2021 is still a year of the seller's market. So, if you want to say goodbye to your beloved house this year, and move into your dream house, I think there's no better time than now.
So, do you want some tips on this process? Trick question! You don't want them: you need them!
Well, if you are in need to sell a house in our turbulent times, here we can help you with our simple guide.
1.Choose a Listing Agent
This is the first thing you should do. You see, hiring a good listing agent is like finding a spouse: the process can be long, but it is better to wait for the right one.
There is no one particular recipe that will guarantee you a qualified specialist. However, we do have a couple of useful tips for you to keep in mind while choosing.
Everybody wants a seasoned agent, so consider the experience as one of the most important factors in this choice. Make sure that good reviews of past clients support your agent's years of experience.
Honesty is the best policy. In the real estate business, your listing agent needs to be as honest as possible. This person is the one who will determine your house's price, which can define the whole selling process. You know, if the price is higher than it should be, nobody will be interested in your property. However, if your house is priced too low, you'll lose a good amount of money due to your agent's negligence.
Look for a great communicator. This is a specialist whose job is convincing people to buy very pricey things. I think you can understand if he or she is the right person during the first meeting. I recommend you to watch his/her attitude towards your property and towards other agents in the market. Also, You never want someone who is difficult to reach and doesn't answer his phone or returns your text. What happens to your anxiety level when you have an urgent question and the person with the answer is nowhere to be found.
2. Find Out the Value of Your Home and the Cost of Selling
Yes, yes, the selling process of any property can be costly too. When you need to sell, you need to check how much it will cost you. Determine all the costs of selling just to be prepared when the time comes.
Before you go to the listing agent, you can estimate the approximate value of your house to make sure that your agent does not overprice your property. For this matter, you can use online valuation tools and look at the prices of comparable houses. That will give you an understanding of the approximate price of your property.
When you already have an agent, you can ask him for a comparative market analysis that will give you a more precise price based on professional research.
3. Prepare Your Home for Sale
This step includes cleaning, fixing, repairing, decluttering, and renovations. All of this you ever wanted to do before advertising your house and actually selling, it should be done at this stage of the process.
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4. Pre-Listing Home Inspection
Totally Different from the past years, now, the pre-listing home inspection has become a thing, Basically you are giving the potential buyers peace of mind when they know that your property has passed an inspection already and they can review the inspection report before preparing an offer. Imagine them preparing an offer with doubts in their mind and on the other hand knowing that they do not need to set aside any money for any near future repairs, which offer do you think would be a better or a higher offer? Now the 2nd benefit is that you will find any problems with the property before the potential buyers find it, and we always know that it will cost less for us to fix it, than the amount the buyer is going to ask for in the negotiations.
5. Home Staging
Also, you need to consider if you want to do home staging in your house. I always recommend my clients to choose home staging if they can. Why do you think most people fall in love all the time with builder’s model homes?
Buyers love neutral homes that seem impersonal, so they can easily imagine themselves living in it as their own. Removing your family pictures and religious items greatly helps. Home staging can help achieve this goal and sell your house very quickly.
6. Market Your Home
Now you have everything done in your house, and it is time to list it. Your agent should list your property on multiple MLS also called Realtor.ca to show it to the world. Now all potential buyers and other agents know about your house and can come and see it.
Usually, real estate agents advertise your property in multiple ways. Your agent can also start a social media campaign or create an ad for different popular websites targeting potential buyers who might be searching in your area. It all depends on how and where your property is advertised.
7. It's a Show Time(The showing process)
When your house is advertised well, people would want to see it. So, it is time to schedule an open house day to show off your property to everyone. The open house works well in a regular market in Brampton. In current COVID times, we are not allowed to do open houses due to public safety.
Also, there will be scheduled appointments when your agent or other agents will be showing your house to potential buyers. I, personally, believe that you should not be in the house during these meetings. It helps buyers to feel more like at home in your property, and ask questions to their realtor if they have any doubts or concerns about any features in your house, They won't speak about those concerns in front of you thus, their realtor won't be able to give them any clarification to clear those doubts. they are more likely to give you an offer after the viewing appointment if their concerns have been addressed.
Remember to keep your home in top shape during this period. It should be spotless and have a ready-to-move-in look, during every appointment with potential buyers.
8. Receive offers
When you've done the previous steps right, you can expect a couple of offers for your property very soon.
Once you've got them, take your time, consult your real estate agent and choose ones that you like. Your agent will be a great help in this process because he or she will help you to see all the pros and cons of every offer by reviewing all the terms and conditions. It will help you to make the right decision in the end.
9. Negotiate offers
Once you've chosen your winner, you can start negotiating. Often buyers expect to bring the price down, and if you are okay with that, you can do that or counter that offers with the consultation of your real estate agent.
But remember, that this is an important business and you need to be satisfied with everything about your contract. I believe that if you are a reasonable person (so as the buyer), you will quickly find the best option for both of you.
10. Deal with Inspections Outcome
Once you've made a deal with the buyer, and before the deal goes firm and binding, your house needs to be inspected by a home inspector arranged by the buyer. This process will show all the hidden problems of your house like missing roof shingle, mold, bad pipes, leaks, etc.
Once you've got the list of all the issues, you can talk to the buyers and ask whether they want you to fix it or adjust the purchase price to cover the cost of these repairs. Sometimes (but very rarely), they choose to fix these issues on their own.
But, if it is not your case, you need to fix everything to move the process forward.
Also, keep in mind that you are obliged to fix some issues by law, so ask your real estate agent about these cases.
11. Forward the offer docs to your lawyer
Now your house is almost ready to be transferred to new owners. At this point, you need to send all relevant documents to your legal team and wait for further instructions.
During this period you need to keep the house in good shape till closing and wait for the moment when you can leave it for the new family.
12. Move out & clean up
So, it is time to move on and move out of your house. You need to properly clean and prepare your (well, not so yours now) home for new residents.
Make sure that the moving out process doesn't affect your house because if you break or destroy anything, it can create problems for you.
Make sure that you left behind everything that was negotiated to be new buyers' belongings.
13. Drop off the keys to the lawyer
That's the last step. You only need to go to your lawyer, sign all the papers, and give him the keys to the house. In current Covid times, the lawyers are doing all the paperwork over the internet for contactless transactions and asking the sellers to leave the keys in the lockbox at the property, so the buyers can directly collect the keys from there, after the closing.
It is the last thing you need to do on the closing day and from now on your house belongs to a new family. You can now be free, and this long and exhausting process is finally over!
Selling your house is a difficult and complicated process, but you can clearly see what to expect at each stage of this process once you know all the steps.
Once you have found a good real estate agent, you will not be alone in this process. He or she will help you to go through all the steps without any stress.
Your agent will help you to evaluate the house, prepare it for selling, market the house, and get you the best offers. Once you choose the best from these offers, it will be time for final preparations and saying goodbye.
Everything is done. Yes, this was quite a ride, but it is over, and I hope my home selling guide would be a great help for you to understand this whole process.
If you have liked this video and subscribed to my channel already. Don't forget to watch my video on the home buying steps, See you soon