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04.21.2022 | Selling

Selling Your House: 8 Steps for an Effective & Profitable Sale

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Is it time to sell your home? Many moving parts need to fall into place, especially if you sell one home and purchase another. To make the entire process simpler and easier, you want to get the right professionals on your side. Because every sale is different, an experienced real estate agent can advise you on the specifics that will be right for YOU.

1. Know your numbers

Most home sales also come with purchases – so if you are doing both, seek out a mortgage broker or head to the bank for a preapproval. How much you can be approved for may influence your decision of when to sell and where to buy.

Speaking with a mortgage broker first ensures you know the following:

  • How much home you can afford
  • The amount you’ll need for a down payment
  • An estimate of your closing costs
  • Loan options and approximate rates

2. Find an experienced realtor

Having an experienced realtor on your side who knows the market can make all the difference when selling a home! Preparing, pricing, marketing, and promoting your home effectively impact the bottom line.

Start by asking around for referrals; check in with friends, family, or coworkers to see if there is anyone they recommend. Then meet with a few to see who you like! Make sure you get someone on your side who’s an excellent fit for you.

What to look for in a realtor:

  • Scope their online presence – read reviews, visit their website, social media, etc., to get an idea of their personality, types of clients they are working with, and whether they seem up to date with current market conditions.
  • Look for someone who has experience in your area, including the type of clients they usually work with and any neighbourhoods or price ranges they specialize in.
  • Ensure you’re comfortable conversing with your agent – you will be working closely together and want to make sure you’re a good fit.

3. Set your price range

Be sure the realtor you choose is up to date with market trends – they should closely guide you on setting a price for your home that will lead to a sale at the highest possible price. If you price your home too high, it may sit on the market a long time, and too low, you won’t get the proper value.

Some elements that will influence your sale price:

  • Pricing of comparable homes
  • The state of the market
  • Location, neighbourhood, and perceptions of desirability
  • School zones, walkability score, community amenities
  • Square footage, layout, and age of the home
  • Necessary updates and work needed
  • Décor, design, and luxury updates   

One person’s perceptions of value will differ from another’s. Things like being close to a school, or having a pool, can be a bonus or drawback in a buyer’s eyes.

The goal when selling your home is to choose the highest price that appeals to the most significant number of buyers – your agent will be able to guide you based on current market trends.

4. Prepare your home for sale

Your agent, and possibly a stager and cleaner, will help you prepare your home for sale. When selling, the main goal is to get potential buyers picturing themselves moving in! Updates and changes will be specific to you and your home.

A great place to start is to walk through your home in the mindset of a potential buyer – can you picture yourself moving in? Take note of anything that stands out, but don’t make any significant changes just yet.

Your real estate agent will help guide you on which home updates will lead to the biggest return on your investment. They know what buyers are looking for and where you should focus your efforts.

To help you prepare your home for sale:

  • Purge and pack up anything you won’t need
  • Remove personal items that make the house look like ‘yours’ (remember, you want people to picture it as their own)
  • Fix anything in need of repair (window screens, light fixtures, leaky faucets)
  • Bring in a company to do a deep clean
  • Stage your home for success!

5. List and Show

Your agent will put your home on the open market when everything is in place. They will actively promote your home behind the scenes, marketing to clients, colleagues, and the public. Your agent will guide you through this process, including whether you will have an open house or appointment-only bookings.

You and your family (including pets) should be out of the home during showings. (Again, heading back to creating a welcoming space, so people imagine moving in).

6. Offers & negotiations

Once your home hits the market and buyers start visiting, the next step is receiving offers! You have three choices when you receive an offer: accept it, counteroffer, or decline. Your agent will review each request with you carefully and help you weigh your options.

7. Under contract

Once you accept an offer and all terms outlined in the contract and all parties have signed, you are now in the conditional phase. The buyers will have a defined period to fulfill items like a home inspection, financing, insurance, etc if applicable. Once finished and the conditions of the offer removed, you now have a complete and binding contract. You’ve officially SOLD!

8. Closing

Your closing date is the official transfer of funds and your last day in the house. You’re off to bigger and better things!

With the right help on your side, giving you custom advice based on your best interests, you’ll make it through the selling process with flying colours.

If you’re ready to sell, book a chat with one of our experienced agents.