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Set on Selling Your Home?

Gill will make it happen!

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.

When is the Best Time to Sell Your Home?

Everyone seems to have specific ideas on when the right time is to sell. Some base their theories on the overall economy, while others will tell you that there are key buying months that you'll want to capitalize on. If you're not buying and selling strategically or for investment, the best time to sell is really when you feel your existing home will not meet your future needs. The best reason to purchase a new home is to take advantage of your family and lifestyle changes. Do you wish to be closer to a school? Are you switching jobs? Do you have an aging parent to care for?

In Canada, weather and holidays do play a factor. Almost no one goes house hunting around Christmas, and few give up their summer vacations. Of course, those with school-aged children are less likely to move during the school year and summer is an ideal time. In some areas, there is a definite "spring cycle" -- perhaps it's a bit of spring fever and a wish to break out of the bonds of winter.

Some gamblers look for winter bargains and then try to sell their homes during the spring cycle. But overall, that could be more tension and aggravation than you wish. And the monetary results may be disappointing.

Another key factor to consider is the economy. Are interest rates higher or lower in comparison to your current mortgage? If they are higher, you may want to stick with your current home, as your new mortgage payments could be uncomfortable. If rates are lower, you might be able to trade up to a more expensive home without a significant increase in your monthly mortgage obligation.  What's more, if it's a buyers' market, you may be in a strong position to purchase a new home, especially if you have accumulated some equity in your current property.

Are There Costs Involved in Selling?

Unfortunately, the answer is yes. Even if you think your home is perfect, you may have to do some minor repairs or upgrades to make your home more attractive to potential purchasers. • A professional home inspection may be a condition of the offer. If the inspection points to problems, your purchaser may ask that you make the necessary repairs or choose not to close the deal.

• Closing costs, such as lawyers' fees or unpaid taxes, will also have to be paid.
  
• Mortgage discharge fees may be levied by your lending institution.
  
• Sales commissions must be paid. They usually amount to 6% of the selling price.

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 Real Estate 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.

Do You Have All of the Necessary Documents Handy?

Gather the documents you'll need to sell your home.

• Mortgage documents: you may wish to meet with your loans officer to discuss transferring, discharging or paying out your mortgage. This is a good time to begin negotiations on the terms of your next mortgage.
• Property survey: be sure to inform your REALTOR® if there have been any changes to your property that could affect the accuracy of the survey.
• Your deed or transfer of title document.
• Tax assessment documents.
• Utility bills.
• Other claims relating to your home:
• Separation agreement or court order
• Will or probate documents
• Liens
• Unpaid judgments against you
• Unpaid taxes
• Unpaid utilities
• Pending litigation
• Pertinent condominium documents (if you live in this type of home).
• Maintenance history (include repair receipts).
• Items and information that will make your home more marketable:
• Photographs or videos of your home with the garden in bloom or your pool open and beautiful
• Conceptual ideas for upgrades or renovations that you have considered

Why is the right price important?

1. Your property sells faster, because it is exposed to more qualified buyers. Your home doesn't lose its "marketability."
2. The closer to market value, the higher the offers.
3. A well-priced property can generate competing offers.
4. Real Estate Professionals will be enthusiastic about presenting your property to buyers.

Should I bother using a certified stager?

A home that has been staged sells 50% faster and 6.9% sales price increase compared to an un-staged home. (stagedhomes.com for exact statistics).

Click here for more information on why staging is important

The National Association of Realtors has established that over 70% of buyers start their search for a home on the internet.  A home that is easy to find and properly presented through staging and a professionally done virtual tour will be the first to grab attention of the prospective buyer.

Gill uses banners, features homes on her website, lists them on MLS.ca and has all print advertising feature the websites. This draws thousands of people to see your home without ever entering through your door.

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