin.
Here are some simple things to keep in mind that you can do to increase the perceived value of your home and make the perfect first impression.
Exterior of Home
Keep lawns cut
Trim hedges and bushes
Weed and edge gardens
Clear driveway and clean stains
Clean out garage
Power wash home exterior
Touch up paint
Plant colorful flowers
At The Front Door
Clean porch and foyer
Ensure door bell works
Repair any broken screens
Fresh paint or varnish front door
Repair any damages to the door and/or locks
Setting the Right Mood
Make sure your home smells fresh and clean
Turn on lights
Turn on air conditioner/heater
Open the drapes
Light the fireplace
Maximize Open Space
Clear halls and stairs of clutter
Clear kitchen counter and stove top
Clear closets of unnecessary items
Remove empty boxes and storage
Put away personal photos so buyers can envision the house as theirs
Repair leaking taps and toilets
Clean furnace and filters
Tighten door knobs and latches
Repair cracked plaster
Apply fresh coat of pain or touch up where necessary
Clean and repair windows
Repair seals around tubs and basins
Replace defective light bulbs
Oil squeaking doors
Repair squeaking floor boards
Clean and freshen bathrooms
Clean fridge and stove
Clean around heating vents
Clean washer and dryer
Clean carpets, drapes and window blinds
Eliminate pet odors and stains
Closing the Sale
Closing is a time of packing and organization. Be sure you do not pack anything that you agreed to sell! Unless you specifically mentioned certain fixtures, everything must remain in place.
You are responsible for handing over the home in the same condition it was at the time of closing. This applies to everything that was in the agreement. If the home suffers a major disaster, you are responsible for telling the buyer, at which point the buyer may walk away from the deal and have the deposit returned. The buyer may also choose to close and receive any insurance proceeds. In this unfortunate event, remember not to make any repairs until you find out what the buyer wants to do.
Once signing the agreement, both the seller and buyer are under a legal obligation to close. If you decide not to for whatever reason, the buyer has the right to sue.
If the buyer decides to walk away from the deal, you can claim the buyer's deposit or sue for damages.
RE/MAX spends the most money on marketing, has the most listings and in turn attracts the most buyers. Nobody in the world sells more real estate than RE/MAX.
RE/MAX attracts the highest calibre of agents in the real estate industry. The RE/MAX logo is known throughout the world for top quality and full time real estate professionals.
RE/MAX agents spend the highest dollar amount on average in marketing. The RE/MAX organization dominates real estate marketing with local, national and international advertising campaigns and web presence.
Extensive Market Share
RE/MAX Associates, as a group, have more exclusive listings and more customers than agents with any other competing real estate network.
The revolutionary RE/MAX Concept of enabling real estate professionals to maximize their business potential has evolved into an organization of more than 119,789 Sales Associates in 6,521 offices spread across 63 countries worldwide. RE/MAX is one of the fastest growing real estate franchise networks on the planet. Your next buyer could come from across the street or from across the ocean.
All information displayed is believed to be accurate but is not guaranteed and should be independently verified. No warranties or representations are made of any kind. Not intended to solicit properties currently listed for sale. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
Terms and Conditions
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules, and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or salesperson who is a member of The Canadian Real Estate Association.
The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping", "database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
Land transfer tax
Access more than 100,000 additional properties, watch for new listings and receive automatic notifications.