Selling A Home
Be sure you are planning for your success. These are the stages and key steps that you won’t want to miss when selling a home.
Determine if Selling is Practical
1. Evaluate the reasons you want to sell and establish a time line. The time line should include both the date you would like to sell by, and if necessary the date that you have to sell by.
2. Review any mortgage documents to determine balance and penalties for paying off your mortgage early. Your Bank would be able to provide this information quickly.
3. Determine the current Market Trend. Knowing the current Market Trend will assist you in understanding the potential of selling a home in the current economic conditions and help in the overall decision making process.
4. Review your finances and determine a budget for possible repairs, upgrades or renovations.
Private Real Estate Options
Evaluate the advantages and disadvantages, as well as the cost savings of listing as a for sale by the owner, or with a Realtor. There are many economic advantages to private real estate, but you will want to be realistic about both your knowledge and time available.
In many instances you may want to establish a List Price to determine your equity before deciding the method of selling. Can you afford to pay a 5% to 8% commission? An independent Appraiser or your own valuation through a method such as the Home Owners Market Evaluation (H.O.M.E) guide would preclude any chance of Realtors that could be biased or motivated to secure your listing by telling you what you want to hear.
Assess Condition and Market Value
1. Make a list of deficiencies in your home. Start with the outside and move in. These include plumbing repairs, basement leaks, major appliances that don’t work, or simple things like downspouts that have come apart. Establish a cost to fix these items and start repairing! If you can’t afford to repair the bigger items, it would be wise to have a written estimate by a qualified tradesman to give to a potential buyer should they want to discount your home.
2. Establish or reaffirm the List Price to determine your equity. By using the H.O.M.E. guide, you can update your findings as many times as you feel necessary because of a change in the Market, or upgrades you made to the home.
1. Declutter – Remove items that are covering up the beauty of your home, like personal pictures, wall hangings and full closets. Too much stuff can distract buyers. You want them to have an image of their stuff in the home, not yours.
2. Clean – Remove the cob webs, clean cupboards, appliances, windows and highly visible areas.
3. Accessorize – Staging with, or without a professional can set you apart from other similar properties. Each room can be carefully viewed from a buyer’s perspective.
1. Prepare listing sheet. Review MLS® requirements or an existing MLS® listing. Gather documents that you might have that will support the listing sheet. Example: Survey or plot plan
2. Determine an advertising and marketing budget. Prioritize marketing tools with related costs. See items 3 – 8
3. Choose signage to be used in the yard. Realtors and some For Sale By Owner websites have signs that you can purchase. Sign companies can design and produce effective signage.
4. List your home with MLS® , and/or For Sale By Owner, and free classifieds. If you are using a Realtor, suggest that free classifieds be used such as Craig’s List.
5. Provide your friends and acquaintances with the listing information or a flyer for the sale of your home and them to tell others.
6. Develop a website to exclusively sell your property.
7. Drop off flyers to Public Bulletins that will reach your target market.
8. Have an open house for Realtors and establish a Commission if they bring a qualified buyer that purchases your home.
Selling Your Home
1. Purchase and review an Offer to Purchase. A Realtor will have their own Offer to Purchase Agreements.
2. Brush up on sales and negotiating techniques.
3. Accept an Offer. Know your bottom line and the terms that you are willing to accept.
4. Choose a lawyer that will be handling the details of the closing.
Revisit Your Plan
Print out these steps as you make yourself ready to sell a home. Use the information as a check list. Start gathering the information you will need for a MLS Canada flat fee listing sheet. Highlight the steps that you wish to learn more about. Subscribe to this website to keep abreast of private real estate information, free publications and assistance to making selling your home a reality. Keep building your confidence by learning new skills and reap the rewards!