Thinking of Selling, Here Are Some Helpful Tips!

Decide When to Sell:  In real estate, timing is not everything but it does influence your home's selling price.  Let's see if we can make timing work for you.

Status report.  Is it a buyer's or seller's market?  When there are lots of people looking for homes but not many for sale, this is called a "sellers" market, because the seller has something everybody wants.  When there are more homes for sale and not many people buying them, this is called a "buyers" market because buyers have more power of choice.  A REALTOR is the best person to consult about this. 

How quickly do you need to sell your home?  In a seller's market, top price and a fast sale can go hand-in-hand.  In a buyer's market, more sellers are competing for your potential buyers.  If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale.  REALTORS are masters at figuring the price-to-listing ratio and know how to attract offers without going unnecessarily low.

Seasonality.  Do home sales get frostbite?  It's true.  Winter sales tend to be slower, and Spring sales are more brisk.  Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider.  

If you're also buying a home.  In this case, you don't really have to worry about playing the market.  If you sell your existing home for a "low" price, you're probably also buying at a low price.  If you are upgrading to a larger home, this actually works to your advantage.  Imagine when your bigger home is on the upswing.  If you're downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market. 

Buy first or sell first?  The eternal question.  Many people are able to time their sale and purchase so they happen on the same "closing date".  Buyers can make their offer "conditional" on the sale of their existing home, to make sure they're not left paying for the upkeep of two homes.  When selling, you can try to extend the "closing period" to give yourself more time to find your next home.  REALTORS are very skilled at this sort of negotiation, and can make your transitional life a lot easier. 

If you find your new dream home before you've even started to sell your old one.  Talk to your existing mortgage lender.  You may be able to arrange "Bridge Financing".  This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home. 

Find an Ontario Licensed Real Estate Agent Who is Right For You.  There are many reasons why a Ontario Licenced REALTOR is essential when selling your home but which REALTOR is best for you?

Your REALTOR who helped you buy your current house may or may not be a good start.  Sticking with a REALTOR may or may not make sense.  You may like to stick to your old REALTOR only if they did a good job helping you buy your home.  In case you were not happy with your Real Estate Agent you may like to find a new one who is more committed and trustworthy to do a better job.

Think locally.  Jot down the names and numbers of REALTOR on the "For Sale" signs in your neighbourhood.  Maybe your local friends or nearby family have a REALTOR to recommend.  You can also visit one of your local real estate offices; it's guaranteed they'll know your area. 

Interviewing candidates.  Don't be afraid to as questions, or screen a few agents before deciding.  Make sure you feel comfortable with them and that they show a genuine interest in helping you. 

For all your real estates needs, please contact me I'm more than happy to answer any questions you may have. 

Mohinder Matharu
Sales Representative

CENTURY 21 Miller Real Estate Ltd. 
Brokerage Independently Owned and Operated 
467 Speers Road, Oakville, ON. L6K 3S4
Mobile: 416.903.1108
Office:  905.845.9180

Email: Mohinder.matharu@century21.ca
          www.century21.ca/mohinder.matharu

 

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